Study Flashcards
(500 cards)
1
Q
The six steps in the appraisal process are:
A
- Definition of the Problem. 2.Preliminary Survey and Planning. 3.Data Collection and Analysis. 4.Application of Approaches to Value. 5.Correlation of Value Estimates. 6.Final Value Estimate
2
Q
The three basic approaches to value are:
A
Cost
Income
Sales Comparison
3
Q
The appraisal process is a systematic, logical method of
A
collecting, analyzing, and processing data into reasoned value estimates.
4
Q
Millage is a tax rate expressed as
A
1/1000 of $1.00; a mill is one-tenth of one cent.
5
Q
The Assessor’s Responsibilities
A
A. Discover, list, and value all taxable property
B. Collect, analyze, and process data into values
C. Establish uniform and equitable values
D. Review and defend values
6
Q
The property tax is an ( ? ) ; it is based solely on value.
A
ad valorem tax
7
Q
The assessor is responsible for ( ? ) , ( ? ) , and ( ? ) all taxable property.
A
discovering, listing, and valuing
8
Q
As assessed value not at 100 percent of market value is known as a ( ? ) assessment.
A
fractional
9
Q
The assessor’s value estimate is subject to ( ? ).
A
review
10
Q
All taxable property can be classified as ( ? ) property or ( ? ) property when assessed for ad valorem tax purposes.
A
real / personal
11
Q
A property tax rate is derived by dividing the total ( ? ) by the total ( ? ) of the taxing jurisdiction.
A
levy / assessed value
12
Q
An individual assessed value is multiplied by the ( ? ) to obtain an individual tax amount.
A
tax rate
13
Q
An adequate ( ? ) system is essential to the initial task of discovering real property.
A
mapping
14
Q
If the assessed value increases and the budget remains constant, the tax rate will ( ? )
A
decrease
15
Q
A mill is the ( ? ) part of $1.00.
A
one-thousandth
16
Q
The relationship between the assessed value and the market value of a property is known as an ( ? )
A
assessment ratio
17
Q
An appraisal is an ( ? ) or ( ? ) of value.
A
opinion / estimate
18
Q
The five steps in the definition of an appraisal problem are:
A
- Indentification of Property 2.Property Rights Involved 3.Purpose and Function of the Appraisal 4. Date of the Appraisal 5. Definition of Value
19
Q
The type of value usually sought by the assessor is ( ? ) value.
A
market
20
Q
The opinion of value is established as of the ( ? ).
A
date of appraisal
21
Q
Collection of data on individual properties, and application of the data to estimate the value of many properties, is termed ( ? ).
A
mass appraisal
22
Q
The two major types of appraisal reports are the ( ? ) appraisal report and the ( ? ) appraisal report.
A
form report / narrative report
23
Q
The fifth step in the appraisal process is the ( ? ) of the indicated values.
A
correlation
24
Q
All three approaches ( ? ) pertinent for the valuation of all properties.
A
are not
25
The ( ? ) process encompasses the appraisal process and includes additional responsibilities as well.
assessment
26
The six basic rights associated with property are:
1. Use 2. Sell 3. Lease 4. Enter 5. Give Away 6. Do Nothing With
27
( ? ) is defined as the sacrifice made in acquiring property.
Cost
28
For a property to have value, it must have
Utility, Scarcity, and Desirability
29
( ? ) is the right of government to regulate property to protect the public health, safety, and welfare.
Police Power
30
( ? ) Is the right of government to take private property for public use with just compensation.
Eminent Domain
31
The principle of ( ? ) is the basis of the three approaches to value
Substitution
32
Highest and best use must be a ( ? ) and ( ? ) use and is determined by the ( ? ).
Probable and Legal / Market
33
A small house surrounded by larger houses may have a higher value than if it were surrounded by smaller houses. This demonstrates the principle of ( ? ).
Progression
34
A built-in oven in a house is an example of a ( ? )
fixture
35
A portable dishwasher is an example of a ( ? )
chattel
36
The market value is the present worth of all anticipated future benefits reflects the principle of ( ? )
anticipation
37
The maximum market value is reached when a reasonable degree of economic and social homogeneity exists reflects the principle of
conformity
38
( ? ) is highest possible degree of ownership.
Fee Simple Estate
39
Some private limitations on property are:
1.Co-Owner's Rights 2.Deed Restrictions 3.Mortgages 4.Easements 5.Liens 6.Leases
40
The four forces to be analyzed in evaluating a neighborhood are:
1.Physical 2.Economic 3.Governmental 4.Social
41
The ( ? ) is the environment of the subject property that has a direct influence on its value.
Neighborhood
42
Only data that affect the ( ? ) ( ? ) will be useful to the assessor.
Local Market
43
A ( ? ) is a series of changes brought about by a chain of causes and affects.
Trend
44
The most important physical factor affecting real estate value is ( ? ).
Location
45
The three types of boundaries used in defining neighborhoods are:
1.Natural 2.Man-Made 3.Political
46
The prime consideration in analyzing commercial areas is the amount of ( ? ) available
Parking
47
Neighborhoods can be ( ? ), ( ? ), or ( ? ).
Growing, Declining, or Stable
48
Property classifications include ( ? ), ( ? ), ( ? ), and ( ? ).
1.Residential 2.Commercial 3.Industrial 4.Rural
49
Boundaries are necessary to establish ( ? ) of ( ? ).
level of homogeneity.
50
The land identification system based on semi-permanent physical features or bearings on a compass is known as ( ? ) and ( ? ).
Metes and Bounds
51
A quarter section is about ( ? ) acres.
160 Acres
52
A township is divided in ( ? ) sections, each section ( ? ) mile(s) square, containing ( ? ) acres.
36 Sections / 1 Mile / 640 Acres
53
Residential subdivisions are commonly described by the ( ? ) and ( ? ) system of land identification.
Lot and Block
54
A numerical code representing a parcel’s legal description is a ( ? ).
Parcel Indentifier or Parcel Number
55
Corrections are made on the north and/or west side of townships and sections. Sections in which corrections are made are termed ( ? ) ( ? ).
Fractional Sections
56
In mapping and land survey two terms, ( ? ) and ( ? ) are substituted for measurements and boundaries when addressing a form of land description based on semi-permanent landmarks.
Metes and Bounds
57
A map displaying property ownership boundaries, dimension, and other useful information is called a(n) ( ? ) ( ? ).
Cadastral Map
58
There are ( ? ) square feet in an acre and ( ? ) linear feet in a mile.
