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 amount of money or goods you can receive if you sell property






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






3. The three principal steps in the cost approach are _






4. The formula for calculating tax bills is _






5. Notices of the decisions of the BOR must be mailed by the _






6. Net income is _ minus _






7. You verify a sale _






8. One use of land value maps is to _






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






10. When measuring a house - you use _ measurements






11. The General Property Tax Law states that agricultural operations means farming in all its _






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






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






14. Movable irrigation systems including pumps not an integral part of a well are _ and are _






15. Leased property is...






16. The value of vacant land is estimated using _






17. Inventory (is/is not) exempt






18. Used to estimate the cost of constructing improvements to the land






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






20. Market value of property is _






21. Radius squared times Pi (3.1416)






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






23. Methods used to describe property in Michigan






24. _ are those expenses necessary for generating income. This includes reserves for replacements - accounting fees - advertising costs - maintenance costs such as lawn care - snow removal - repairs - trash removal - utilities - and a maintenance manager






25. The highest degree of ownership






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






27. The _ determines the size for rates






28. _ is the rent actually received for a property






29. Personal property statemetns are due on _






30. 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 _






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






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






33. _ 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






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






35. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer






36. Deadline for filing personal property statements






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






38. Proposal A had the immediate result of _ property taxes in the state






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






40. Approved by voters in 1978






41. The difference between commercial and industrial property is _






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






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






44. If a business fails to file a personal property statement - the assessor shall _






45. May change assessment for current year






46. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property






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






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






49. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.






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