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






2. Net income is _ minus _






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






4. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April






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






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






7. Public rights-of-way are _






8. The formula for calculating tax bills is _






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






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






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






12. Special assessment districts are commonly used for _






13. The difference between commercial and industrial property is _






14. Taxable unless specifically exempted






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






16. Capped value is _

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17. You verify a sale _






18. IFT certificates are granted for _ years with a possible 2-year construction period






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






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






21. In a township - the _ is the secretary of the Board of Review






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






23. Personal property forms must be approved by the _






24. The definition of market value is _






25. _ measures value in exchange; it is based on the principle of substitution






26. July Board of Review begins






27. Buildings on leased lands _ personal property






28. The BOR _ and _ the roll






29. 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?






30. Cost to construct an exact duplicate of the subject






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






32. Personal property statements (are/are not) available to the public under the Freedom of Information Act.






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






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






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






36. Computer assisted mass appraisal






37. Management costs in timber-cutover include _ which are usually the largest expense in this classification






38. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _






39. Economic condition factors (are/are not) applied to land and buildings






40. A limits the maximum amount of ad valorem taxes that may be levied for school district operating purposes. The change this maximum requires a vote of _ of the legislature to approve.






41. The physical land and any structure attached to it






42. The usual reference source regarding assessment and taxes






43. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year






44. The value of vacant land is estimated using _






45. The formula for calculating rate is _






46. The most common types of ownership are _






47. Tax day






48. 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






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






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