43,560 Sq Ft / 5,280 Linear Feet
59
Baselines run ( ? ) and ( ? ) meridians run ( ? ) and ( ? ).
East and West / North and South
60
An appropriate scale for a cadastral map in a rural area is ( ? ).
1" = 400'
61
The rectangular survey description of NW ¼ of the NW ¼ of the NW ¼ of the NW ¼ is ( ? ) acres.
2.5 Acres
62
Rectangular Land Surveys:
Congress established The U.S. Public Land Survey System in 1785
63
( ? ) is a description type sometimes called the Platted Legal Description method.
Lot and Block Survey:
64
Rectangular Coordinates:
During the 1930s the United States Coast and Geodetic Survey developed a state plane coordinate system for each state.
65
An assessment at less than full market value is known as:
A fractional assessment.
66
An ad valorum tax is a tax based solely on:
Value.
67
The sum of tangible and intangible property rights vested in land and improvements is termed
real property.
68
A property tax rate is derived by
dividing the jurisdiction’s budgeted expenditures by the total assessed value.
69
Ownership of all legal right to property is limited by government through four ways:
Taxation, Police Power, Eminent Domain, Escheat
70
The fourth step of the appraisal process is:
Application of the approaches to value.
71
The duties of the assessor are to ( ? ), ( ? ), and ( ? ).
discover, list and value.
72
Highest and best use is defined as the use
that will generate the highest net return to the property.
73
When a property’s highest and best use is likely to change in the near future, the prevailing highest and best use is called.
an interim use.
74
The land identification system commonly used for residential subdivisions is
ot and block survey.
75
The state plane coordinate system, the latitude and longitude system, and the Universal Transverse Mercator grid systems are examples of
rectangular land coordinate systems.
76
Single-property appraisals differ from mass appraisal in ( ? ), ( ? ), and ( ? ).
market research / quality control / definition of the appraisal problem
77
The benefit derived from the use of an item can be described as
value in use.
78
Which of the following is a major element in the cost of production?
Labor
79
The five generally accepted methods of land valuation are:
1.direct sales comparison 2.abstraction-allocation 3.anticipated use 4.capitalization of ground rent 5.land residual capitalization.
80
( ? ) is the most reliable method of land valuation.
Sales Comparison
81
Tables and rules are available (or can be developed) to measure ( ? ), ( ? ), and ( ? ).
Depth, Irregular Lot, and Corner Influences
82
Tables, formulas, and rules are only guides and should be supported by ( ? )( ? )( ? ).
Local market evidence.
83
( ? ) often dictates the highest and best use of a site.
Zoning
84
The ( ? ) portion of a parcel is usually more valuable than the ( ? ).
Front / Rear
85
( ? ) is the combination of two or more sites, yielding a single site having greater value than the sum of the individual sites.
Plottage Value
86
Assign portion of total property value to site; ratios established to find value (of limited usefulness).
Allocation:
87
Subtract depreciated replacement costs from sale price; the remainder is land value (of limited usefulness)
Abstraction:
88
Primarily for land in transition
Anticipated Use (Development) Method
89
The cost approach to value is based on the principle of ( ? )
Substitution.
90
Cost does ( ? ) equal value but can be a valid determinant of value.
not necessarily
91
( ? ) cost is the cost of producing an exact replica of a building or improvement.
Reproduction Cost
92
( ? ) cost is the cost of producing a building or improvement having the same utility as the original building.
Replacement Cost
93
( ? ) is the actual cost of constructing an improvement, at the time it was built
Historical Cost
94
The five principal characteristics that influence cost are:
a) Design type
b) Construction type
c) Quality class
d) Floor area
e) Building shape
95
The four methods of estimating cost are:
a) Quantity survey
b) Unit in place
c) Square foot (or cubic foot)
d) Factored historical cost
96
( ? ) ( ? ) is the overall desirability and usefulness of property and its componenents.
Functional Utility
97
( ? ) ( ? ) is a complete cost itemization of all direct and indirect costs incurred in constructing a building.
Quality Survey
98
Direct Costs
labor, supervision, materials, components, equipment rental, utilities
99
Indirect Costs
building permits, real estate taxes, overhead and profit, architecht's fees, insurance, sales expense
100
A classification system for improvements is valuable in ( ? )
mass appraisal
101
The cost approach to valuation is based on the principle of ( ? )
Substitution
102
Indexing base costs from a general cost manual to current costs for a particular area is accomplished by means of a ( ? )
time-location factor.
103
V = LV + (RCN – D)
Cost Approach, Summation Approach
104
List the steps in the cost approach.
1.Estimate land value as if vacant. 2.Estimate the replacement cost new. 3.Estimate accrued depreciation. 4.Subtract the accrued depreciation from RCN. 5.Add back land value.
105
( ? ) is defined as the loss from the upper limit of value from all causes (except depletion) of property having a limited economic life
Depreciation
106
In the ( ? ) approach, depreciation means ( ? ) depreciation.
Cost Approach / Accrued Depreciation
107
( ? ) is the difference between reproduction or replacement cost new of an improvement and its market value as of the date of appraisal.
Accrued Depreciation
108
( ? ) is not depreciation.
Depletion
109
There are three categories (causes) of depreciation:
a. Physical deterioration (curable and incurable)
b. Functional obsolescence (curable and incurable)
c. Economic obsolescence (usually incurable)
110
Depreciation can be measured ( ? ), from the subject property, and ( ? ) from similar properties.
Directly / Indirectly
111
Type of Depreciation : Over-improvement (not highest and best use of the site)
FUNCTIONAL OBSOLESCENCE
112
Type of Depreciation : Under-improvement (not highest and best use of the site)
FUNCTIONAL OBSOLESCENCE
113
Type of Depreciation : Poor layout and design
FUNCTIONAL OBSOLESCENCE
114
Type of Depreciation : Inferior workmanship or materials
FUNCTIONAL OBSOLESCENCE
115
Type of Depreciation : Unnecessarily high quality or capacity of components
FUNCTIONAL OBSOLESCENCE
116
Type of Depreciation : Outmoded equipment and fixtures
FUNCTIONAL OBSOLESCENCE
117
Type of Depreciation : Changing public tastes and standards
FUNCTIONAL OBSOLESCENCE
118
Type of Depreciation : Nonconforming architectural style
FUNCTIONAL OBSOLESCENCE
119
Type of Depreciation : Encroachment of inharmonious land use
ECONOMIC (LOCATIONAL) OBSOLESCENCE
120
Type of Depreciation : Heavy traffic, excessive noises, unpleasant odors, physical hazards, and so forth
ECONOMIC (LOCATIONAL) OBSOLESCENCE
121
Type of Depreciation : Inadequate public services
ECONOMIC (LOCATIONAL) OBSOLESCENCE
122
Type of Depreciation : Inadequate land use controls and protection
ECONOMIC (LOCATIONAL) OBSOLESCENCE
123
Type of Depreciation : Inadequate access to conveniences
ECONOMIC (LOCATIONAL) OBSOLESCENCE
124
Type of Depreciation : Legal actions (changes in zoning, etc.)
