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Fundamentals of Real Property Appraisal Course 101 Quiz 1

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35 Questions

The basic responsibilities of the assessor are to ___________ all taxable property.

all of the above

One of the steps an assessor must take in the discovery of property is to

conduct periodic on-site inspections of properties

The property tax is a/an _____________ tax, meaning it is based on value.

ad valorem

Actual value = $175,000; assessment level = 20 percent; tax rate = 92.8 mills. Calculate the property tax for the residence.

$3,248.00

If a tax rate is $13.30 per $100, the decimal equivalent would be

0.1330

____________ divided by the assessed value equals the tax rate.

budget

Assessment level times the tax rate equals the

effective tax rate

Given the following, compute a tax rate using dollars per hundred: Budget $6,000,000; Market Value $800,000,000; Assessment level 50%; Non-property tax revenue $1,000,000

$1.25

________________ is the physical land and everything permanently attached to it.

real estate

Which of the following is a governmental restriction to the "bundle of rights"?

eminent domain

Which of the following is a basic right associated with the ownership of property?

all of the above

In order for a property to have value, it must have utility, scarcity, desirability, and effective purchasing power. The economic forces that determine scarcity are

supply and demand

______________ is the point at which the forces of supply and demand meet--the point of balance.

equilibrium

A _____________ interest is ownership of all the rights in a property, except those reserved by the government, and with no private encumbrances.

fee simple

In the appraisal process, data collection requires the assessor to collect

all of the above

Which of the following is not one of the four great forces by which value is created, maintained, modified, or destroyed?

conceptual

A ________________ may be defined as an area of complementary land uses in which all properties are similarly influenced by the four forces affecting value.

neighborhood

Given the following: Parcel A - Land value $50,000 Improvement value $150,000; Parcel B - Land value $100,000 Improvement value $300,000; Subject property - Total value $300,000 Using the allocation method of land valuation, the land value for the subject would be

$75,000

What element of the marketplace is likely to contribute to a change in demand?

consumer expectations

What element of the marketplace is likely to contribute to a change in supply?

entrepreneur expectations

A township in the Public Land Survey System contains ___________ sections, with each section containing ___________acres.

36-640

The NE1/4NW1/4SE1/4SW1/4 contains _____________ acres.

2.5

A land description system in which boundaries are described as distances between two semipermanent points or as lines following compass bearings is known as

metes and bounds descriptions

The principle that states that market value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property is

substitution

A parcel identifier links ownership records, tax maps, and assessment records. Thus, the identifier must be

all of the above

Stratification is the first step in analyzing land sales, and the primary sort is by

market area

A 70' x 120' site with level ground and an average view and located south of Route 66 is being appraised. Sale 1 sold recently for $50,000, is 80' x 120', has hilly ground and a fair view, and is located north of Route 66. Sale 2 sold 4 months ago for $64,500, is 60' x 120', has level ground and a good view, and is located south of Route 66. Lots located south of route 66 are considered 10 percent more desirable than lots located north of Route 66. A good view is worth 15 percent more, and a fair view is worth 15 percent less. Level ground is worth 10 percent more than hilly ground. Lot sizes that vary more than 1,000 square feet require a 10 percent adjustment. Lot values have been increasing at a rate of 0.5 percent per month. The indicated value of the subject lot would be

$62,500

The subject property is a duplex located on a 9,000-square-foot lot. The total value of this property is $280,000. There are two sales that are similar, and the improvement value is well documented. Sale 1 sells currently for $300,000, with an improvement value of $240,000. Sale 2 sold 12 months ago for $250,000, with a current improvement value of $220,000. The lot size for both Sale 1 and Sale 2 is 9,000 square feet. Values in this area have been increasing at a rate of 10 per cent per year. Using the allocation method of land valuation, the indicated value of the lot for the subject property would be

$56,000

Given the following: Sale price $220,000; Cost new of improvement $260,000; Depreciation $90,000 The indicated land value would be

$50,000

The principle illustrating that market value is determined by such factors as zoning, rent controls, interest rates, and so on is

change

The appropriate map scale for urban areas is

1" = 100'

A lot measures 242' x 1800'. What is the value of the lot if the land is worth $60,000 per acre?

$600,000

The ______________ unit would be the appropriate unit when pedestrian access is an important consideration.

front foot

When adjustments are being made to comparable sales, using percentage adjustments in the direct sales comparison approach, the sequence of adjustments the appraiser must follow is

financing, market conditions, location, physical characteristics

The land valuation method that replicates the actions of subdividers or developers is known as the

anticipated use or development method

This quiz is about the basic responsibilities of an assessor in real property taxation. It covers the duties of an assessor in evaluating taxable property.

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