Appraiser III Practice Exam

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• What is the deadline for the county Board of Assessors to complete its revision and assessment of taxpayer returns each year?
• What does the Price-Related Differential (PRD) measure?
• What assessment level percentage range is presumed to meet the measure of central tendency for a class of homogeneous properties?
• Which factor is NOT included when determining the building capitalization rate?
• The term "mortgage annual constant" refers to which of the following?
• What is widely regarded as the most important element of comparison in property appraisal?
• Which of the following is NOT a qualification for members of the BOE?
• What is the formula for determining the Price-Related Differential (PRD)?
• How many days a year must boats be functionally located in a county to be taxable?
• Which measure is indicated by a COD value closer to zero?
• Is livestock considered to be inventory?
• Which of the following best describes the relationship assessed by the PRD?
• The lender's yield on a mortgage is known as the ________ rate.
• What is the effective gross income multiplier for a property that sold for $2,000,000 with potential gross income of $270,000 and an expected vacancy loss of $20,000?
• Which element is crucial for appraisers when determining comparability of properties?
• A hearing officer may hear appeals for which issues?
• What does the term "remaining economic life" refer to in property appraisal?
• What must be performed to derive the value of a property using the Income, Rate, Value (IRV) approach?
• Which of the following is a crucial aspect that influences an investor's decision in real estate?
• Which of the following is NOT a normal category of inventory?
• Can a highway construction contractor get ad valorem tax exemption on personal property while working in a different county from its headquarters?
• When should adjustments be made to the subject property?
• Under which circumstance would a tractor used solely for personal purposes be taxable?
• The total leasable area, including common areas, is known as what?
• Which of the following is necessary for calculating yield capitalization?
• Which option adequately describes the concept of 'depreciation' in the context of real estate?
• Are federal land banks exempt from personal property tax?
• What should a county establish to comply with the procedures for collecting taxes?
• The rent paid according to the terms of a lease is called what?
• What does "Ad Valorem" mean?
• What method is characterized by converting future net benefits into present value using a discount rate?
• In terms of investment assessment, what does direct capitalization help to estimate?
• Which entity is responsible for determining exemptions on property?
• Which of the following is an example of confidential materials commonly found in an office?
• What defines the income approach to property valuation?
• How is Replacement Cost New defined?
• What is the term that reflects the return of investment in a wasting asset?
• What is residual value?
• In the context of Georgia property law, which title and chapter cover Ad Valorem taxation?
• For how many years can the value set by an appeal hearing not be changed by the BOA under certain conditions?
• Which methods require the separation of elements of accrued depreciation into various categories?
• What may occur due to competition among sellers resulting in reduced prices and profits?
• What does the 'economic' force in the PEGS acronym primarily refer to?
• What is the primary purpose of property assessments?
• What aspect does Yield Capitalization specifically assess regarding future cash flows?
• What does a hearing officer primarily hear appeals about?
• The time period for filing a property tax return begins on __________ and ends on ___________ of each year.
• The weighted average of the land capitalization rate and the building capitalization rate is termed as what?
• What is the value of a property if a frame constructed house with an attached single car garage sold for $68,000, adjusting for a double garage?
• Which of the following concepts is NOT part of the assessment process?
• Which comparability criterion deals with the relationship between the value of land and improvements?
• Which item would likely NOT qualify for Freeport exemption?
• What measure reflects the level of assessment for a homogeneous group of properties?
• In property valuation, what does the engineering breakdown method focus on?
• How many days does a Board of Appeals (BOA) have to make its determination after receiving a taxpayer's notice of appeal?
• When is the cost approach most appropriate for determining property value?
• What is the maximum acreage a property owner can enter into a conservation use covenant?
• Under what circumstances would review of expense ratios be essential?
• What is the effective tax rate expressed as a percentage if the decimal is 0.0255?
• Which method converts an estimate of a single year’s income into value in one direct step?