ECONOMIC (LOCATIONAL) OBSOLESCENCE
125
Type of Depreciation : Action of the elements (weather)
PHYSICAL DETERIORATION
126
Type of Depreciation : Use and abuse
PHYSICAL DETERIORATION
127
Type of Depreciation : Inadequate repair and replacement
PHYSICAL DETERIORATION
128
Type of Depreciation : Pest or insect infestation
PHYSICAL DETERIORATION
129
Curable physical deterioration (deferred maintenance) is measured by ( ? ).
Cost to cure
130
Incurable physical deterioration that is measured by effective age divided by total economic life, applied to the cost of the item.
Short-life items (curable physical postponed)
131
Incurable physical deterioration that is measured by effective age divided by total economic life, applied to the cost of the basic structure portion of the building (RCN of building less RCN of curable items and RCN of short-life items).
Long-life items (basic or “bone” structure)
132
Curable functional obsolescence that is measured by excess of cost to cure over the cost new of the standard item if it had been installed when the structure was built.
Deficiency (normal)
133
Curable functional obsolescence that is measured by the cost of installing the modern component, plus depreciated value of the out-of-date component.
Deficiency ( replacement or modernization)
134
Curable functional obsolescence that is measured by the cost new of the item, less any physical deterioration already charged, plus the cost to install a normally adequate or standard item.
Superadequacy
135
Incurable functional obsolescence that is measured by the actual or estimated rent loss, multiplied by the gross rent multiplier (GRM)
Deficiency
136
Incurable functional obsolescence that is measured by the excess of the RCN of the superadequate item over the RCN of a standard or not superadequate item.
Superadequacy
137
( ? ) is defined as the capital requirements of cost new of the depreciated item, less physical deterioration, plus the present worth of the added cost of ownership, such as increased taxes, higher maintenance expense, and so forth.
Rent Loss
138
( ? ) can be measured by deduction of the capitalized value of the rent loss due to the condition.
Incurable functional obsolescence
139
Obsolescence measured by the actual or estimated rent loss, multiplied by the GRM or capitalization rate, multiplied by the building-value-to-total-property-value ratio.
Economic (locational) obsolescence
140
Sales Price divided by Monthly Rent
GRM Gross Rent Multiplier
141
GRM X Rent Loss x Land to Building Ratio = ( ? )
Economic (locational) obsolescence
142
( ? ) is loss of value due to consumption, such as mining and timber removal.
Depletion
143
Flaking paint on a bedroom ceiling is an example of ( ? ) ( ? ) deterioration.
curable physical
144
Another name for the straight-line depreciation method is the ( ? ) method.
Overall (age-life)
145
Effective age is the age of a building indicated by its ( ? ).
Observed condition
146
Economic obsolescence, unlike functional obsolescence and physical deterioration, is usually considered ( ? )
incurable
147
The end objective of the cost approach is to measure ( ? ) not cost.
value
148
The ( ? ) ( ? ) and the ( ? ) ( ? ) methods require separation of elements of accrued depreciation into various categories.
observed condition / engineering breakdown
149
The difference between reproduction or replacement cost new of a building and its market value as of the date of the appraisal is termed ( ? ).
accrued depreciation
150
( ? ) is the number of years from the date of appraisal to the date when the building becomes economically valueless.
Remaining economic life
151
Curable physical deterioration is also known as ( ? ) ( ? ).
deferred maintenance
152
The depreciation of short-lived items, as treated under incurable physical depreciation is also known as ( ? ) ( ? )
curable-physical postponed
153
An estimate is made of both the effective age of the building and its remaining
economic life. Together these form the life span of the building. The ratio of
effective age to life span, multiplied by the replacement or reproduction cost new,
yields the lump-sum deduction for accrued depreciation.
Overall (Age-life) method
154
First, the cost to cure all curable items is estimated. This sum is then deducted
from replacement or reproduction cost new of the entire improvement. The
remaining sum (the incurable items) is then multiplied by the ratio of effective age to
life span, yielding the amount of incurable depreciation. The sum of curable and
incurable depreciation is the total depreciation for the property.
Modified Overall (Age-life) method
155
A different straight-line percentage is applied to each of the major component parts
of the structure. Depreciation is not categorized in this method.
Engineering Breakdown Method
156
This method is recommended for use in demonstration narrative appraisal reports
by most appraisal organizations.
Observed condition (Breakdown) Method
157
This method requires a detailed estimate of replacement cost new; it involves
considering the elements of diminished utility separately and measuring the amount
of each. The estimates are then added together; this sum is deducted from
replacement cost new.
Observed condition (Breakdown) Method
158
In this method curable items are considered and measured first, prior to an analysis of the incurable items; incurable items cannot be measured properly until all curable items have been accounted for.
Observed condition (Breakdown) Method
159
Depreciation, as applied in the appraisal process, is
solely a charge against, and a deduction
| from, the RCN of an improvement
160
The loss of value attributable to incurable physical deterioration is measured by
the age-life method
161
The method reflecting the observed condition of the building or an individual item or component
the age-life method
162
The loss of value attributable to incurable functional obsolescence is
capitalizing an actual or estimated rent loss by use of a GRM.
163
The loss of value attributable to curable functional obsolescence when the functional defect involves a normal deficiency is measured by
the excess of cost to cure over and above the RCN of the item or component installed during the construction of the structure.
164
Functional obsolescence as a form of depreciation is usually the result of
diminished utility of the building or component, or of out-of-date design.
165
The loss of value attributable to economic obsolescence is measured by
capitalizing an actual or estimated rent loss by use of the GRM multiplied by the building-tototal-property-value ratio.
166
The loss of value attributable to curable functional obsolescence, when the defect involves the need for modernization or up-dating, is measured by
The RCN of the obsolete component LESS any physical deterioration already charged, PLUS he cost to install a modern, up-to-date component.
167
The principles of substitution, contribution, and change are basic to ( ? )
comparative sales analysis.
