How often must you be recertified? - correct answer 2 Years
How many hours of continuing ed must you receive to be recertified? - correct answer 28
... [Show More] Hours
How many hours are mandated? - correct answer 9 Hours
When does a recertification cycle start? - correct answer July 1st of every odd numbered year
Break down the mandated hours. - correct answer 7 hours USPAP and 2 Hours of Act 28
What does USPAP stand for? - correct answer Uniform Standards of Professional Appraisal Practice
What is the correct title for the certification body that oversees assessors/CPE's? - correct answer State Board of Certified Real Estate Appraisers
By what department of the state is the state board of certified real estate appraisers governed by? - correct answer Department of State
Who does the Department of State oversee? - correct answer State Board of Certified Real Estate Appraisers
What is Act 28 of 1992 known as? - correct answer Assessors Certification Act
How often must you be recertified? - correct answer 2 years
How many hours of continuing ed must you receive to be recertified? - correct answer 28 hours
How many hours are mandated? - correct answer 9 hours
When does a recertification cycle start? - correct answer July 1st of every odd numbered year
Break down the mandated hours. - correct answer 7 hours USPAP and 2 hours of Act 28
What does USPAP stand for? - correct answer Uniform Standards of Professional Appraisal Practices
What is the correct title of the certification body that overseas assessors/CPE's? - correct answer State Board of Certified Real Estate Appraisers.
By what department of the state is the state board of certified real estate appraisers? - correct answer - Department of State.
Who does the Department of State Oversee? - correct answer State Board of Certified Real Estate Appraisers
What is Act 28 of 1992 known as? - correct answer Assessors certification act.
What year was the Assessors Certification Act signed into law? - correct answer - 1992
An appraiser must keep their work file for how long? - correct answer 5 years from its preparation or 2 years after final disposition of any final judicial proceeding. WHICHEVER HAPPENS LAST.
The assessor must have the __(blank)__ of he and she serves? - correct answer Trust
What should the assessor and their staff should always consider themselves? - correct answer Good will ambassadors
Population density, education levels, employment types, and levels of crimes are all examples of what factor that affects value? - correct answer Social
The assessment office must have all the legally required materials? - correct answer Readily available and easily accessible.
USPAP is made up of how many sections? - correct answer 5
What is an assessor? - correct answer Any person responsible for the valuation of real property for ad valorem taxation purposes.
What are the documents the tax assessment office is required to have available to the public? - correct answer Tax Maps, Tax Duplicates, Property Record Cards, A Copy of Purdons
What is ad valorem? - correct answer Latin term for at value or according to value
Property is taxed based upon its value is known as a _(blank)_ system? - correct answer Ad Valorem
Ad Valorem tax is one that is based on the value of what kind of property? - correct answer Tangible and Intangible
What is the definition of tangible? - correct answer What can be seen and Touched
An appraiser must perform assignments with what 3 things? - correct answer Impartiality, Objectivity, Independence
What is the definition of intangible? - correct answer The rights that come with the property.
What is reproduction cost? - correct answer The cost to of making an exact copy using the same materials
What is replacement cost? - correct answer The cost of making a similar structure
What is historical cost? - correct answer The cost of materials when using the original construction
What is trended historical cost? - correct answer The cost of currently used materials to create a similar historical structure.
What is the last step in the assessment process? - correct answer Reconciliation
Is Real Estate Tangible or Intangible? - correct answer Tangible
Is Real Property Tangible or Intangible? - correct answer - Both, Tangible and Intangible
The tangible part of property is... real estate, real property, both, neither? - correct answer - Real Estate
An assessor is responsible to whom? - correct answer Himself, Taxpayers, and Taxing Authorities.
