California Real Estate Practice Exam

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What type of value is the term 'advalorem' most closely associated with?

Market value
Assessed value
Replacement value
Appraised value

The correct answer is: Assessed value

Advalorem is a Latin term that translates to "according to value", and is used in taxation to refer to a tax charged based on the assessed value of an item or property. This means that the amount of tax paid would be based on the current value of the item or property, rather than a fixed or predetermined amount. Market value, replacement value, and appraised value are all factors that could potentially be considered when determining an item or property's assessed value, but they are not synonymous with advalorem. Therefore, B Assessed value is the most closely associated with the term 'advalorem'.