168
Comparability is greatest when both sale and subject properties are influenced by the same ( ? ) , ( ? ), ( ? ), and ( ? ).
physical, economic, legal, and social factors.
169
The four major types of adjustment are
time of sale, location, physical condition, and contributory value of components.
170
The physical condition adjustment accounts for ( ? ) ( ? ).
accrued depreciation.
171
Adjustments can be made on a ( ? ) or a ( ? ).
lump-sum / percentage basis
172
The amount of adjustment is allocated by ( ? ) rather than ( ? ).
contributory value / individual cost
173
The value estimates of comparables are / are not averaged to produce a final value
are not
174
The sale property needing the fewest adjustments to equate it with the subject property is often considered ( ? )
the strongest value indicator
175
Adjustments should be isolated and are always made to the
comparable properties
176
Adjustments should be isolated and are never made to the
subject property
177
( ? ) establishes a ratio between gross income (monthly or annual) and the sale price.
The gross rent multiplier (GRM)
178
( ? ) takes into account square footage not producing income (common areas).
Square feet of gross building area (GBA)
179
( ? ) does not take into account square footage not producing income (common areas).
Square feet of net rentable area
180
( ? ) are used to compute a value indicator for a given property based on the relationship between the gross income and sale price of similar properties.
Gross rent multipliers (GRM)
181
( ? ) of property sellers usually establish the upper limit of value and ( ? ) by buyers usually establish the lower limit of value.
Asking Prices / Offering Prices
182
The best sources of documentation of sales data are interviews with the ( ? ) and ( ? ).
Buyer and Seller
183
Comparable sale properties should be visually inspected to make an accurate analysis of the ( ? ) between them and the subject.
dissimilarities
184
The greatest degree of comparability is achieved when the properties involved in the comparison process are influenced to a similar extent by the following four factors:
1.Social 2.Economic 3.Legal (Government) 4.Physical
185
Four appropriate units of comparison for the valuation of single-family residential properties are:
1.Square Feet of Building 2.Building Unit 3.Rooms per Unit 4.Bedrooms per Unit
186
Four appropriate units of comparison for the valuation of apartment houses are:
1. Apartment Unit 2. Apartment Room 3.Sq Ft of Building 4.Gross Rent Multiplier
187
The adjustment process applies the ( ? ) value of an item to the total property.
contributory
188
When plus or minus adjustments are expressed in terms of percentages, the adjustment for ( ? ) should be made before any other adjustments.
Time
189
The loss of value attributable to physical deterioration incurable is measured by:
the age-life method, reflecting the observed condition of the building
190
The adjustment process used in the sales comparison approach applies the principle of:
contribution.
191
The loss in value of a property as of the date of the appraisal is termed:
accrued depreciation.
192
The cost of constructing a building having the same utility as the original but using modern methods, materials, and design, is known as:
replacement cost.
193
Indexing a cost manual as of a base year up to current cost requires modification of the based price by applying a:
time-location factor.
194
Functional obsolescence is measured by the ( ? ) method.
age-life method
195
The three stages of neighborhood growth are:
Development, Equilibrium, Disintegration
196
The Tolerance Ratio for assessed values is:
32% to 36%
197
The Appeal Procedure for assessments in Nevada is:
Assessor, County Board of Equalization, State Board, Court
198
The maximum tax rate in the state of Nevada is:
$5.00
199
The minimum assessment for land in Nevada is:
$1.25/acre
200
The principle of value most associated with replacement cost is:
Substitution
201
The method of cost used by Builders and Contractors is:
Quantity Survey
202
Real Property taxes are collected by who?
Treasurer
203
A busy street in front of a single family residence is a form of:
Economic incurable depreciation
204
To qualify for a veteran’s exemption one must have lived in Nevada for:
6 months
205
A Township consists of:
36 square miles
206
The present worth of future benefits follows most closely the principle of:
Anticipation
207
In a section there are:
640 acres
208
The four forces of value are:
Physical, governmental, economic, social
209
Loss of the upper limit of value is known as:
Accrued Depreciation
210
The observed condition of a building is an indication of:
Effective age
211
Real Property picked up after the roll close date may be put on:
The Unsecured Roll
212
The combining of 2 or more parcels contribution to a higher value for each portion is known as:
Plottage
213
The four agents of production in order are
Labor, Management, Capital, Land
214
Rent paid above Base Rent on a percentage lease is:
Overage Rent
215
The concepts of value are:
Purchase Power, Demand, Utility, Scarcity
216
The Principle used as a basis for adjustment process of comparative sale approach is:
Contribution
217
A series of changes brought about by a chain of causes and effects is:
Trends
218
An acre is:
43,560 sq. feet and 1/640ths of a section
219
The lower limit of value is best indicated by:
The offering price
220
Excess Rent is defined as:
The amount of contract rent paid over the economic rent
221
An 800 square foot residence in a neighborhood of 2,500 square foot residences is an example of:
Progression ?
222
Market Value is defined as:
The most probable price paid for a property exposed to the market for
a sufficient time to produce a buyer ready, willing and able to purchase
the property given that all parties are knowledgeable about the
property and the transaction is an arms length transaction.
223
The reduction for Principal by constant payments plus interest on a declining balance is:
Amortization
224
The greatest possible degree of ownership is:
Fee simple
225
The sacrifice made in the acquisition of property is:
Cost
226
Highest and best use is defined as:
The use that will generate the highest net return, Probable and legal, Usually the existing use
227
The loss of value of land due to consumption is:
Depletion
228
A seller of a property is the:
Grantor
229
The equalizing of values in an area is:
Mass appraisal
230
The cost of producing an exact replica of a building is:
Reproduction cost
231
The cost of producing a building of like utility is:
Replacement cost
232
The sum tangible rights in land and improvement is:
Real Property
233
That which has been appended to a property and runs with the property when it is sold or leased is:
Appurtenance
234
Which is not a function of the Assessor’s Office?
Assessment of Railroad Property
235
Which is not a taxable property?
Un-weaned calves & Property stored in a warehouse destined for L.A.
236
When appealing taxable valuation, a taxpayer should:
Pay taxes due
237
Which is the correct formula?
I=RV
238
Another term for contract rent is:
Actual rent
239
Limitations on ownership include which of the following?
Taxation, Police Power, Escheat
240
Department of Taxation authority includes appraisal of:
A. Inter-County utilities
B. Agriculture lands
C. Mining property
241
By what date must the county Assessor publish in a local newspaper the closed tax roll?
January 1st
242
NRS 361.227 refers to what?
