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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
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Subject
:
certifications
Instructions:
Answer 50 questions in 15 minutes.
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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. Methods used to describe property in Michigan
the usual selling price of a property in an open-market transaction with a willing buyer and seller who desire to come to terms but who are under no undue constraints to do so
December 31
Rectangular survey; metes and bounds; platted or recorded subdivision
Triangle computation of area
2. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
partial estate
are
Capitalizaiton rate
operating expenses
3. The first meeting of the BOR is held on the _
fee simple - partial estate - and life estate
Tuesday following; first Monday in March
deed- land contract- conveyance to a trust- distribution from a trust- change in beneficiary of trust- distribution after owner dies- lease- corporation partnership- tenancy in common transfers of ownership- spouse to spouse- tenancy by entireties- l
real and personal
4. 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 _
General Land Office survey
Form L-4054
December 31
adverse possession
5. The Tuesday following the third Monday in _ is the _ meeting.
Form L-4154
taxation - eminent domain - and police powers
12
July; July Board of Review
6. The highest degree of ownership
Tuesday following First Monday
Number 1
fee simple
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
7. Potential income minus vacancy - bad debt - and operating expenses is the _
County Board of Commissioners
the most probable price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale - the buyer and seller - each acting prudently - knowledgeably and assuming the price is not affected
agricultural personal property; exempt
net income
8. Used to estimate the cost of constructing improvements to the land
Michigan General Property Tax Act
real and personal
exempted
cost approach
9. Vacant land adjustments have to be made for differences in _
real property
Rectangular survey; metes and bounds; platted or recorded subdivision
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Michigan General Property Tax Act
10. 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
market value; existing property
specific tax
Michigan Constitution
$1 per acre
11. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
Site/location
July; July Board of Review
The Land Residual
value in use
12. _ 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.
property record cards and assessment maps
expenses not allowable
deed- land contract- conveyance to a trust- distribution from a trust- change in beneficiary of trust- distribution after owner dies- lease- corporation partnership- tenancy in common transfers of ownership- spouse to spouse- tenancy by entireties- l
exterior
13. Capped value is _
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14. Computer assisted mass appraisal
CAMA
Industrial Facility Tax Abatement
effective gross income
Tuesday following First Monday
15. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
640 acres
sales comparison
income
CAMA
16. Cost to construct an exact duplicate of the subject
Number 1
Board of Review; Michigan Tax Tribunal
potential income; vacancy - bad debt and operating expenses
reproduction cost
17. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
May 1
determining the primary use of the property; in this case probably agricultural or residential
tangible or intangible
income / value
18. CAMA system should estimate replacement cost new less depreciation in the _ approach
real and personal
are not
cost
Interest or discount
19. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
true cash value
Township Board; City Council
cost approach
the reasonably probable and legal use of vacant land or improved property - which is physically possible - appropriately supported - financially feasible - and that results in the highest value
20. _ 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
real estate
true cash value
determining the primary use of the property; in this case probably agricultural or residential
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
21. Special assessments are not levied on all real and personal property that...
benefits from the special assessment
utility - scarcity - desirability - transferability
exempt
sales comparison
22. The physical land and any structure attached to it
Form L-4023
the most probable price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale - the buyer and seller - each acting prudently - knowledgeably and assuming the price is not affected
Interest or discount
real estate
23. _ are used to value income-producing residential property
gross rent multipliers
northeast corner with section 1 and proceed west to section 6
a. valuing the land separately using market data b. estimating the reproduction or replacement of the subject by building a substitute c. estimating the depresiation of the subject from the time it was built to the date of the assessment
income
24. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
Federal Northwest
soil survey; land value
Replacement cost
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
25. Taxable personal property includes all property not expressly _
sales comparison approach
beginning value the following year
12
exempted
26. The definition of the economic principle of highest and best use is _
the reasonably probable and legal use of vacant land or improved property - which is physically possible - appropriately supported - financially feasible - and that results in the highest value
General Property Tax Act
gross rent multipliers
Form L-4054
27. A consumer must want the product for it to have value
desirability
true cash value
contract rent
March BOR
28. All meetings of the BOR are governed by the _
Open Meetings Act
reproduction cost
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
expenses allowable
29. Radius squared times Pi (3.1416)
Triangle computation of area
Divide the sales price by the gross rent
Form L-4054
Circle computation of area
30. One use of land value maps is to _
hear appeals from taxpayers or their agents
cost - sales comparison (market) - and income
Circle computation of area
track land sales
31. Compares the property beign appraised to similar properties that have recently sold
sales comparison approach
General Land Office survey
tangible or intangible
Form L-4024
32. Movable irrigation systems including pumps not an integral part of a well are _ and are _
are not
income / value
50%; usual selling price
agricultural personal property; exempt
33. Personal property forms must be approved by the _
agricultural personal property; exempt
State Tax Commission
5 -280 lineal feet
Form L-4260
34. The income approach calculates the _ of a future income stream
present worth
effective gross income
are
soil survey; land value
35. Length times the width
power to tax - eminent domain - police power - escheat
Rectangular computation of area
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Form L-4260
36. Leased property is...
partial estate
are
Tuesday following First Monday
branches
37. Notices of the decisions of the BOR must be mailed by the _
first Monday in June
43 -560 square feet
Number 1
Form L-4154
38. 1 acre =
supervisor
General Property Tax Act
uniform rates
43 -560 square feet
39. Equity at the local level is the responsibility of the _
assessor and Board of Review
Rectangular computation of area
a. valuing the land separately using market data b. estimating the reproduction or replacement of the subject by building a substitute c. estimating the depresiation of the subject from the time it was built to the date of the assessment
estimate the assessment
40. Members of the Board of Review must be _ of the township
typical farm buildings
property record cards and assessment maps
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
electors
41. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Form L-4022
assessor and Board of Review
Tuesday following First Monday
track land sales
42. Management costs in timber-cutover include _ which are usually the largest expense in this classification
May 1
taxes
contract rent
Form L-4260
43. When measuring a house - you use _ measurements
exterior
exempt
local government unit
36 sections
44. Inventory (is/is not) exempt
county multipliers
by contacting one of the parties to the transaction (buyer - seller - or realtor)
is
assessor and Board of Review
45. The amount of money or goods you can receive if you sell property
operating expenses
reducing
July; July Board of Review
value in exchange
46. _ is estimating the cost of an exact duplication of the building
40
Form L-4154
county multipliers
Reproduction cost
47. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
Form L-4025
Triangle computation of area
GRM X MARKET RENT = MARKET VALUE
12
48. Sections in a township start _
December 31
property record cards and assessment maps
cost approach
northeast corner with section 1 and proceed west to section 6
49. In a cost approach program - the computer system should estimate _ less _
replacement cost new; depreciation
median
February 20
are
50. A consumer must be able to purchasee the property
value in exchange
transferability
specific tax
partial estate
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