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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
Start Test
Study First
Subject
:
certifications
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The second meeting of the BOR is held to _
demand one
electors
County multipliers
hear appeals from taxpayers or their agents
2. _ is estimating the cost of an exact duplication of the building
Form L-4023
market value; existing property
Reproduction cost
General Land Office survey
3. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Open Meetings Act
local government unit
supervisor
Federal Northwest
4. The definition of market value is _
income
demand one
the most probable price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale - the buyer and seller - each acting prudently - knowledgeably and assuming the price is not affected
are not
5. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Form L-4023
Form L-4046
State Tax Commission
Replacement cost
6. _ was designed to provide for the exemption from certain taxes; to levy and collect a specific tax from the owners of properties so exempted; and to provide for the transfer of the exemption certificates; also prescribes the power and dute of the STC
economic obsolescense
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
net income
income approach
7. The difference between commercial and industrial property is _
Income / rate
property record cards and assessment maps
Industrial Facility Tax Abatement
replacement cost
8. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
contract rent
adverse possession
Front foot
Form L-4154
9. The physical land and any structure attached to it
real estate
utility - scarcity - desirability - transferability
lots and blocks
Open Meetings Act
10. Half the base times the height
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
operating expenses
not standard depth
Triangle computation of area
11. If the interest rate is 5% - the effective tax rate is 2% - the recapture rate is 2.5% - and the income attributed to the building is $40 -000. The value of the building is _
$421 -052
transferability
electors
real and personal
12. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
Form L-4025
State Tax Commission
partial estate
adverse possession
13. Management costs in timber-cutover include _ which are usually the largest expense in this classification
specific tax
rate x value
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
taxes
14. Taxable personal property includes all property not expressly _
exempted
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Form L-4024
October 31
15. _ is estimating the cost of a building of similar design and utility
contract rent
the usual selling price at the place where the property to which the term is applied shall be at the time of the assessment being the price which could be obtained therefore at private sale - and not at forced sale or auction sale
Replacement cost
are not
16. The Commercial Forest Act permits an owner to put property into a program that permits payment of a _ in lieu of the ad valorem rates
is
specific tax
track land sales
a plus adjustemnt for the fireplace to the comp
17. _ is a loss in value caused by factors outside the property
fee simple
exempt
Tuesday following First Monday
economic obsolescense
18. When appraising a commercial building - you should remember that unlike building - land is...
the most probable price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale - the buyer and seller - each acting prudently - knowledgeably and assuming the price is not affected
never depreciated
market value; existing property
Capitalizaiton rate
19. The four basic steps in the sales comparison approach is _
Form L-4154
sales prices of other parcels similar to the property being appraised
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
20. The right to use - occupy - and control a property for the length of the lessee's life
life estate
50%; usual selling price
soil survey; land value
640 acres
21. The rights of ownership removed by government are _
real and personal
power to tax - eminent domain - police power - escheat
Form L-4046
never depreciated
22. The most common types of ownership are _
Form L-4046
Circle computation of area
depreciation
fee simple - partial estate - and life estate
23. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Private Forest Reserve
Township Board; City Council
not standard depth
partial estate
24. A consumer must want the product for it to have value
Front foot
desirability
hear appeals from taxpayers or their agents
March BOR
25. Personal property statemetns are due on _
Form L-4054
Rectangular survey; metes and bounds; platted or recorded subdivision
February 20
sales comparison approach
26. In July and December - the BOR may meet to _
Income / rate
exempt
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
track land sales
27. The discount rate may be developed by the following:
estimate the assessment
Summation Method- Bank of Investment Method - and Market Comparison Method
life estate
State Tax Commission
28. Economic condition factors (are/are not) applied to land and buildings
are not
October 31
Board of Review; Michigan Tax Tribunal
reducing
29. Capped value is _
30. Value is determined by _
exempted
utility - scarcity - desirability - transferability
the usual selling price of a property in an open-market transaction with a willing buyer and seller who desire to come to terms but who are under no undue constraints to do so
fee simple - partial estate - and life estate
31. The formula for calculating value is _
Income / rate
adverse possession
county multipliers
the usual selling price at the place where the property to which the term is applied shall be at the time of the assessment being the price which could be obtained therefore at private sale - and not at forced sale or auction sale
32. 16 1/2 feet =
Number 1
adverse possession
1 rod
43 -560 square feet
33. _ are used to value income-producing residential property
gross rent multipliers
Summation Method- Bank of Investment Method - and Market Comparison Method
hear appeals from taxpayers or their agents
Form L-4154
34. Michigan's Constitution provides for _ of taxation
Number 1
uniform rates
economic obsolescense
GRM X MARKET RENT = MARKET VALUE
35. If the subject property has a fireplace and air-conditioning and the comp has only air-conditioning - what adjustment would be made to what property?
sales comparison
a plus adjustemnt for the fireplace to the comp
discount rate - recapture rate - effective tax rate
$421 -052
36. A private claim describes property that was occupied prior to the _
General Land Office survey
market comparison approach; cost approach
Form L-4046
median
37. Unknown dimension formula
northeast corner with section 1 and proceed west to section 6
income approach
# of acres times 43 -560 divided by known dimension
February 20
38. 1 mile =
Michigan General Property Tax Act
reproduction cost
40
5 -280 lineal feet
39. The first meeting of the BOR is held on the _
Tuesday following; first Monday in March
County Board of Commissioners
taxes
sales comparison approach
40. Methods used to describe property in Michigan
soil survey; land value
Rectangular survey; metes and bounds; platted or recorded subdivision
are not
Open Meetings Act
41. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
agricultural personal property; exempt
reducing
Form L-4024
are not
42. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
the property owner or lessee - or the local government may begin the process of its own volition
market comparison approach; cost approach
Rectangular survey; metes and bounds; platted or recorded subdivision
replacement cost
43. July Board of Review begins
Tuesday following; first Monday in March
Rectangular survey; metes and bounds; platted or recorded subdivision
Private Forest Reserve
Tuesday following Third Monday
44. In a township - the _ is the secretary of the Board of Review
General Land Office survey
effective gross income
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
supervisor
45. Initial survey point for Michigan at the intersection of two streets
track land sales
Open Meetings Act
Genesee County
contract rent
46. You verify a sale _
local government unit
Front foot
value in exchange
by contacting one of the parties to the transaction (buyer - seller - or realtor)
47. Cost to construct an exact duplicate of the subject
40
owners and interested parties of the property to be assessed
reproduction cost
life estate
48. A platted subdivision is described by _
electors
supervisor
lots and blocks
partial estate
49. In a residential neighborhood - the measurement usually used in developing cost is _
sales prices of other parcels similar to the property being appraised
Front foot
direct sales comparison
potential gross income
50. The highest degree of ownership
first Monday in June
fee simple
exempt
replacement cost new; depreciation