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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
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Subject
:
certifications
Instructions:
Answer 50 questions in 15 minutes.
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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 CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
real estate
income
never depreciated
a plus adjustemnt for the fireplace to the comp
2. When measuring a house - you use _ measurements
track land sales
net income
exterior
cost
3. The definition of market value is _
median
March BOR
directly benefit
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
4. The Tuesday following the third Monday in _ is the _ meeting.
3/4 Proposal
income
Economic condition factor
July; July Board of Review
5. Not transfers of ownership
reproduction cost
market rent
deed- land contract- conveyance to a trust- distribution from a trust- change in beneficiary of trust- distribution after owner dies- lease- corporation partnership- tenancy in common transfers of ownership- spouse to spouse- tenancy by entireties- l
Federal Northwest
6. The second meeting of the BOR is held to _
owners and interested parties of the property to be assessed
hear appeals from taxpayers or their agents
Open Meetings Act
43 -560 square feet
7. Cost to construct improvement with the same functional utility of the subject
never depreciated
agricultural personal property; exempt
replacement cost
sales comparison
8. Most taxpayers must appeal to the local _ before appealing to the _
tangible or intangible
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
Board of Review; Michigan Tax Tribunal
real property
9. A private claim describes property that was occupied prior to the _
market rent
March BOR
median
General Land Office survey
10. Members of the Board of Review must be _ of the township
potential gross income
value in exchange
ground floor area
electors
11. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
at value
Michigan Constitution
Economic condition factor
real property
12. True cash value is _
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
43 -560 square feet
real and personal
real estate
13. _ is used to adjust the cosst approach to market value for residential properties
Triangle computation of area
Economic condition factor
income approach
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
14. A platted subdivision is described by _
General Property Tax Act
lots and blocks
market value; existing property
Tuesday following; first Monday in March
15. IFT certificates are granted for _ years with a possible 2-year construction period
net income
12
43 -560 square feet
Cost Approach
16. You verify a sale _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
electors
fee simple
tangible or intangible
17. Equity within the 83 counties of the state is the responsibility of the _
Form L-4024
exterior
specific tax
State Tax Commission
18. 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
Interest or discount
county multipliers
specific tax
cost approach
19. Management costs in timber-cutover include _ which are usually the largest expense in this classification
taxes
uniform rates
benefits from the special assessment
exempt
20. Half the base times the height
Triangle computation of area
Form L-4054
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
electors
21. The value of vacant land is estimated using _
sales prices of other parcels similar to the property being appraised
soil survey; land value
Form L-4046
5 -280 lineal feet
22. Market value of property is _
Tuesday following First Monday
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
percent good
cost approach
23. _ is a loss in value caused by factors outside the property
real property
County multipliers
economic obsolescense
market value; existing property
24. Churches - schools - libraries and similar institutions are usually...
exempt
are not
Form L-4260
Replacement cost
25. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
Divide the sales price by the gross rent
Form L-4024
Interest or discount
are not
26. Article 9 of the Michigan Constitution provides for uniform property taxation which may not exceed _ of true cash value which is defined as being the _
fee simple
50%; usual selling price
present worth
October 31
27. The capitalization rate includes the _ - _ and the _
county multipliers
sales comparison approach
discount rate - recapture rate - effective tax rate
by contacting one of the parties to the transaction (buyer - seller - or realtor)
28. The definition of the economic principle of highest and best use is _
supervisor
directly benefit
deed- land contract- conveyance to a trust- distribution from a trust- change in beneficiary of trust- distribution after owner dies- lease- corporation partnership- tenancy in common transfers of ownership- spouse to spouse- tenancy by entireties- l
the reasonably probable and legal use of vacant land or improved property - which is physically possible - appropriately supported - financially feasible - and that results in the highest value
29. Net income is _ minus _
3/4 Proposal
lots and blocks
are not
potential income; vacancy - bad debt and operating expenses
30. The four basic steps in the sales comparison approach is _
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
present worth
tangible or intangible
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
31. The income approach calculates the _ of a future income stream
July and December BOR
Michigan General Property Tax Act
present worth
value in exchange
32. Compares the property beign appraised to similar properties that have recently sold
real estate
sales comparison approach
potential gross income
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
33. The rights of ownership removed by government are _
market value; existing property
power to tax - eminent domain - police power - escheat
July; July Board of Review
State Tax Commission
34. Buildings on leased lands _ personal property
are
Interest or discount
GRM X MARKET RENT = MARKET VALUE
true cash value
35. Special assessments must _ the properties in the district
directly benefit
$421 -052
Replacement cost
Federal Northwest
36. The _ must approve the application for an IFT before the State Tax Commission approves the application
Taxable Value X Millage Rate
local government unit
50%; usual selling price
not standard depth
37. The Board of Review was created by the _ of 1893
General Property Tax Act
Form L-4022
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
reducing
38. Proposal A had the immediate result of _ property taxes in the state
by contacting one of the parties to the transaction (buyer - seller - or realtor)
at value
Triangle computation of area
reducing
39. Michigan's Constitution uses _ to determine assessments
true cash value
potential gross income
determining the primary use of the property; in this case probably agricultural or residential
operating expenses
40. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
true cash value
effective gross income
property record cards and assessment maps
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
41. Potential income minus vacancy - bad debt - and operating expenses is the _
net income
fee simple
exterior
desirability
42. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
Form L-4260
Taxable Value X Millage Rate
March BOR
$1 per acre
43. The most common types of ownership are _
fee simple - partial estate - and life estate
exempted
Tuesday following First Monday
43 -560 square feet
44. The _ to value is best used for mass appraisals being done by the assessor.
Cost Approach
reproduction cost
real and personal
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
45. A consumer must be able to purchasee the property
transferability
economic obsolescense
the reasonably probable and legal use of vacant land or improved property - which is physically possible - appropriately supported - financially feasible - and that results in the highest value
ground floor area
46. _ measures value in exchange; it is based on the principle of substitution
direct sales comparison
5 -280 lineal feet
sales prices of other parcels similar to the property being appraised
first Monday in June
47. The market rent times the number of units availabe to rent is _
50%; usual selling price
track land sales
potential gross income
Tuesday following the second
48. Monday December Board of Review begins
# of acres times 43 -560 divided by known dimension
expenses not allowable
Tuesday following the second
36 sections
49. Methods used to describe property in Michigan
the property owner or lessee - or the local government may begin the process of its own volition
never the land
Rectangular survey; metes and bounds; platted or recorded subdivision
October 31
50. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
are not
deed- land contract- conveyance to a trust- distribution from a trust- change in beneficiary of trust- distribution after owner dies- lease- corporation partnership- tenancy in common transfers of ownership- spouse to spouse- tenancy by entireties- l
Divide the sales price by the gross rent
Rectangular survey; metes and bounds; platted or recorded subdivision
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