What is the best form of deed? - correct answer Warranty Deed
Zoning regulations, building codes, and health codes are all examples of what factor affecting value? - correct answer Governmental
What form of deed guarantees nothing? - correct answer Quit Claim Deed
Valuation is the process of estimating what? - correct answer Market Value
What are the 3 categories that data collection can be analyzed in? - correct answer General, Specific, Comparative
What is the highest degree of ownership? - correct answer Fee Simple Title
What does Fee Simple Title mean? - correct answer That the title is free and clear of all leans and encumbrances
How is property tax rate determined? - correct answer By dividing the budgeted revenue by the total assessed value for the taxing entity.
What is a base year? - correct answer The year of your last county wide reassessment
What is the last date to file for homestead? - correct answer March 1st
What is the name given to land that is developed and has utility? - correct answer Site
Personal property can be categorized in what 2 ways? - correct answer Chattel and Fixture
On or before what date must STEB certify the CLR (common level ratio)? - correct answer June 30th
Before what date must STEB certify the CLR? - correct answer July 1st
Public notice must be put into general circulation to notify the public that the assessment role is open for public inspection by what date? - correct answer July 15
What principle is the cornerstone of the 3 best approaches to value? - correct answer Substitution
What is the last day to file an annual appeal? - correct answer September 1
What is personal property? - correct answer Property that is movable.
All appeals must be heard and decided by what date? - correct answer October 31
What is the assessment certification date? - correct answer November 15
You have received a change of assessment notice dated August 11th, the last day to appeal this notice is? - correct answer September 20th
Someone received a change of assessment notice on March 9th 2019, they filed an appeal on August 31 2019, the effective date of any change would start when? - correct answer January 1 2020.
The assessment function involves what? - correct answer Discovering, Listening and Valuing Property
How is insulation graded? - correct answer by the R Factor
What are the 4 methods that land is described as? - correct answer Rectangular Survey, Lot and Block, Meets and Bounds, State Plain Coordinate System
The most popular method of listing is? - correct answer Property review or Property inspection
How is depreciation calculated? - correct answer Effective Age ÷ Economic life
In determining value, the board must consider what? - correct answer All 3 approaches to value
What are the 3 approaches to value? - correct answer Cost, Sales, Income
Who sets the common level ratio (CLR)? - correct answer STEB (State Taxation Equalization Board)
What is price defined as? - correct answer the amount of money given or expected in the exchange for property.
Who sets the pre-determined ratio (PDR)? - correct answer County commissioners?
CLR is applied to what to get a revised assessment? - correct answer Current Market Value.
PDR is applied to what to get the assessment? - correct answer Base Year Market Value
What is Value in Exchange? - correct answer Synonymous with Market Value, it comes from the human desire to acquire objects.
What is the process of comparing 2 sales that are very similar in all aspects except 1. - correct answer Match Pairs
What is Value in Use? - correct answer Means that the value is within the object itself.
Is there ever a situation where you as an ad valorem appraiser would put value other than value in exchange on a property? - correct answer Yes if it is in the clean and green act
What is act 319? - correct answer Clean and green act
Which type of data consists of cost, recent sales, and income information? - correct answer Comparative
If you were appraising a property enrolled in Act 319 you are looking for what? - correct answer Value in Exchange and Value in Use
If the property is enrolled in clean and green which value do the property owners pay the taxes on? - correct answer Value in Use
As a property owner what do you own? - correct answer Real Estate and the intangible (the rights you have as an owner)
What are the 6 Rights in the Bundle of Rights? - correct answer Sell, Lease, Use, Give Away, Enter/Exit, refuse to do anything
What are the 4 public limitations on your rights? - correct answer Police Power, Escheat, Taxation, Eminent Domain
Which of the following is an example of private encumbrance, eminent domain, Taxation, Right Away, Escheat? - correct answer Right Away
Which of the following is an example of a private encumbrance, Taxation, Lease, Police Power, Escheat, Mortgage, Condominium Restrictions, Eminent domain. - correct answer Lease, Mortgage, Condominium Restrictions
Who is the Lessor? - correct answer The Landlord
What is Cost? - correct answer The sacrifice made in terms of money, time and/or labor to acquire the property.
