Test your basic knowledge |

MCAO: Michigan Certified Assessing Officer

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 value property has in a specific use






2. The formula for calculating tax bills is _






3. The _ determines the size for rates






4. Market value of property is _






5. Pole barns - silos - and large grain bins are considered _






6. Churches - schools - libraries and similar institutions are usually...






7. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;






8. Depreciation in the assessing process is expressed as a _






9. The Board of Review was created by the _ of 1893






10. _ are used to value income-producing residential property






11. The right to use - occupy - and control a property for the length of the lessee's life






12. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _






13. 1 mile =






14. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?






15. Equity within the county is the responsibility of the _






16. Buildings on leased lands _ personal property






17. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _






18. Tax day






19. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin






20. CAMA system should estimate replacement cost new less depreciation in the _ approach






21. Length times the width






22. Net income is _ minus _






23. 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 _






24. July Board of Review begins






25. Enacted in 1893






26. is the rent a property could command on the open market






27. The second meeting of the BOR is held to _






28. Used to value the income stream of a property






29. Personal property statemetns are due on _






30. Sections in a township start _






31. A consumer must be able to purchasee the property






32. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April






33. The three approaches to value






34. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property






35. Approved by voters in 1978






36. _ soil is considered the most productive






37. Computer assisted mass appraisal






38. The amount of money or goods you can receive if you sell property






39. Potential income minus vacancy - bad debt - and operating expenses is the _






40. The CAMA system should be able to select comparable sales - make adjustments to the comps - and come up with an estimate of market value for the subject in the _ approach






41. 1 acre =






42. There are _ in a section






43. Methods used to describe property in Michigan






44. The rights of ownership (bundle of rights) enjoyed by the owner of real estate






45. Requires that the ratio of assessments to true cash value not exceed 50%






46. The Tuesday following the third Monday in _ is the _ meeting.






47. It (is not necessary to use __________ when valuing agricultural property.






48. 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?






49. The market rent times the number of units availabe to rent is _






50. The income approach calculates the _ of a future income stream