• The court of appeals ruled that certain improvements to leased space are taxable. What is the status of this ruling?
• During the reconciliation process, the appraiser should never do what with the value indications?
• How is the Sales Ratio calculated?
• What is the limit on change in conservation use values provided to counties by the DOR?
• What economic principle is applied in the market approach to value?
• What type of income does direct capitalization generally consider?
• Which factor does NOT directly influence property taxes?
• Which classification refers to corporate-owned interest in real estate financed through a development authority taxable as a leasehold?
• How is the price related differential (PRD) determined?
• Which of the following is NOT one of the methods for developing an overall capitalization rate (Ro)?
• Farm equipment leased by an individual is exempt from taxation. True or False?
• Which type of organization could disqualify a transaction from use in appraisal?
• What is the annual depreciation percentage for an asset with a 10-year life under the straight-line method?
• A preferential use covenant has a term of how many years?
• Effective age is represented by the condition of a building rather than its what?
• What necessity should NOT be overlooked when selecting improved property sales?
• In the context of property appraisal, what does the principle of substitution assert?
• What does a taxpayer need to provide to initiate an appeal to the Board of Equalization?
• Who has the authority to exempt property in Georgia?
• What authority designates a Personal Property Appraiser in each county?
• What term is used to describe the difference between reproduction cost new and market value as of the date of the appraisal?
• When reconstructing the income/expense statement, depreciation and debt service would be considered a/an _________ expense.
• How many acres are in a tract of land that measures 200 feet wide and 4000 feet deep?
• Which method is most appropriate for discovering aircraft?
• What is the statutory date of valuation for the State of Georgia?
• For how many hours of instruction must a member of the Board of Equalization complete to qualify?
• What does appreciation refer to in the context of investments?
• What is the annual payment on a mortgage of $300,000 at 10% interest over a thirty-year term?
• When performing a market analysis, which factors should be included?
• In the cost approach, what does 'replacement cost new' refer to?
• Is personal property owned by a non-resident taxable in the county where it is located?
• When should the land residual technique be employed?
• The building residual technique should be used when which of the following is true?
• Another name for the mortgage capitalization rate (Rm) is the_______________________.
• Which of these is a common unit of comparison when comparing rental properties?
• What is the classification for farm equipment?
• What does the net income ratio method help develop when divided by the effective gross income multiplier?
• What is identified as the number one tool for discovering personal property?
• The component that assesses the uncertainty associated with the investment in the summation method is called the:
• What is the primary source used by county property appraisal staff for ad valorem tax purposes?
• Which type of property would typically use units buildable as a unit of comparison?
• Why is January 1 significant in property taxation?
• In the context of property assessment, what does RCN stand for?
• What will be the annual depreciation percentage for an asset with a 15-year life under the straight-line method?
• If an envelope containing a Freeport application is postmarked after the deadline, is the application considered timely?
• When appraising a property for ad valorem tax purposes, what must be included as part of the overall capitalization rate?
• How are taxes assessed against property when the owner is not known?
• Which of the following owners cannot qualify for and receive conservation use assessment?
• What is the estimated value of a property if it has brick construction, a fireplace, and a single car garage with adjustments made according to neighboring properties
• What is included in the qualifying uses of property under conservation use?
• Which of the following concepts describes direct capitalization in appraisal?
• What aspect of a property's physical state is reflected through accured depreciation?
• Which step in yield capitalization involves forecasting future cash flows?
• What is the maximum acreage a property owner can enter into a covenant for Preferential Agricultural Assessment?
• How many days does a taxpayer have to file a written appeal with the assessor?
• What is the formula to calculate value using the cost approach?
• How many levels of trade are recognized, and what are they?
• What does the cost approach to value focus on?
• What type of transaction is considered an original foreclosure transaction between lender and borrower?
• If a property is under Conservation Use Assessment, are buildings used for storing agricultural products included in the assessment value?
• Which of the following defines personalty?