The various methods of appraising property, i.e. cost market, incom
243
The Capitalization Process in which land and buildings are not separated is:
Direct capitalization or property residual
244
The underlying concept of real estate value is:
Present worth of future benefits
245
The program for Land Preservation is:
Open space
246
Principal factors involved in the income-stream are:
Durability, quantity, quality
247
The last date for filing Real Estate Tax Exemption is:
June 15th
248
GRM is determined by:
Sales price divided by gross income
249
Poor column spacing in a warehouse is:
Functional incurable
250
The difference between replacement cost new and value at the time of the appraisal is:
Accrued depreciation
251
Feed lots are considered as what type of agriculture land?
Intensive use
252
Agricultural lands in order of most to least important area:
Intensive use, cultivated, native meadow, pasture, grazing
253
Applications for Agricultural Use Assessment must be filed by:
June 1st
254
Range lines run:
North and South
255
Deferred maintenance is which type of depreciation?
Physical curable
256
The method of cost estimating involving the itemization of all components is:
Quantity survey
257
A survey involving directions and terrain features is called:
Metes and bounds
258
How many years must land be used for agricultural purposes for Green Belt Assistance?
3 years
259
The best method for mass appraisal of cost estimation is:
Unit in place
260
A reconstructed Income and Expense statement should include:
Economic income
261
The effective tax rate is:
A. Used in the capitalization rate for residual problems
B. The assessed ratio multiplied by the tax rate
C. Used to calculate taxes from the appraised value
262
In a percentage lease the overage rent is based on:
A percentage of gross sales
263
The least accurate method of cost approach is the:
Factored historical cost method
264
1. Definition of the Problem. 2.Preliminary Survey and Planning. 3.Data Collection and Analysis. 4.Application of Approaches to Value. 5.Correlation of Value Estimates. 6.Final Value Estimate
The six steps in the appraisal process are:
265
Cost
Income
Sales Comparison
The three basic approaches to value are:
266
collecting, analyzing, and processing data into reasoned value estimates.
The appraisal process is a systematic, logical method of
267
1/1000 of $1.00; a mill is one-tenth of one cent.
Millage is a tax rate expressed as
268
A. Discover, list, and value all taxable property
B. Collect, analyze, and process data into values
C. Establish uniform and equitable values
D. Review and defend values
The Assessor’s Responsibilities
269
ad valorem tax
The property tax is an ( ? ) ; it is based solely on value.
270
discovering, listing, and valuing
The assessor is responsible for ( ? ) , ( ? ) , and ( ? ) all taxable property.
271
fractional
As assessed value not at 100 percent of market value is known as a ( ? ) assessment.
272
review
The assessor’s value estimate is subject to ( ? ).
273
real / personal
All taxable property can be classified as ( ? ) property or ( ? ) property when assessed for ad valorem tax purposes.
274
levy / assessed value
A property tax rate is derived by dividing the total ( ? ) by the total ( ? ) of the taxing jurisdiction.
275
tax rate
An individual assessed value is multiplied by the ( ? ) to obtain an individual tax amount.
276
mapping
An adequate ( ? ) system is essential to the initial task of discovering real property.
277
decrease
If the assessed value increases and the budget remains constant, the tax rate will ( ? )
278
one-thousandth
A mill is the ( ? ) part of $1.00.
279
assessment ratio
The relationship between the assessed value and the market value of a property is known as an ( ? )
280
opinion / estimate
An appraisal is an ( ? ) or ( ? ) of value.
281
1. Indentification of Property 2.Property Rights Involved 3.Purpose and Function of the Appraisal 4. Date of the Appraisal 5. Definition of Value
The five steps in the definition of an appraisal problem are:
282
market
The type of value usually sought by the assessor is ( ? ) value.
283
date of appraisal
The opinion of value is established as of the ( ? ).
284
mass appraisal
Collection of data on individual properties, and application of the data to estimate the value of many properties, is termed ( ? ).
285
form report / narrative report
The two major types of appraisal reports are the ( ? ) appraisal report and the ( ? ) appraisal report.
286
correlation
The fifth step in the appraisal process is the ( ? ) of the indicated values.
287
are not
All three approaches ( ? ) pertinent for the valuation of all properties.
288
assessment
The ( ? ) process encompasses the appraisal process and includes additional responsibilities as well.
289
1. Use 2. Sell 3. Lease 4. Enter 5. Give Away 6. Do Nothing With
The six basic rights associated with property are:
290
Cost
( ? ) is defined as the sacrifice made in acquiring property.
291
Utility, Scarcity, and Desirability
For a property to have value, it must have
292
Police Power
( ? ) is the right of government to regulate property to protect the public health, safety, and welfare.
293
Eminent Domain
( ? ) Is the right of government to take private property for public use with just compensation.
294
Substitution
The principle of ( ? ) is the basis of the three approaches to value
295
Probable and Legal / Market
Highest and best use must be a ( ? ) and ( ? ) use and is determined by the ( ? ).
296
Progression
A small house surrounded by larger houses may have a higher value than if it were surrounded by smaller houses. This demonstrates the principle of ( ? ).
297
fixture
A built-in oven in a house is an example of a ( ? )
298
chattel
A portable dishwasher is an example of a ( ? )
299
anticipation
The market value is the present worth of all anticipated future benefits reflects the principle of ( ? )
300
conformity
The maximum market value is reached when a reasonable degree of economic and social homogeneity exists reflects the principle of
301
Fee Simple Estate
( ? ) is highest possible degree of ownership.
302
1.Co-Owner's Rights 2.Deed Restrictions 3.Mortgages 4.Easements 5.Liens 6.Leases
Some private limitations on property are:
303
1.Physical 2.Economic 3.Governmental 4.Social
The four forces to be analyzed in evaluating a neighborhood are:
304
Neighborhood
The ( ? ) is the environment of the subject property that has a direct influence on its value.
305
Local Market
Only data that affect the ( ? ) ( ? ) will be useful to the assessor.
306
Trend
A ( ? ) is a series of changes brought about by a chain of causes and affects.
307
Location
The most important physical factor affecting real estate value is ( ? ).
308
1.Natural 2.Man-Made 3.Political
The three types of boundaries used in defining neighborhoods are:
309
Parking
The prime consideration in analyzing commercial areas is the amount of ( ? ) available
310
Growing, Declining, or Stable
Neighborhoods can be ( ? ), ( ? ), or ( ? ).
311
1.Residential 2.Commercial 3.Industrial 4.Rural
Property classifications include ( ? ), ( ? ), ( ? ), and ( ? ).
312
level of homogeneity.