Who is the Lessee? - correct answer The tenant
What is the process called when you are comparing 2 sales that are very similar in all aspects except for 1? - correct answer Match Pairs
What is Leasehold? - correct answer The tenant's interest in the property
Availability of employment, possible industrial expansion, availability of vacant & improved properties, occupancy rates & construction costs are all types of what factor that affects value? - correct answer Economic/Enviromental
What is Leased Fee? - correct answer The landlord's interest in the property
An assessor should not allow ( what ? ) to influence the estimation of anticipated benefits? - correct answer Personal Opinion
Who is the Mortgagor? - correct answer The person borrowing the money
Which type of data consists principally of site and improvement data? - correct answer Specific
Who is the Mortgagee? - correct answer The bank and/or Lender
What is value? - correct answer The monetary worth of real estate or personal property.
What is a Life Estate? - correct answer Right of a person to reside in a property while their alive. Terminates upon death of the owner.
What is Easement of appurtenant? - correct answer an interest in a property that runs with the land
What principle is the definition of the income approach? - correct answer Principle of Anticipation
What is the last step in the appraisal process? - correct answer Reconciliation of the indicated values to derive final value estimate.
What is Easement in gross? - correct answer an interest in the property that belongs to an individual person
What is separate ownership or ownership in severalty? - correct answer Ownership by only one person
Principle of Anticipation is related to what other principle? - correct answer Principle of change
What is a condominium? - correct answer A form of ownership, in which you own a specific unit plus an interest in the common areas.
What form of legal description does not define real property? - correct answer Quantative Survey
If property values go up but the assessed values stay the same the CLR will do what? - correct answer Go Down
What is a cooperative? - correct answer A group of people that own an equal share of the real estate
A township is broke up in how many sections in the rectangular survey method? - correct answer 36
What type of data includes trends that affect value including the 4 PEGS? - correct answer General
How big is each section? - correct answer 1 mile x 1 mile
What is the order of adjustments made when using the sales comparison method? - correct answer Financing, Condition, Time, Location, Physical Characteristics
How many lineal feet are in a mile? - correct answer 5280
Define Market Value. - correct answer The most probable price which a property should bring in a competitive and open market under all conditions.
What is the most popular method of surveying? - correct answer Rectangular Survey
What is the last sentence in a meets and bounds description is? - correct answer To the point of beginning
What are all the 5 components of market value? - correct answer Willing Buyer/Willing Seller, Parties are fully informed, Reasonable Time on the Market, Payment is made in cash or its equivalent, No creative financing or financing inducements.
What is Article 8 Section 1 known as? - correct answer Uniformity Claus of the PA Constitution
What is the section of the Pennsylvania constitution that states that all persons or property of the same class must be assessed uniformly? - correct answer Article 8 Section 1
What is the order of the highest and best use analysis? (HAS TO BE IN THIS ORDER) - correct answer Physically Possible, Legally Permissible, Financially Feasible, Maximum Production or Generates the Greatest Profit.
Highest and Best use analysis is what? - correct answer The corner stone of your appraisal
What principle states that maximum market value is reached when the 4 agents of production reach a state of equilibrium? - correct answer Principle of Balance
What principle states that the maximum market value is reached when there is a reasonable similarity among the improvements in a neighborhood and when the residents have similar ages, incomes, education, attitudes, etc.? - correct answer - Principle of Conformity
What principle is simplified by asking "does it fit in"? - correct answer Conformity
What principle asks "What is the present worth derived from the ownership of this property into the future"? - correct answer Anticipation
What are the 4 agents of production? - correct answer Land, Capital/Cash, Labor, Management/Coordination.
Even though the 4 great forces are considered separately they can do what 4 things to value? - correct answer Create, Maintain, Modify, or Destroy [Show Less]