• Who is ultimately responsible for the costs of the arbitrator in a tax appeal taken to arbitration?
• What is the formula for calculating Assessed Value?
• What is the median Sales Ratio identified in a given study?
• What is one task the Board of Assessors is expected to perform each year?
• If the anticipated sale price of a residential property in three years is $250,000 and the desired investment rate is 10%, what is its present value?
• Is the death of a property owner with a conservation use covenant considered a breach of the covenant?
• What does depreciation refer to in property appraisal?
• What does the term 'assemblage' refer to in real estate?
• Which of the following indicates a higher degree of assessment uniformity?
• Which method calculates a weighted average of the mortgage and equity capitalization rates to determine the overall capitalization rate?
• If an appraiser believes a tenant has not returned a trade fixture, what can they require?
• If a comparable sale has a net operating income of $1,500,000 and the effective tax rate is 1%, what is the value of the subject property with an expected net operating income of $132,000?
• What does highest and best use refer to in property appraisal?
• When is the market approach typically used in appraisal?
• Which approach is commonly aligned with the direct capitalization method?
• Straight line capitalization is best utilized when which of the following conditions is met?
• What is the penalty for failing to return property that was previously returned?
• What is one reason appraisers may need to consider governmental forces?
• In addition to taxability, what is another issue the BOE can hear?
• What is typically included in common area expenses for a property?
• Which factor is NOT used by the tax assessor when determining the fair market value of real property?
• What measurement is used to classify counties for staffing requirements in the BOA office?
• In determining property taxes, what does the term 'millage rate' refer to?
• What type of mortgage includes existing loans on the property?
• What is an essential characteristic of physical depreciation in appraisals?
• In yield capitalization, what does converting future benefits to value involve?
• What is the formula to calculate the coefficient of dispersion (COD)?
• Which component is essential for understanding how market changes affect the overall capitalization rate?
• Which of the following factors concern the size of the investment?
• In the reconciliation process of an appraisal, what does the appraiser never do to the value indications of the comparable properties?
• Which of the following would be considered a proper expense in the reconstructed operating expense statement?
• The potential gross income is important because it serves as the ___________ for financial analysis.
• What technique is appropriate when net operating income and value are expected to change at a constant rate?
• At which meeting should the Board of Assessors elect a chairman?
• What does the term “yield capitalization” emphasize compared to direct capitalization?
• What is typically the outcome if a Freeport application is not filed by the statutory deadline?
• Which variable does NOT affect the mortgage payment?
• In straight line capitalization, what is received in equal amounts during the remaining economic life of the improvement?
• What is the length of term for a member of the Board of Equalization?
• What term describes the portion of income that is not collected due to vacancies?
• What is the statutory deadline for the Freeport applications to be deposited for exemptions?
• What does direct capitalization ignore regarding cash flows?
• How can a mill rate be expressed for calculation purposes?
• How many acres are in a tract of land that measures 200 feet wide and 4000 feet deep?
• What does the Present Worth of $1 per Period indicate?
• Which of the following is NOT a source of rental income data?
• A house has depreciated because of poor maintenance, including issues like worn floors and repairs needed on windows. This is an example of which type of depreciation?
• Which sale indicates the highest adjusted price after considering amenities such as bathrooms and garages?
• What is the level of assessment for property taxes in Georgia?
• What indicates a lack of uniformity in property valuations?
• Which approach must always be considered when determining value?
• In the context of rental properties, what does "gross income multiplier" refer to?
• Which of the following best describes economic rent?
• What is a primary characteristic of straight line capitalization?
• What is an essential characteristic of personal property?
• Another name for the straight-line depreciation method is the what method?
• What is a chattel mortgage typically applied to?
• What are the four qualification requirements for members of the Board of Equalization (BOE)?
• What term describes when an investor uses borrowed funds to obtain a higher return?
• What aspect of uniformity does the coefficient of dispersion (COD) measure?
