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






2. Special assessments must _ the properties in the district






3. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _






4. The formula for calculating income is _






5. 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






6. Net income is _ minus _






7. Notice of special assessment public hearings must be given to _






8. Special assessments are not levied on all real and personal property that...






9. Taxable unless specifically exempted






10. _ soil is considered the most productive






11. The government is authorized to levy taxes in the _






12. 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






13. The value property has in a specific use






14. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach






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






16. Initial survey point for Michigan at the intersection of two streets






17. A consumer must want the product for it to have value






18. Vacant land adjustments have to be made for differences in _






19. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them






20. The first meeting of the BOR is held on the _






21. The capitalization rate includes the _ - _ and the _






22. Personal property may be _






23. There are _ in a geographical township






24. Public rights-of-way are _






25. 1 acre =






26. In heavily wooded areas where property lines may be difficult to identify - it is important that the owners protect their property from being claimed under _






27. Leased property is...






28. March Board of Review begins






29. When measuring a house - you use _ measurements






30. The return on the investment called in the capitalization rate is _






31. The definition of market value is _






32. Length times the width






33. Enacted in 1893






34. Two types of maps that are used in valuing agricultural land are _ maps and _ maps






35. It is necessary to have an evening meeting unless the residents...






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






37. IFT's affect only the building value...






38. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered






39. Equity at the local level is the responsibility of the _






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






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






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






43. In a cost approach program - the computer system should estimate _ less _






44. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4






45. _ is estimating the cost of an exact duplication of the building






46. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _






47. Unknown dimension formula






48. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _






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






50. A private claim describes property that was occupied prior to the _