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Tax Assessor - Fundamental of Real Property Appraisal - IAAO Course 101 > Fundamental of Real Property Appraisal - Assessment and Appraisal Theory > Flashcards

Fundamental of Real Property Appraisal - Assessment and Appraisal Theory Flashcards

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1
Q

The property tax is an _________ tax, meaning it is based on value.

A

ad valorem

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2
Q

The assessor is responsible for the _______, ________ and ________ of all taxable property.

A

discovery, listing, valuation

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3
Q

The taxable location of personal property is referred to as its _________.

A

situs

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4
Q

An estimate of value, usually in writing, of an adequately described property, as of a given date, is termed ___________.

A

an appraisal

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5
Q

A jurisdiction’s tax rate is determined by dividing the __________ to be derived from property tax by the total __________ ___________ of the taxing district.

A

budget, assessed valuation

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6
Q

The type of value usually estimated by the assessor is __________ value.

A

market

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7
Q

The ________ ______ _______ reflects the ratio between the current tax bill and the property value.

A

effective tax rate

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8
Q

In order for a property to have value, it must have
_______, ________, ________, and
_________ _______ _______

A

utility, scarcity, desirability and effective purchasing power

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9
Q

The use that generates the highest net return to a property over a reasonable time period is called its __________________.

A

highest and best use.

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10
Q

The principle of _______ states that maximum value of a neighborhood is attained when the uses of land are perfectly complementary.

A

balance

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11
Q

Which appraisal principle affirms that land cannot be valued on the basis of one use while improvements are valued on the basis of another?

A

Consistent use

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12
Q

List the four test that the appraiser must make in the analysis of the highest and best use.

A
  1. Legally Permissible
  2. Physically possible
  3. Financially feasible
  4. Most productive
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13
Q

________ ________ is a parcel of land and any structures or improvements that are permanently affixed thereto.

A

Real estate

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14
Q

Property is considered ______ if it can be moved without causing any damage or change to either the item of property or the structure to which it is attached.

A

personal

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15
Q

Assessment level times the tax rate equals the

________ _____ ________.

A

effective tax rate

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16
Q

___________ is the point at which the forces of supply and forces of demand meet.

A

Equilibrium

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17
Q

List two types of highest and best use analysis.

A
  1. As if vacant

2. As if improved

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18
Q

The typical life cycle of a neighborhood included _______, _______, _______ and __________.

A

growth, stability, decline and revitalization

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19
Q

What elements of the marketplace are most likely to contribute to a change in demand?

A 
Consumer tastes and preference
Consumer income
Price of related commodities
Consumer expectations
Price of the commodity
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20
Q

Market value is defined as the most probable price of a property in terms of money, assuming:

A

Buyer and seller are typically motivated,
A reasonable time is allowed for exposure in the open market
Payment is made in terms of cash in US dollars or in terms of financial arrangements comparable thereto.

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21
Q

_________ refers to the amount of goods that producers are willing to sell at a given price during a specified time period.

A

Supply

22
Q

Ownership of all legal rights to property is limited by government in four ways:

A

Taxation
Police power
Eminent domain
Escheat

23
Q

An assessed value not statutorily at 100 percent of market value is known as a ___________ assessment.

A

fractional

24
Q

The underlying principle for the three approaches to appraisal is ____________.

A

substitution

25
Q

The seven steps of the appraisal process are as follows:

A

Definition of the problem
Scope of work
Preliminary survey and planning
Data collection and analysis
Highest and best use
Application of the data and the three approaches
Correlation/reconciliation to final value estimate

26
Q

The basis for the adjustments in the sales comparison approach to value is the principle of ___________.

A

contribution

27
Q

_______ ___ ____ represents the value of a property for a specific use.

A

Value in use

28
Q

List any two types of private encumbrances that can be placed on ownership of real property.

A 
Rights of co-owners
Condo and subdivision restrictions
Covenants, conditions and restrictions found in the chain of title to the property
Mortgages
Easements and right of way
Liens and judgments
Leases
29
Q

The principle of ______________ states that value is created by the expected future benefits to be derived from the property

A

anticipation

30
Q 
The six basic rights associated with property are as follows:
Key word (SLUGER)
A 
Sell
Lease
Use
Give away
Enter or leave
Refuse to do any of the above
31
Q

The ownership of all legal rights to property is known a ______ ________ (___________)

A

fee simple (fee simple absolute)

32
Q

Determining the identity of the property to be appraised is a part of the ______ step in the appraisal process.

A

first

33
Q

The three types of boundaries used to delineate neighborhood are ___________, _________, and ________.

A

political, man-made, natural

34
Q

Under the step in the appraisal process that is termed data collection and analysis, specific data include

A

site data

35
Q

The four forces that influence value and must be considered in neighborhood analysis are as follows:

A

Physical (environmental)
Economic
Governmental
Social

36
Q

The typical life cycle of a neighborhood can be extended or shortened by changes in _______ factors.

A

economic

37
Q

An area of complementary land uses in which all properties are similarly influenced by the four forces affecting value is termed a ___________

A

neighborhood

38
Q

Municipal services, planning and zoning are examples of __________ forces that affect neighborhoods.

A

governmental

39
Q

What are the four basic elements of supply?

A

Cost of production
Price of other goods
Entrepreneur expectations
Number of sellers

40
Q

The basis for applying the adjustment in the sales comparison approach

A

Contribution

41
Q

A property must be valued with a single use for the entire property

A

Consistent Use

42
Q

The amount of goods that producers are willing to sell under various conditions during a given period

A

Supply

43
Q

Net income remaining after the cost of labor, management, and capital have been paid

A

Surplus productivity

44
Q

Present worth of future benefits

A

Anticipation

45
Q

Market value of a property tends to be set by the cost of acquiring an equally desirable and valuable property

A

Substitution

46
Q

Maximum value is obtained when the four agents of production attain a state of equilibrium

A

Balance

47
Q

Quantities of various goods that people are willing and able to buy during some period, given the choices available to them

A

Demand

48
Q

The tendency of social and economic forces affecting forces affecting supply and demand to shift overtime

A

Change

49
Q

Availability must be in harmony with demand. If one or the other is in excess, prices will increase or decrease

A

Competition

50
Q

The value of property depends, in part, on it relationship to it’s surroundings

A

Conformity

51
Q

After a certain point, the addition of successive increments of one agent of production decreases future incomes or amenities

A

Increasing/Decreasing returns

52
Q

The value of a lower priced property is increased by its association with better properties of the same type

A

Progression

Tax Assessor - Fundamental of Real Property Appraisal - IAAO Course 101 (6 decks)

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