• What is one example of property classified under R-B?
• What is considered the best source of information for appraisals?
• What defines quality class in building appraisal?
• Given varied rental incomes, how do you calculate the Gross Rent Multiplier (GRM) for a property that rents for $740?
• Who is responsible for appointing members to the Board of Assessors?
• What is the primary purpose of the Board of Equalization?
• What are the qualification requirements for members of the BOE?
• If a real property value is set by an appeal hearing, how long can the BOA not change that value unless certain conditions are met?
• The overall capitalization rate (Ro) is derived primarily from which two components?
• What is the correct distinction between personalty and fixtures?
• Which of the following is NOT a component required for the yield change technique?
• The rent that is over and above a guaranteed minimum base rent is referred to as_________ rent.
• Which of the following represents the four forces that affect value?
• What process results in a single site having greater utility than individual properties when combined?
• What is the consequence for a county that does not revise its assessments by the deadline?
• What is one of the primary directives of personal property identification?
• Can an appraiser on the appraisal staff serve as a member of the Board of Assessors?
• A company that sells office machinery and equipment should classify its personal property as what?
• According to the Supreme Court of Georgia, what are the two classifications of property in the state?
• What is the depreciation of short-lived items treated under incurable physical depreciation referred to as?
• How is market value determined for personal property?
• Who must approve a county's tax digest before it can be used for tax collection?
• Which ratio calculation indicates how assessed values relate to market values?
• What is the minimum value of personal property owned by an individual to be taxable?
• What is the formula to determine the Coefficient of Dispersion (COD)?
• Who is responsible for furnishing the BOE with secretarial help?
• Why is the effective tax rate relevant in property valuation?
• Which of these qualifies as a permissible use under conservation use?
• In a percent lease, what is the fixed portion of the rent known as?
• What legal code provides for the designation of a Personal Property Appraiser?
• What are the three types of depreciation in real estate appraisal?
• What term describes the present worth of a single future payment of $1?
• What is the focus of the IRV formula in direct capitalization?
• Which of the following is classified under A-I?
• What is the capitalization rate used in the income approach calculation?
• What differentiates a curable condition from an incurable condition in property appraisal?
• To obtain the land income in the building residual method, one does what with the land capitalization rate?
• What role does depreciation play in personal property valuation?
• What is the term used to obtain the capitalization rate by dividing the building income by building value?
• What does liquidity of an investment refer to?
• Which rate is crucial in direct capitalization calculations?
• What does a mill rate of .01168 indicate when applied to a property value?
• During the appraisal process, what does 'adjustments for differences' specifically aim to address?
• Which issue is NOT typically within the jurisdiction of the Board of Equalization?
• What does the seller's bill of rights acronym SLUGER stand for?
• What categories of inventory are typically recognized in inventory assessment?
• What is the assessor's primary responsibility regarding property tax?
• Which type of obsolescence is typically considered incurable?
• When developing the overall capitalization rate from market comparisons, which item is NOT essential for comparison?
• What does a Price Related Differential (PRD) of 1.13 indicate?
• What is the loss in value to a residence with a gross rent multiplier of 115 due to a nearby commercial property reducing its rent by $47 per month?
• What does remaining economic life refer to in property appraisal?
• What does recapture in straight line capitalization signify?
• Which of the following best describes fair market value?
• The transition amount of a ________ arm's length bona fide sale in any year shall be the ________ allowable fair market value for the next taxable year.
• What is the best method to use in discovering boats?
• When evaluating properties, what percentage represents the share of land value in a neighborhood where land represents 20%?
• How is the millage rate calculated?
• Is property exempt from ad valorem taxation if it is used for producing asphalt sold to a government entity?
• Finished goods held in warehouse for out-of-state shipment cannot exceed what time limit for tax purposes?
• In addition to leases, what two sources can be valid for market information?
• What term describes the rate that reflects the return on investment?