Boundaries are necessary to establish ( ? ) of ( ? ).
313
Metes and Bounds
The land identification system based on semi-permanent physical features or bearings on a compass is known as ( ? ) and ( ? ).
314
160 Acres
A quarter section is about ( ? ) acres.
315
36 Sections / 1 Mile / 640 Acres
A township is divided in ( ? ) sections, each section ( ? ) mile(s) square, containing ( ? ) acres.
316
Lot and Block
Residential subdivisions are commonly described by the ( ? ) and ( ? ) system of land identification.
317
Parcel Indentifier or Parcel Number
A numerical code representing a parcel’s legal description is a ( ? ).
318
Fractional Sections
Corrections are made on the north and/or west side of townships and sections. Sections in which corrections are made are termed ( ? ) ( ? ).
319
Metes and Bounds
In mapping and land survey two terms, ( ? ) and ( ? ) are substituted for measurements and boundaries when addressing a form of land description based on semi-permanent landmarks.
320
Cadastral Map
A map displaying property ownership boundaries, dimension, and other useful information is called a(n) ( ? ) ( ? ).
321
43,560 Sq Ft / 5,280 Linear Feet
There are ( ? ) square feet in an acre and ( ? ) linear feet in a mile.
322
East and West / North and South
Baselines run ( ? ) and ( ? ) meridians run ( ? ) and ( ? ).
323
1" = 400'
An appropriate scale for a cadastral map in a rural area is ( ? ).
324
2.5 Acres
The rectangular survey description of NW ¼ of the NW ¼ of the NW ¼ of the NW ¼ is ( ? ) acres.
325
Congress established The U.S. Public Land Survey System in 1785
Rectangular Land Surveys:
326
Lot and Block Survey:
( ? ) is a description type sometimes called the Platted Legal Description method.
327
During the 1930s the United States Coast and Geodetic Survey developed a state plane coordinate system for each state.
Rectangular Coordinates:
328
A fractional assessment.
An assessment at less than full market value is known as:
329
Value.
An ad valorum tax is a tax based solely on:
330
real property.
The sum of tangible and intangible property rights vested in land and improvements is termed
331
dividing the jurisdiction’s budgeted expenditures by the total assessed value.
A property tax rate is derived by
332
Taxation, Police Power, Eminent Domain, Escheat
Ownership of all legal right to property is limited by government through four ways:
333
Application of the approaches to value.
The fourth step of the appraisal process is:
334
discover, list and value.
The duties of the assessor are to ( ? ), ( ? ), and ( ? ).
335
that will generate the highest net return to the property.
Highest and best use is defined as the use
336
an interim use.
When a property’s highest and best use is likely to change in the near future, the prevailing highest and best use is called.
337
ot and block survey.
The land identification system commonly used for residential subdivisions is
338
rectangular land coordinate systems.
The state plane coordinate system, the latitude and longitude system, and the Universal Transverse Mercator grid systems are examples of
339
market research / quality control / definition of the appraisal problem
Single-property appraisals differ from mass appraisal in ( ? ), ( ? ), and ( ? ).
340
value in use.
The benefit derived from the use of an item can be described as
341
Labor
Which of the following is a major element in the cost of production?
342
1.direct sales comparison 2.abstraction-allocation 3.anticipated use 4.capitalization of ground rent 5.land residual capitalization.
The five generally accepted methods of land valuation are:
343
Sales Comparison
( ? ) is the most reliable method of land valuation.
344
Depth, Irregular Lot, and Corner Influences
Tables and rules are available (or can be developed) to measure ( ? ), ( ? ), and ( ? ).
345
Local market evidence.
Tables, formulas, and rules are only guides and should be supported by ( ? )( ? )( ? ).
346
Zoning
( ? ) often dictates the highest and best use of a site.
347
Front / Rear
The ( ? ) portion of a parcel is usually more valuable than the ( ? ).
348
Plottage Value
( ? ) is the combination of two or more sites, yielding a single site having greater value than the sum of the individual sites.
349
Allocation:
Assign portion of total property value to site; ratios established to find value (of limited usefulness).
350
Abstraction:
Subtract depreciated replacement costs from sale price; the remainder is land value (of limited usefulness)
351
Anticipated Use (Development) Method
Primarily for land in transition
352
Substitution.
The cost approach to value is based on the principle of ( ? )
353
not necessarily
Cost does ( ? ) equal value but can be a valid determinant of value.
354
Reproduction Cost
( ? ) cost is the cost of producing an exact replica of a building or improvement.
355
Replacement Cost
( ? ) cost is the cost of producing a building or improvement having the same utility as the original building.
356
Historical Cost
( ? ) is the actual cost of constructing an improvement, at the time it was built
357
a) Design type
b) Construction type
c) Quality class
d) Floor area
e) Building shape
The five principal characteristics that influence cost are:
358
a) Quantity survey
b) Unit in place
c) Square foot (or cubic foot)
d) Factored historical cost
The four methods of estimating cost are:
359
Functional Utility
( ? ) ( ? ) is the overall desirability and usefulness of property and its componenents.
360
Quality Survey
( ? ) ( ? ) is a complete cost itemization of all direct and indirect costs incurred in constructing a building.
361
labor, supervision, materials, components, equipment rental, utilities
Direct Costs
362
building permits, real estate taxes, overhead and profit, architecht's fees, insurance, sales expense
Indirect Costs
363
mass appraisal
A classification system for improvements is valuable in ( ? )
364
Substitution
The cost approach to valuation is based on the principle of ( ? )
365
time-location factor.
Indexing base costs from a general cost manual to current costs for a particular area is accomplished by means of a ( ? )
366
Cost Approach, Summation Approach
V = LV + (RCN – D)
367
1.Estimate land value as if vacant. 2.Estimate the replacement cost new. 3.Estimate accrued depreciation. 4.Subtract the accrued depreciation from RCN. 5.Add back land value.
List the steps in the cost approach.
368
Depreciation
( ? ) is defined as the loss from the upper limit of value from all causes (except depletion) of property having a limited economic life
369
Cost Approach / Accrued Depreciation
In the ( ? ) approach, depreciation means ( ? ) depreciation.
370
Accrued Depreciation
( ? ) is the difference between reproduction or replacement cost new of an improvement and its market value as of the date of appraisal.
371
Depletion
( ? ) is not depreciation.
372
a. Physical deterioration (curable and incurable)
b. Functional obsolescence (curable and incurable)
c. Economic obsolescence (usually incurable)
There are three categories (causes) of depreciation:
373
Directly / Indirectly
Depreciation can be measured ( ? ), from the subject property, and ( ? ) from similar properties.
