Appraiser I & II Practice Exam

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• What is the calculation for determining the selling price per front foot of a lot?
• How are the counties of the state categorized for determining minimum staff requirements for each county BOA office?
• How many classes of property are recognized in Georgia?
• What is the assessor's primary responsibility relating to property tax?
• Which principle guides fee appraisers when determining land value?
• The difference between reproduction or replacement cost new of a property and its market value is known as ____________.
• Which requirement is NOT one of the qualifications for members of the Board of Equalization (BOE)?
• What is one method assessed for determining the value of a property?
• How many days does a taxpayer have to file a written appeal with the assessor?
• How is the Mean Ratio calculated?
• The Age-Life method is primarily based on what aspect?
• What is the penalty for breaching a conservation use by selling to a non-qualified owner?
• If assessed value is divided by 0.40, what is it used to calculate?
• Which method of depreciation involves analyzing the physical deterioration of property?
• What is the overall purpose of conducting a property appraisal?
• Which of the following represents the three approaches to value?
• What is a characteristic of tangible property?
• How is the Aggregate Ratio helpful in property assessment?
• Why is the Coefficient of Dispersion important in property assessments?
• A company selling office machinery should classify the personal property as what?
• What role does supply play in the value of real estate?
• What does "CIA" stand for in property appraisal?
• What does accrued depreciation account for in property value assessments?
• What is the statutory date of valuation for property in Georgia?
• What form of depreciation is considered to occur outside the property?
• Another name for the straight-line depreciation method is the ____________ method.
• What is the first step in the Market Approach to property valuation?
• How often must the Board of Assessors meet to review property assessments?
• What is the purpose of the appraisal process?
• Which is NOT a step in the Cost Approach to property valuation?
• When is the market approach used in property appraisal?
• What is a potential result of insufficient competition in real estate markets?
• What is required for all property returned for taxation?
• Which of the following is a primary responsibility of the Board of Equalization concerning property taxes?
• What does 'Actual Age' represent in appraisals?
• What is meant by the term "value in exchange"?
• What is the correct calculation of net income using the formula I = V x R?
• Regressivity in the context of property appraisal indicates what?
• What is the formula for calculating the depth factor in real estate appraisals?
• Which of the following defines intangible property?
• What term refers to property that has been returned for taxation in its actual state?
• What does Coefficient of Dispersion (COD) measure?
• What does the term "Bundle of Rights" refer to?
• The income approach to valuation relies on which of the following concepts?
• What is the formula for calculating the Coefficient of Dispersion?
• When is the valuation date for property taxes in Georgia?
• What matters/issues can the BOE hear that involve property valuations?
• Which of the following is a component of the 'Adaptation' test in property distinction?
• What is meant by "Define Discovery" in the context of appraisal?
• Who appoints members of the Board of Assessors?
• What does the Unit-in-place method specifically account for?
• How is the Price Related Differential (PRD) determined?
• In appraisal, what does a PRD of 1.10 typically indicate?
• What aspect of property assessment does the median ratio primarily focus on?
• What was the ruling from the court of appeals regarding improvements to leased space?
• Which of the following is NOT a normal category of inventory?
• The principle of anticipation in valuation suggests what?
• What type of sale is NOT considered bona fide?
• Who can typically challenge the value set by a property tax appeal hearing?
• In what scenario might a taxpayer face penalties related to conservation use assessments?
• What is the significance of 'highest and best use' in appraisal?
• Which tool is most commonly used for discovering personal property?
• What is the formula for the Aggregate Ratio?
• The Principle of Substitution in appraisal suggests what?
• What is the significance of determining the Deviation from the Average Ratio?
• What is the most recent sale in an arms-length transaction used for?
• What is meant by the 'Annexation' test in property appraisal?
• What is considered the best source of information for property appraisal?
• What does excess profit in real estate typically lead to?
• What heavily influences the market value of real estate?
• What does the Absolute Deviation from the median ratio calculate?
• What does Fair Market Value represent?
