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Flashcards in Property Tax Consultant: Sample Test Questions Deck (110)
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1

1. The Texas Property Tax Code, Section 41, provides for Local Review which:

• Lists the reasons for taxpayer appeals

2

2. Property Value may be estimated using:

• Sales comparison, Income capitalization and Cost Approach

3

3. The Texas Property Tax Code, Section 42, provides for Judicial Review including:

• The right to appeal the Order Determining Protest from ARB

4

4. Appraisal Review Board (ARB) members are compensated by:

• The Appraisal District

5

5. Once a person is appointed to the ARB:

• May be removed by only a majority vote of the appraisal district’s board of directors

6

6. The ARB has the authority to:

• Subpoena witnesses, records and financial documents of a business

7

7. Uniform Standard of Professional Appraisal Practices:

• Are required to be used by appraisal districts when estimating market value

8

8. An Appraisal Review Board shall determine the protest and:

• Notify the taxpayer of their decision by written order

9

9. Equal and Uniform taxation is mandated by:

• The Texas Constitution

10

10. According to the Texas Property Tax Code, a tax bill mailed after January 10th has a delinquency date of:

• 21 days from the mailing date of the bill (BEFORE Jan. 10th – January 31st )

11

11. Business Personal Property:

• May be tangible or intangible

12

12. A taxpayer may:

• Designate an agent to receive only communications from the chief appraiser and the appraiser review board

13

13. An acre of land contains

• 43,560 feet

14

14. The concept to rights of property ownership is known as:

• The bundle of rights

15

15. Representation of a property owner is governed by what section of the Texas Property Tax Code:

• Section 1.111

16

16. An easement is an interest in real property that:

• Transfers use, but not ownership of the property

17

17. An analysis of real property includes:

• Highest and best use of the property

18

18. An important component of the Income approach is:

• The Cap Rate (capitalization)

19

19. A step in the Cost Approach would include:

• A separate valuation of the land as IF vacant

20

20. The Sales Comparison approach is best supported by:

• Several sales of similar properties in the same neighborhood or market area

21

21. A method of land surveying that describes a parcel of land is:

• Metes and Bounds

22

22. When valuing land it is necessary to consider:

• The size and shape of the land

23

23. An item of property improvement that works and is useful is said to have:

• Functional utility

24

24. Market Value less Total Development Costs equals:

• Profit (or Loss)

25

25. Income less Operating Expenses equals:

• Net Operating Income

26

26. A flaw in construction, materials or design is known as:

• Functional Obsolescence

27

27. If the net operation income is $35,100 and the sales price is $368,500, the rounded capitalization rate is:

• .0953

28

28. If the net operating income is $85,000 and the capitalization rate is .0825, the indicated value would be:

• $1,030,300

29

29. Ex Parte Communication between the appraisal review board members and the appraisal district:

• Is prohibited

30

30. All Real and Tangible personal property is:

• Taxable unless exempted by law