COURSE 101 - REVIEW -CHAPT 1

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

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

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

An estimate of value, usually in writing, of an adequately described property, as of a given date, is termed a(n) __________.

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

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

The __________ reflects the ratio between the current tax bill and the property value.

In order for a property to have value, it must have __________, __________, __________, and __________.

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

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

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

Which of the following are the four tests that the appraiser must make in the analysis of the highest and best use?

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

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.

Assessment level times the tax rate equals the __________.

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

Highest and Best Use analysis can be conducted under which two scenarios?

The typical life cycle of a neighborhood includes:

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

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

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

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

The seven steps of the appraisal process are as follows:

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

__________ represents the value of a property for a specific use.

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

The six basic rights associated with property are as follows:

The ownership of all legal rights to property is known as __________.

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

The three types of boundaries used to delineate neighborhoods are __________, __________, and __________.

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

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

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

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

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

What are the four basic elements of supply?

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