• What is the significance of calculating the square root in determining depth factor?
• Who is responsible for providing the Board of Equalization with necessary secretarial assistance?
• What is indicated by the code 48-5-16?
• What does the code 48-5-11 refer to?
• What is one of the responsibilities of the Board of Equalization?
• What does the unit comparison method offer in property valuation?
• The term "Progressivity" in appraisal refers to what concept?
• What is one key role of the Arbitration process in tax appeals?
• Total Economic Life refers to what?
• How is the Sales Ratio calculated?
• Which of the following best represents a property characteristic evaluated by the market approach?
• What is the formula for calculating a tax bill?
• Which construction type involves the use of heavy structural components?
• How is a mill (tax) rate calculated?
• What characterizes an arm's length transaction?
• How do you adjust comparables to the subject property during the Market Approach?
• Which ratio is primarily used to check assessment consistency across properties?
• Who must approve a county's tax digest before it can be used for the collection of taxes?
• What does GRM stand for in the context of property evaluation?
• The term “surplus productivity” refers to what in real estate?
• What does the principle of Contribution measure in real estate?
• When applying the Square Foot Method, how do you calculate the final property value?
• By what date must the annual notice of assessment be mailed to taxpayers?
• In estimating the remaining useful economic life of a building, what must you establish next?
• When is it appropriate to average to arrive at the final value estimate?
• In the context of appraising, why is it important to consider competition?
• In appraisal, what does the term "effective age" refer to?
• If the selling price of a lot is $4,500 and it has 200 front feet, what is the selling price per front foot?
• What characterizes a bona fide sale?
• An Arbitrator may hear appeals regarding which issue?
• Which of the following elements is NOT part of the Capitalization formula?
• What is the first step in the appraisal process?
• Under conservation use assessment, which type of buildings are considered when evaluating property value?
• What type of appraisal approach is most effective for properties with limited sales data?
• What are the three levels of trade in commerce?
• What does the term 'Highest and Best Use' refer to in appraising real estate?
• Which of the following statements is true regarding property classifications in Georgia?
• What economic principle serves as the foundation for the adjustment process in the market approach?
• What term refers to the discrepancy between the actual age of property and how old it appears?
• What is the level of assessment for property taxes in Georgia?
• Which of the following is NOT a resource used by the county property appraisal staff?
• The Price Related Differential (PRD) measures what within a group of properties?
• What is the effect of conformity in real estate appraisal?
• What does the term 'ad valorem' refer to?
• Economic obsolescence is typically considered to be ____________.
• What is Eminent Domain?
• In which scenario is the cost approach most appropriate for estimating value?
• Effective Age is defined as what?
• The coefficient of dispersion should be less than what value for all non-residential properties?
• What is indicated by the principle of Balance in property valuation?
• What is the deadline for the county BOA to complete the revision and assessment of the taxpayer returns each year?
• What are the three major components of a county budget?
• In a typical appraisal, what does 'Depreciation of Reproduction Cost' usually reflect?
• Which type of valuation is typically accepted for taxation purposes?
• What is one example of a real estate transaction that must be considered by tax assessors?
• What is the main focus of the GA Law in property appraisal?
• Which of the following describes conservation use value?
• In property appraisal, economic obsolescence is associated with ____________ market factors.
• The market approach to valuation is primarily based on which economic principle?
• What is the result of the Square Foot Method if the total square footage is 200 and the price per square foot is $250?
• How would you calculate the value using the formula V = I ÷ R?
• Who must an individual property owner be to qualify for preferential assessment?
• What is the filing period for property taxes in Georgia?
• What does a high Coefficient of Dispersion (COD) indicate?
• What does the term 'functional obsolescence' relate to in real estate valuation?
• Which principle suggests that no informed purchaser would pay more for a property than the cost of a substitute property?
• Which method determines property value based on the base rate and number of units or acres?
• What term refers to the number of years from the date of appraisal to when a building becomes economically valueless?
• What formula is used to calculate the Aggregate Ratio?
