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. Value is determined by _






2. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _






3. Who may ask for establishment of an industrial facility tax exemption district?






4. In July and December - the BOR may meet to _






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






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






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






8. _ is estimating the cost of a building of similar design and utility






9. Personal property statemetns are due on _






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






11. True cash value is _






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






13. Compares the property beign appraised to similar properties that have recently sold






14. Monday December Board of Review begins






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






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






17. Sections in a township start _






18. The cost approach is used to estimate _ of an _






19. All meetings of the BOR are governed by the _






20. The formula for calculating income is _






21. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.






22. The formula for calculating value is _






23. _ includes the discount rate - recapture rate - and the effective rate.






24. The highest degree of ownership






25. A platted subdivision is described by _






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






27. Unknown dimension formula






28. The _ determines the size for rates






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






30. _ 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






31. The rights of ownership removed by government are _






32. Taxable personal property includes all property not expressly _






33. _ soil is considered the most productive






34. 16 1/2 feet =






35. 1 mile =






36. When measuring a house - you use _ measurements






37. The four basic steps in the sales comparison approach is _






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






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






40. The discount rate may be developed by the following:






41. 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?






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






43. 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






44. _ is used to adjust the cosst approach to market value for residential properties






45. Tax day






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






47. Public rights-of-way are _






48. _ is a loss in value caused by factors outside the property






49. Deadline for filing personal property statements






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