• What is the percentage that annual real estate taxes are in relation to the total property value called?
• What best describes value in use as opposed to value in exchange?
• To determine building value, you would divide the building (improvement) income by which rate?
• Which technique requires the development of discount rate and effective tax rate for land value estimation?
• What is the formula for determining the Gross Rent Multiplier?
• When contract rent exceeds market rent, what is the excess called?
• Which factor involves using assets against which loans can be secured in investment?
• What is an informed opinion of value provided by?
• What type of properties does the DOR standard for PRD apply to?
• What does the Partial Payment Factor show in relation to loan amortization?
• What is the best unit of comparison for valuing the land of a retail store that requires a substantial display area?
• A conservation use covenant has a term of how many years?
• What is the formula for developing a gross income multiplier?
• Curable physical deterioration is commonly known as what?
• Which of the following items is likely to require a Freeport exemption application?
• In standard appraisal practices, what is the most commonly used approach for determining property value based on physical characteristics?
• Which of the following is NOT one of the five elements considered by appraisers to determine site comparability?
• What type of deterioration affects a property's functionality?
• What are the property taxes for a residence with a market value of $92,000 if the mill rate is 24.5 mills?
• When applying the building residual technique, which one of the following is essential?
• Which term describes the overall rate of return on an investment property?
• To what does 'Planning Area' typically refer in property assessment?
• Which type of transactions would disqualify a sale from consideration in an appraisal?
• What economic principle states that value is created by the expectation of future benefits?
• What is the formula used in direct capitalization which involves income divided by rate?
• Which of the following is a permissible qualifying use of property under conservation use?
• What does the code A-B represent when classifying a boat?
• Who is ultimately responsible for the fees and costs of an arbitrator in a tax appeal?
• Which element of yield capitalization considers the timeframe for earning income?
• What type of depreciation is primarily due to wear and tear on a property?
• Which of the following types of inventory must not exceed a 12-month period for tax assessment?
• To obtain value using the IRV formula, one must perform which operation on the income?
• Which category of inventory does not have a time limit for assessment?
• What three factors must co-exist for a property to qualify as a purely public charity?
• Which of the following is a requirement for items to be classified as personal property?
• Using the income approach, what is the value of a property with an income of $52,000 and a rate of 12%?
• What method is used for estimating present values of income streams by applying a present-value factor?
• The land capitalization rate reflects the relationship between what two factors?
• If the assessment level is 30% of appraised value and the current tax rate is $8.50 per hundred, what is the effective tax rate expressed as a decimal?
• In the context of property taxation, what does the term 'functionally located' refer to?
• How much is an additional bath worth when conducting property valuation?
• Which of the following is NOT one of the four methods for calculating improvement values in the cost approach?
• If a property sold for $172,000 and the replacement cost new is calculated at $136,000 with depreciation of $12,000, what is the value of the land?
• What are the specified standards for the coefficient of dispersion in Georgia for non-residential properties?
• The annual notice of assessment shall be mailed to taxpayers by which date?
• To qualify for preferential assessment, an individual property owner must be which of the following?
• What are the four parts of the summation concept used in developing the discount rate for real estate investment?
• What is the primary purpose of the observed condition method in property appraisal?
• What is the minimum designation required for a person to hold the position of chief appraiser?
• What financial metric represents the profit available for distribution after all expenses have been deducted?
• When valuing a property, which factor might affect the land value?
• When analyzing real estate investment opportunities, which of the following factors should an investor consider?
• Using the income approach, what is the value of a property that generates an income of $52,000 with a capitalization rate of 12%?
• What value is assigned to having a fireplace when appraising a property?
• What formula represents the Tax Bill in real estate assessments?
• Who is responsible for selecting Hearing Officers for a property tax appeal?
• What is the Fair Market Value calculated from?
• In which location are aircraft taxable?
• Which of the following is NOT a factor to consider when comparing rental properties?
• Which of the following is NOT a common method to finance real estate?