• Which body is responsible for making equalization adjustments related to property assessments?
• If a real property value is set by a decision of an appeal hearing, how many years can the BOA not change that value unless certain conditions are met?
• According to the principle of substitution, what will a reasonable purchaser consider?
• The effective use of the Principle of Substitution requires what?
• An assessor shall be appointed by the county governing authority for a term of how many years?
• Which of the following are forms of depreciation?
• What does estimating depreciation in property valuation help determine?
• Flaking paint on a bedroom ceiling is an example of which type of deterioration?
• What is the primary focus of the GRM calculation?
• What term describes the loss of value due to consumption, such as mining and timber removal?
• In the cost approach, what do appraisers typically estimate first?
• Which category includes items ready for sale to customers?
• Which type of depreciation is characterized by a reduction in value due to outdated design?
• A hearing officer is authorized to hear appeals primarily for which types of issues?
• What is the primary focus of the Price Related Differential (PRD)?
• What should be done with the Sales Price, Assessment Amounts, Sales Ratios, and Deviations?
• When should the Market Data or Comparable Sales Approach be utilized?
• What does a higher 'Highest and Best Use' indicate about a property?
• What does the Factored Historical Cost Method apply to a previous value?
• What is the key purpose of calculating the Aggregate Ratio?
• What does the term "value in use" refer to?
• The depreciation of short-lived items under incurable physical depreciation is referred to as what?
• What is the purpose of the Quantity Survey method in estimating RCN?
• What is the first step in the appraisal process?
• In the Front Foot method example, what does "50 FF * $78 * 1.00" equal?
• Where in the official Code of Georgia Annotated law book can Ad Valorem Taxation of property be found?
• Who is responsible for the fees and costs of the arbitrator for a tax appeal taken to arbitration?
• What is the maximum amount of acreage that can be entered into an FLPA covenant?
• The secretary to the Board of Assessors shall be a member of which group?
• What is the definition of Highest and Best Use in property valuation?
• Which economic principle serves as the foundation for the three approaches to value?
• What does fee appraising involve?
• How is the Mean Deviation calculated in property assessment?
• What is the term used for items classified as assets that are unfinished?
• Which methods require separation of accrued depreciation into various categories?
• A PRD greater than 1 indicates what condition?
• When valuing the subject property, which comparable should be used?
• What is the last step in assembling and processing income data?
• What does the term "balance" indicate in appraisal practice?
• What economic principle forms the basis for the adjustment process in the market approach to value?
• What is the formula for the Front Foot method in property valuation?
• What is the definition of personalty in property appraisal?
• Which of the following best describes a property with a PRD of 0.95?
• What does GIM represent in commercial property valuation?
• What is the function of the personal property return?
• What does the formula R = I ÷ V represent in property valuation?
• If land measures 400 by 3,275 feet, how many acres does it contain?
• Why is understanding social forces important for appraisers?
• What does the Coefficient of Dispersion (COD) measure?
• What does the term 'cost index' refer to in property valuation?
• According to the Cost Approach Formula, how is the value of a property calculated?
• What is the minimum appraiser qualification required to hold the position of chief appraiser?
• Which factor is primarily responsible for the ongoing changes in real estate values?
• When examining assessment performance, which ratio is the most critical?
• Which of the following formulas best represents the calculation of the COD?
• What does the seller's Bill of Rights encompass?
• Can an appraiser on the appraisal staff also serve as a Board of Assessor member?
• What is the annual deadline for freeport applications to be submitted?
• How is the millage rate calculated?
• How does the principle of substitution assist appraisers?
• Which method uses the total gross living area to estimate property value?
• What does a low Price Related Differential (PRD) suggest?
• What does a high Coefficient of Dispersion indicate about a set of property assessments?
• At which meeting of the year should the Board of Assessors elect a chairman?
• What is one of the eight criteria used by tax assessors to determine FMV?
• Which of the following is NOT a factor considered by the Board of Equalization?
• What primarily drives the value of income-producing properties?
• What is the formula used with the cost approach to value an asset?