374
Cost to cure
Curable physical deterioration (deferred maintenance) is measured by ( ? ).
375
Short-life items (curable physical postponed)
Incurable physical deterioration that is measured by effective age divided by total economic life, applied to the cost of the item.
376
Long-life items (basic or “bone” structure)
Incurable physical deterioration that is measured by effective age divided by total economic life, applied to the cost of the basic structure portion of the building (RCN of building less RCN of curable items and RCN of short-life items).
377
Deficiency (normal)
Curable functional obsolescence that is measured by excess of cost to cure over the cost new of the standard item if it had been installed when the structure was built.
378
Deficiency ( replacement or modernization)
Curable functional obsolescence that is measured by the cost of installing the modern component, plus depreciated value of the out-of-date component.
379
Superadequacy
Curable functional obsolescence that is measured by the cost new of the item, less any physical deterioration already charged, plus the cost to install a normally adequate or standard item.
380
Deficiency
Incurable functional obsolescence that is measured by the actual or estimated rent loss, multiplied by the gross rent multiplier (GRM)
381
Superadequacy
Incurable functional obsolescence that is measured by the excess of the RCN of the superadequate item over the RCN of a standard or not superadequate item.
382
Rent Loss
( ? ) is defined as the capital requirements of cost new of the depreciated item, less physical deterioration, plus the present worth of the added cost of ownership, such as increased taxes, higher maintenance expense, and so forth.
383
Incurable functional obsolescence
( ? ) can be measured by deduction of the capitalized value of the rent loss due to the condition.
384
Economic (locational) obsolescence
Obsolescence measured by the actual or estimated rent loss, multiplied by the GRM or capitalization rate, multiplied by the building-value-to-total-property-value ratio.
385
GRM Gross Rent Multiplier
Sales Price divided by Monthly Rent
386
Economic (locational) obsolescence
GRM X Rent Loss x Land to Building Ratio = ( ? )
387
Depletion
( ? ) is loss of value due to consumption, such as mining and timber removal.
388
curable physical
Flaking paint on a bedroom ceiling is an example of ( ? ) ( ? ) deterioration.
389
Overall (age-life)
Another name for the straight-line depreciation method is the ( ? ) method.
390
Observed condition
Effective age is the age of a building indicated by its ( ? ).
391
incurable
Economic obsolescence, unlike functional obsolescence and physical deterioration, is usually considered ( ? )
392
value
The end objective of the cost approach is to measure ( ? ) not cost.
393
observed condition / engineering breakdown
The ( ? ) ( ? ) and the ( ? ) ( ? ) methods require separation of elements of accrued depreciation into various categories.
394
accrued depreciation
The difference between reproduction or replacement cost new of a building and its market value as of the date of the appraisal is termed ( ? ).
395
Remaining economic life
( ? ) is the number of years from the date of appraisal to the date when the building becomes economically valueless.
396
deferred maintenance
Curable physical deterioration is also known as ( ? ) ( ? ).
397
curable-physical postponed
The depreciation of short-lived items, as treated under incurable physical depreciation is also known as ( ? ) ( ? )
398
Overall (Age-life) method
An estimate is made of both the effective age of the building and its remaining
economic life. Together these form the life span of the building. The ratio of
effective age to life span, multiplied by the replacement or reproduction cost new,
yields the lump-sum deduction for accrued depreciation.
399
Modified Overall (Age-life) method
First, the cost to cure all curable items is estimated. This sum is then deducted
from replacement or reproduction cost new of the entire improvement. The
remaining sum (the incurable items) is then multiplied by the ratio of effective age to
life span, yielding the amount of incurable depreciation. The sum of curable and
incurable depreciation is the total depreciation for the property.
400
Engineering Breakdown Method
A different straight-line percentage is applied to each of the major component parts
of the structure. Depreciation is not categorized in this method.
401
Observed condition (Breakdown) Method
This method is recommended for use in demonstration narrative appraisal reports
by most appraisal organizations.
402
Observed condition (Breakdown) Method
This method requires a detailed estimate of replacement cost new; it involves
considering the elements of diminished utility separately and measuring the amount
of each. The estimates are then added together; this sum is deducted from
replacement cost new.
403
Observed condition (Breakdown) Method
In this method curable items are considered and measured first, prior to an analysis of the incurable items; incurable items cannot be measured properly until all curable items have been accounted for.
404
solely a charge against, and a deduction
| from, the RCN of an improvement
Depreciation, as applied in the appraisal process, is
405
the age-life method
The loss of value attributable to incurable physical deterioration is measured by
406
the age-life method
The method reflecting the observed condition of the building or an individual item or component
407
capitalizing an actual or estimated rent loss by use of a GRM.
The loss of value attributable to incurable functional obsolescence is
408
the excess of cost to cure over and above the RCN of the item or component installed during the construction of the structure.
The loss of value attributable to curable functional obsolescence when the functional defect involves a normal deficiency is measured by
409
diminished utility of the building or component, or of out-of-date design.
Functional obsolescence as a form of depreciation is usually the result of
410
capitalizing an actual or estimated rent loss by use of the GRM multiplied by the building-tototal-property-value ratio.
The loss of value attributable to economic obsolescence is measured by
411
The RCN of the obsolete component LESS any physical deterioration already charged, PLUS he cost to install a modern, up-to-date component.
The loss of value attributable to curable functional obsolescence, when the defect involves the need for modernization or up-dating, is measured by
412
comparative sales analysis.
The principles of substitution, contribution, and change are basic to ( ? )
413
physical, economic, legal, and social factors.
Comparability is greatest when both sale and subject properties are influenced by the same ( ? ) , ( ? ), ( ? ), and ( ? ).
414
time of sale, location, physical condition, and contributory value of components.
The four major types of adjustment are
415
accrued depreciation.
The physical condition adjustment accounts for ( ? ) ( ? ).
416
lump-sum / percentage basis
Adjustments can be made on a ( ? ) or a ( ? ).
417
contributory value / individual cost
The amount of adjustment is allocated by ( ? ) rather than ( ? ).
418
are not
The value estimates of comparables are / are not averaged to produce a final value
419
the strongest value indicator
The sale property needing the fewest adjustments to equate it with the subject property is often considered ( ? )
420
comparable properties
Adjustments should be isolated and are always made to the
421
subject property
Adjustments should be isolated and are never made to the
422
The gross rent multiplier (GRM)
( ? ) establishes a ratio between gross income (monthly or annual) and the sale price.