• In appraisals, what does a high performing recapture rate indicate?
• Are depreciation schedules included with the business property tax return considered public information?
• The overall yield (Yo) is another name for what type of rate?
• Which of the following best describes the term “cap rate”?
• Is a tractor valued at $11,000 used solely for personal garden work taxable as agricultural equipment?
• What are the four major categories of required comparability when selecting improved property sales for capitalization rate development?
• The band of investment method computes a weighted average of which two rates?
• Which of the following is a common unit of comparison used in valuing land?
• What is the acceptable median ratio range for a sales ratio study?
• What is considered an allowable use under conservation use for plant production?
• What is the term for the process of combining two or more sites under one ownership for greater utility and value?
• What is a key characteristic of the income approach in appraisal?
• What calculation would you perform to determine the total value of property based on its income and rate?
• An assessor shall be appointed by the county governing authority for a term of?
• Using the VIM formula, obtaining value requires what operation on the income?
• What observation can be made if the Coefficient of Dispersion (COD) is outside acceptable ranges?
• Which factor is considered least important when estimating the value of land?
• Which value is considered in determining fair market value?
• What is the date of valuation of property for property taxes in Georgia?
• Which of the listed properties is typically considered tangible?
• One component of the holding period for an investment is:
• The effective gross income is defined as what?
• What aspect does the Coefficient of Dispersion (COD) measure?
• If a property has recently sold for $216,000 and adjustments allow for an 8% increase time adjustment, what is the adjusted price?
• The four components affecting the return on or requirements of an investment in the summation method of estimating an overall yield rate (Yo) are:
• What is the resulting weighted average called when using the band of investment method?
• Which method of developing an effective tax rate involves comparing properties within the market?
• Which factor is primarily concerned with the protection of an investor's capital?
• The main objective of the cost approach is to measure what?
• What term refers to the relationship between real estate taxes and the value of a property?
• A contract that requires a fixed minimum rent and a variable rent based on volume of business is called a ________ lease.
• A hearing officer may hear appeals related to which of the following issues?
• What is an acceptable range for the Coefficient of Dispersion (COD) when measuring uniformity of residential property?
• When comparing properties, how much more value does a double garage have over a single car garage?
• True or False: The secretary to the Board of Assessors must be a member of the appraisal staff.
• If a South Carolina farmer stores his crops in Georgia, are this year's crops exempt in Georgia?
• What formula is used to calculate a tax bill?
• What defines fair market value relating to personal property?
• Adjustments in the appraisal process are always made to which type of property?
• What type of sale would typically not be considered an arms-length transaction?
• What is the formula commonly used in direct capitalization?
• When notifying the public about tax assessments, which method is NOT commonly included in reasonable notice?
• Which entity handles the administrative duties for the BOE?
• The assessment level at 30% suggests that the property value must be what?
• Which of the following is a qualifying use under conservation use for livestock?
• What is the Georgia Department of Revenue's standard range for the price related differential (PRD)?
• The first step in reconstructing the income and expense statement is to determine the ___________.
• What does it mean when a sale is considered "bona fide"?
• What does the price related differential (PRD) measure?
• What does 'reasonable notice' mean in the context of contacting property owners and occupants?
• What is classified as I-F?
• Which of the following are the three approaches to value in property appraisal?
• What is the first step in the appraisal process?
• Who is responsible for providing secretarial assistance to the Board of Equalization (BOE)?
• Which of the following is NOT considered an amenity when selecting vacant land sales?
• In direct capitalization, which year’s income is primarily considered for valuation purposes?
• Income from vending machines and coin-operated laundries are considered examples of __________ income.
• Which of the following is an example of an income tax advantage for investors?
• What economic principle suggests that a property's maximum value is set by the lowest price of a similar property?
• What is meant by Progressivity in property assessments?
• What type of differences are adjusted for between the subject and comparable properties during an appraisal?