• Which types of personal property are typically valued using the market approach?
• What are some of the criteria that an assessor must consider when determining fair market value of real property?
• What economic principle refers to the proper removal or addition of property improvements?
• Which of the following is considered a type of construction?
• How is a mill (tax) rate calculated?
• Who is responsible for selecting Hearing Officers for a property tax appeal?
• Which type of depreciation is considered overall wear and tear on a property?
• What does “DF” represent in the Front Foot method formula?
• What must all property owners do during the property tax filing period?
• Which of the following is NOT a criterion for determining Fair Market Value (FMV) of real property?
• Which type of inventory includes partially finished products?
• In the tax appeal process, what is the initial approach to resolving property value disputes?
• Curable physical deterioration is also known as what?
• Which criterion is NOT included in the list the tax assessor must apply for FMV?
• How is the Deviation from the Average Ratio computed?
• Which inventory category would likely include packaging materials?
• What is the principle of contribution based on in real estate valuation?
• What is the maximum percent change in conservation use values permitted by the DOR for each county?
• After receiving a taxpayer's notice of appeal, how long does the Board of Appeals (BOA) have to make a determination?
• Why is the understanding of Mean Deviation important in appraisal?
• Which test relates to the understanding and agreement between parties regarding property classification?
• How long must boats be functionally located in a county to be taxable?
• In property appraisal, what is an essential aspect of measuring market trends?
• What is the first step in finding the Median Ratio?
• What type of property is a boat classified as?
• What role does local market competitiveness play in property valuation?
• What is the formula for the cost approach to value?
• What are the acceptable limits for the median ratio to meet compliance standards?
• Which organization provides guidelines for property appraisal practices?
• An acceptable range for the Coefficient of Dispersion (COD) when measuring the uniformity of residential property is what values?
• In which location are aircraft considered taxable?
• Which types of depreciation are identified in property assessment?
• What does it mean when property values are compared to "comparable sales”?
• How many square feet are there in one acre?
• How do fee appraisers typically value land?
• What signifies a mean deviation of zero?
• An airplane owned by a corporation is classified as what type of property?
• An acceptable range of compliance for the PRD is which of the following?
• A PRD of less than 1 indicates which of the following?
• What is the result of a PRD greater than 1?
• What is the term for the loss of value due to external factors affecting property?
• Which of the following items is not eligible for Freeport exemptions?
• Which force is NOT one of the four that affect property value?
• Why might mass appraisers consider current use in their evaluations?
• In the context of mean deviation, what does the term 'average' refer to?
• What is the consequence of a property owner's death while the property is under a conservation use covenant?
• What is the formula for the Price Related Differential (PRD)?
• If a property is transitioning from one use to another, what must appraisers consider?
• Which approach must always be considered when determining property value?
• Remaining Economic Life measures what period?
• What is the primary goal of gathering data concerning recent sales in the Market Approach?
• What does the term "Deferred Maintenance" imply?
• How is a gross rent multiplier calculated?
• Which entity typically appoints an assessor in a county?
• What does the Quantity Survey Method typically refer to?
• The primary objective of the cost approach is to measure __________, not cost.
• What is a short sale in real estate?
• What does the median ratio measure in property assessment?
• Which four forces affect value in property appraisal?
• A low assessment may indicate which of the following issues?
• What does the term 'cost approach' primarily focus on in property valuation?
• How is the Sales Assessment Ratio calculated?
• In property valuation, what does the term "Replacement Cost New" refer to?
• What would be the net income when the value is $10,000 and the capitalization rate is 8%?
• What is the term length of a member of the Board of Equalization?
• Which method is the most popular for estimating Replacement Cost New (RCN) of improvement?
• Effective age of a building refers to its age as indicated by its ___________.
• What is mass appraising designed to accomplish?
• Which of the following is NOT one of the three basic tests to distinguish between real and personal property?
• What does "CBS" indicate when valuing properties?
• In the context of appraisals, what does 'Curable Physical Postponed' refer to?