RPA Level IV Review from Employee Already Passed

RPA Level IV Review from Employee Already Passed Simple linear regression is ✔✔Deals with the correlationof improvement value to size The Unit and place method is most useful when? ✔✔On most effective on partially com ...

RPA Level IV Review from Employee Already Passed Simple linear regression is ✔✔Deals with the correlationof improvement value to size The Unit and place method is most useful when? ✔✔On most effective on partially complete structures What type of use corresponds with a residential homestead? ✔✔Consumptive Who approves reappraisal plan for the appraisal district? ✔✔The governing body (board of directors) of the appraisal district. Who approves the the tax roll? ✔✔Governing bodies for taxing units as it relates to ad valorem taxation. Who sets the units budget and adopts tax rates? ✔✔Governing bodies for taxing units Who hears taxing units challenges? ✔✔The appraisal review board What occurs on Sept 15 of every other year? ✔✔Reappraisal plan of every odd year or reappraisal plan of every even year. What is rate needed to not require adjustment? ✔✔.9 to 1.1 (IAAO standards) Statistically, one can say that the _____________________ is collection of central tendencies that is sufficient to define an entire value of class. ✔✔Benchmark The value produced by benchmark characteristics in a class is considered the market value for all properties in the class. True or False ✔✔False - it is considered the baseline value. Appraisal districts use ratio studies in all of the following except? ✔✔Effective tax rate calculation In the mass appraisal proffession, the recognized source of standards for conducting and evaluating ratio study results is which of the following? ✔✔IAAO Standard on Ratio Studies What are the basic uses of a ratio studies? ✔✔Test present appraisal system and values Test schedules Test mass appraisal system What is the basic formula for calculating an appraisal-to-sale ratio? ✔✔Ratio = appraisal value / sales price The first step in building a mass appraisal schedule is: ✔✔Analyze your market to determine what features (of land and improvements) enhance or detract from value. What is occurring when ratio is out of line for example .6 / 1.2? ✔✔Schedules need adjusting The recapture portion of the Overall Capitalization Rate (OAR) applies only to the ✔✔Wasting assets What are the wasting assets of real property? ✔✔Improvements on land What is typically referred to as the return of the investment in the wasting assets? ✔✔Recapture rate is the percentage of the improvements value that is recaptured through then income stream. How do you calculate the recapture rate or straight line recapture? ✔✔Divide one (100 percent) by the buildings remaining economic life Land only cap rate: ✔✔Discount rate + effective tax rate = land cap rate Building only cap rate: ✔✔Discount rate + recapture rate + effective tax rate = building cap rate Return rate applies to what? ✔✔Land and improvements How do you figure the area of 1/2 a circle? ✔✔You take half of the length (20) and half it (would be 10 x 10) x by 3.1416 x .50 Notice of the ARB hearing is sent how many days prior to hearing? ✔✔15 days prior to hearing. Property owners file protest how many days after the date notice was delivered? ✔✔May 15 or 30 days after ARB evidence from the appraisal district must be sent how many days prior to the hearing? ✔✔14 days Correction of Appraisal Roll by the chief appraiser may change the appraisal roll at any time because of ✔✔Section 25.25c clerical errors , multiple appraisals of a property in that year, the inclusion of property that Dow's not exist in the for or location described, an error in which property is shown as owned by a person who did not own the property on January 1. What motion can correct the the appraisal roll after the ARB hearings? ✔✔Section 25.25d the chief appraiser can file a motion with the ARB to change the roll to correct an error that resulted in a incorrect appraisal that exceeds by more than 1/3 the values.