• Which approach to value involves converting anticipated benefits from an income-producing property into a value indication?
• What are the three basic tests to differentiate between real and personal property?
• Where must non-residents make returns for their personal property?
• What issues can the BOE hear?
• All property shall be returned for taxation at its ___________, except as otherwise provided.
• Which term refers to lower valued properties being assessed at a lower rate than higher valued properties?
• How is economic life defined?
• When considering the economic life of a building, which factor is critical?
• If the gross rent multiplier (GRM) in an area is 11.50 and the annual income is $18,500, what is the estimated value of the property?
• Define Fair Market Value.
• Another term for market rent is what type of rent?
• What does "Arms length, bona fide sale" refer to?
• How is the average absolute deviation calculated?
• Rent per apartment unit is an example of a metric used in comparing what?
• What is the level of assessment for a parcel in a preferential agricultural covenant?
• The land residual technique is most appropriate in which of the following scenarios?
• Are annuities considered tangible personal property according to Georgia law?
• Which type of mortgage results in a larger final payment at the end of the loan term?
• What does PRD measure in a group of properties?
• Which formula is NOT one of the methods for developing an effective tax rate?
• A lease in which the tenant pays some (or all) operating expenses associated with the real estate is called a ______ lease.
• What term describes the loss of value due to consumption, such as mining and timber removal?
• What does the term "Discovery" refer to in property assessment?
• When should the Freeport applications be submitted for the preceding tax year?
• If the land capitalization rate in straight line capitalization is 9% and the remaining economic life of the improvement is 25 years, what is the building capitalization rate?
• What is the main significance of knowing an asset's residual value?
• What two components compose the building capitalization rate?
• Boats used exclusively on private ponds or lakes in Georgia are required to be registered. True or False?
• The income remaining after developing effective gross income and allowing for operating expenses and reserves for replacement is known as ________.
• Which of the following is NOT a significant comparability criterion when utilizing direct capitalization?
• Straight line capitalization assumes what type of income stream during the remaining economic life of the improvements?
• In real estate terminology, ‘contract rent’ refers to which of the following?
• Short-lived items such as carpet, drapes, and water heaters are known as ___________.
• What is the formula for determining replacement cost new (RCN)?
• The term of a Forest Land Protection Act Covenant is longer than which type of covenant?
• Which depreciation method calculates annual depreciation consistently over the entire useful life of an asset?
• Which of the following is NOT one of the five matters that the BOE can hear?
• The concept of direct capitalization primarily applies to which type of properties?
• A Forest Land Protection Act Covenant has a term of how many years?
• The effective tax rate of a property is determined by which of the following?
• Which of the following is NOT a qualifying use under conservation use?
• Which is a disadvantage of using direct capitalization?
• What is the calculated value of the land if a property is valued at $150,000 and has a land to building ratio of 1:4?
• What are the two classes of property in Georgia?
• Which principle indicates that buyers may pay a premium during a shortage?
• What does eminent domain allow the government to do?
• What is the penalty for breaching a conservation use covenant due to sale to a non-qualified owner?
• Initially, how many days does a BOA have to make its determination and notify the taxpayer after receipt of the taxpayer's notice of appeal?
• Which factor does NOT contribute to depreciation in property value?
• Which type of depreciation can often be repaired or mitigated?
• Direct capitalization primarily targets which of the following?
• How many square feet are there in an acre?
• What type of classification is CI related to in property assessment?
• Is timber considered a qualified farm product? True or False?
• Flaking paint on a bedroom ceiling is an example of what type of deterioration?
• What is the importance of measuring assessment bias in property evaluation?
• How does direct capitalization typically view future cash flows?
• For a loan that is neither insured nor guaranteed by the federal government, what type of mortgage is it known as?
• Who is responsible for filing a property tax return?
• Which components make up the land capitalization rate?
• What is the classification for an airplane owned by a corporation?
• What is meant by Reproduction Cost New?