423
Square feet of gross building area (GBA)
( ? ) takes into account square footage not producing income (common areas).
424
Square feet of net rentable area
( ? ) does not take into account square footage not producing income (common areas).
425
Gross rent multipliers (GRM)
( ? ) are used to compute a value indicator for a given property based on the relationship between the gross income and sale price of similar properties.
426
Asking Prices / Offering Prices
( ? ) of property sellers usually establish the upper limit of value and ( ? ) by buyers usually establish the lower limit of value.
427
Buyer and Seller
The best sources of documentation of sales data are interviews with the ( ? ) and ( ? ).
428
dissimilarities
Comparable sale properties should be visually inspected to make an accurate analysis of the ( ? ) between them and the subject.
429
1.Social 2.Economic 3.Legal (Government) 4.Physical
The greatest degree of comparability is achieved when the properties involved in the comparison process are influenced to a similar extent by the following four factors:
430
1.Square Feet of Building 2.Building Unit 3.Rooms per Unit 4.Bedrooms per Unit
Four appropriate units of comparison for the valuation of single-family residential properties are:
431
1. Apartment Unit 2. Apartment Room 3.Sq Ft of Building 4.Gross Rent Multiplier
Four appropriate units of comparison for the valuation of apartment houses are:
432
contributory
The adjustment process applies the ( ? ) value of an item to the total property.
433
Time
When plus or minus adjustments are expressed in terms of percentages, the adjustment for ( ? ) should be made before any other adjustments.
434
the age-life method, reflecting the observed condition of the building
The loss of value attributable to physical deterioration incurable is measured by:
435
contribution.
The adjustment process used in the sales comparison approach applies the principle of:
436
accrued depreciation.
The loss in value of a property as of the date of the appraisal is termed:
437
replacement cost.
The cost of constructing a building having the same utility as the original but using modern methods, materials, and design, is known as:
438
time-location factor.
Indexing a cost manual as of a base year up to current cost requires modification of the based price by applying a:
439
age-life method
Functional obsolescence is measured by the ( ? ) method.
440
Development, Equilibrium, Disintegration
The three stages of neighborhood growth are:
441
32% to 36%
The Tolerance Ratio for assessed values is:
442
Assessor, County Board of Equalization, State Board, Court
The Appeal Procedure for assessments in Nevada is:
443
$5.00
The maximum tax rate in the state of Nevada is:
444
$1.25/acre
The minimum assessment for land in Nevada is:
445
Substitution
The principle of value most associated with replacement cost is:
446
Quantity Survey
The method of cost used by Builders and Contractors is:
447
Treasurer
Real Property taxes are collected by who?
448
Economic incurable depreciation
A busy street in front of a single family residence is a form of:
449
6 months
To qualify for a veteran’s exemption one must have lived in Nevada for:
450
36 square miles
A Township consists of:
451
Anticipation
The present worth of future benefits follows most closely the principle of:
452
640 acres
In a section there are:
453
Physical, governmental, economic, social
The four forces of value are:
454
Accrued Depreciation
Loss of the upper limit of value is known as:
455
Effective age
The observed condition of a building is an indication of:
456
The Unsecured Roll
Real Property picked up after the roll close date may be put on:
457
Plottage
The combining of 2 or more parcels contribution to a higher value for each portion is known as:
458
Labor, Management, Capital, Land
The four agents of production in order are
459
Overage Rent
Rent paid above Base Rent on a percentage lease is:
460
Purchase Power, Demand, Utility, Scarcity
The concepts of value are:
461
Contribution
The Principle used as a basis for adjustment process of comparative sale approach is:
462
Trends
A series of changes brought about by a chain of causes and effects is:
463
43,560 sq. feet and 1/640ths of a section
An acre is:
464
The offering price
The lower limit of value is best indicated by:
465
The amount of contract rent paid over the economic rent
Excess Rent is defined as:
466
Progression ?
An 800 square foot residence in a neighborhood of 2,500 square foot residences is an example of:
467
The most probable price paid for a property exposed to the market for
a sufficient time to produce a buyer ready, willing and able to purchase
the property given that all parties are knowledgeable about the
property and the transaction is an arms length transaction.
Market Value is defined as:
468
Amortization
The reduction for Principal by constant payments plus interest on a declining balance is:
469
Fee simple
The greatest possible degree of ownership is:
470
Cost
The sacrifice made in the acquisition of property is:
471
The use that will generate the highest net return, Probable and legal, Usually the existing use
Highest and best use is defined as:
472
Depletion
The loss of value of land due to consumption is:
473
Grantor
A seller of a property is the:
474
Mass appraisal
The equalizing of values in an area is:
475
Reproduction cost
The cost of producing an exact replica of a building is:
476
Replacement cost
The cost of producing a building of like utility is:
477
Real Property
The sum tangible rights in land and improvement is:
478
Appurtenance
That which has been appended to a property and runs with the property when it is sold or leased is:
479
Assessment of Railroad Property
Which is not a function of the Assessor’s Office?
480
Un-weaned calves & Property stored in a warehouse destined for L.A.
Which is not a taxable property?
481
Pay taxes due
When appealing taxable valuation, a taxpayer should:
482
I=RV
Which is the correct formula?
483
Actual rent
Another term for contract rent is:
484
Taxation, Police Power, Escheat
Limitations on ownership include which of the following?
485
A. Inter-County utilities
B. Agriculture lands
C. Mining property
Department of Taxation authority includes appraisal of:
486
January 1st
By what date must the county Assessor publish in a local newspaper the closed tax roll?
487
The various methods of appraising property, i.e. cost market, incom
NRS 361.227 refers to what?
488
Direct capitalization or property residual
The Capitalization Process in which land and buildings are not separated is:
489
Present worth of future benefits
The underlying concept of real estate value is:
490
Open space
The program for Land Preservation is:
491
Durability, quantity, quality
Principal factors involved in the income-stream are:
492
June 15th
The last date for filing Real Estate Tax Exemption is:
493
Sales price divided by gross income
GRM is determined by:
494
Functional incurable
Poor column spacing in a warehouse is:
495
Accrued depreciation
The difference between replacement cost new and value at the time of the appraisal is:
496
Intensive use
Feed lots are considered as what type of agriculture land?
497
Intensive use, cultivated, native meadow, pasture, grazing
Agricultural lands in order of most to least important area:
498
June 1st
Applications for Agricultural Use Assessment must be filed by:
499
North and South
Range lines run:
500
Physical curable
Deferred maintenance is which type of depreciation?
