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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
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Study First
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 estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
typical farm buildings
adverse possession
effective gross income
Form L-4154
2. The BOR _ and _ the roll
are
receives and reviews
potential gross income
reducing
3. A private claim describes property that was occupied prior to the _
fee simple - partial estate - and life estate
Private Forest Reserve
partial estate
General Land Office survey
4. The second meeting of the BOR is held to _
hear appeals from taxpayers or their agents
replacement cost new; depreciation
Private Forest Reserve
Industrial Facility Tax Abatement
5. Special assessments are not levied on all real and personal property that...
estimate the assessment
taxation - eminent domain - and police powers
Michigan Constitution
benefits from the special assessment
6. The most common types of ownership are _
fee simple - partial estate - and life estate
$421 -052
physical - functional - and economic
exempt
7. Pole barns - silos - and large grain bins are considered _
lots and blocks
potential income; vacancy - bad debt and operating expenses
typical farm buildings
County Board of Commissioners
8. 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
Form L-4022
expenses allowable
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
9. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
October 31
real property
Interest or discount
a plus adjustemnt for the fireplace to the comp
10. Definition of ad valorem
northeast corner with section 1 and proceed west to section 6
at value
CAMA
by contacting one of the parties to the transaction (buyer - seller - or realtor)
11. _ measures value in exchange; it is based on the principle of substitution
estimate the assessment
replacement cost
direct sales comparison
present worth
12. The General Property Tax Law states that agricultural operations means farming in all its _
tangible or intangible
Divide the sales price by the gross rent
branches
estimate the assessment
13. _ 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
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
potential gross income
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
14. _ are applied to the cost schedules in the manuals
County multipliers
Capitalizaiton rate
utility - scarcity - desirability - transferability
Taxable Value x Millage Rate = Tax Bill
15. Notices of the decisions of the BOR must be mailed by the _
county multipliers
life estate
36 sections
first Monday in June
16. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
ground floor area
Private Forest Reserve
Form L-4154
exempt
17. Michigan's Constitution uses _ to determine assessments
true cash value
not standard depth
Michigan Constitution
property record cards and assessment maps
18. Capped value is _
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19. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
Form L-4046
40
true cash value
income
20. Movable irrigation systems including pumps not an integral part of a well are _ and are _
agricultural personal property; exempt
taxes
February 20
Michigan Constitution
21. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
The Land Residual
Rectangular computation of area
northeast corner with section 1 and proceed west to section 6
fee simple - partial estate - and life estate
22. Sections in a township start _
northeast corner with section 1 and proceed west to section 6
lots and blocks
are not
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
23. The difference between commercial and industrial property is _
expenses not allowable
Industrial Facility Tax Abatement
county multipliers
owners and interested parties of the property to be assessed
24. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
Economic condition factor
Township Board; City Council
Tuesday following the second
median
25. The _ determines the size for rates
Tuesday following; first Monday in March
Divide the sales price by the gross rent
Summation Method- Bank of Investment Method - and Market Comparison Method
ground floor area
26. The rights of ownership removed by government are _
transferability
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
physical - functional - and economic
power to tax - eminent domain - police power - escheat
27. Equity within the 83 counties of the state is the responsibility of the _
State Tax Commission
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Form L-4023
hear appeals from taxpayers or their agents
28. 1 acre =
43 -560 square feet
tangible or intangible
12
Industrial Facility Tax Abatement
29. The three approaches to value
cost - sales comparison (market) - and income
potential income; vacancy - bad debt and operating expenses
northeast corner with section 1 and proceed west to section 6
receives and reviews
30. IFT's affect only the building value...
assessor and Board of Review
640 acres
General Land Office survey
never the land
31. Used to value the income stream of a property
is
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
income approach
5 -280 lineal feet
32. The formula for using a gross rent multiplier to determine market value is _
physical - functional - and economic
State Tax Commission
GRM X MARKET RENT = MARKET VALUE
life estate
33. The income approach calculates the _ of a future income stream
Tuesday following First Monday
the usual selling price at the place where the property to which the term is applied shall be at the time of the assessment being the price which could be obtained therefore at private sale - and not at forced sale or auction sale
present worth
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
34. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
October 31
is
ground floor area
market comparison approach; cost approach
35. In a residential neighborhood - the measurement usually used in developing cost is _
3/4 Proposal
owners and interested parties of the property to be assessed
Front foot
exterior
36. A consumer must be able to purchasee the property
exempt
true cash value
transferability
Tuesday following First Monday
37. _ is a loss in value caused by factors outside the property
economic obsolescense
power to tax - eminent domain - police power - escheat
Headlee Amendment
median
38. Monday December Board of Review begins
Michigan Constitution
Tuesday following the second
May 1
property record cards and assessment maps
39. The _ must approve the application for an IFT before the State Tax Commission approves the application
depreciation
benefits from the special assessment
local government unit
net income
40. Enacted in 1893
gross rent multipliers
State Tax Commission
October 31
Michigan General Property Tax Act
41. Who may ask for establishment of an industrial facility tax exemption district?
market comparison approach; cost approach
are not
replacement cost new; depreciation
the property owner or lessee - or the local government may begin the process of its own volition
42. _ is a loss of utility and therefore of value from any cause
soil survey; land value
depreciation
Form L-4154
sales comparison
43. The cost approach is used to estimate _ of an _
market value; existing property
sales comparison
determining the primary use of the property; in this case probably agricultural or residential
March BOR
44. Personal property may be _
sales comparison
$421 -052
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
tangible or intangible
45. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
Form L-4022
Economic condition factor
Form L-4154
typical farm buildings
46. Leased property is...
gross rent multipliers
real property
partial estate
Form L-4154
47. A consumer must want the product for it to have value
$1 per acre
desirability
General Property Tax Act
3/4 Proposal
48. In a cost approach program - the computer system should estimate _ less _
lots and blocks
replacement cost new; depreciation
Tuesday following; first Monday in March
Taxable Value x Millage Rate = Tax Bill
49. There are _ in a geographical township
GRM X MARKET RENT = MARKET VALUE
Economic condition factor
36 sections
to hear appeals of the tentative taxable value
50. Methods used to describe property in Michigan
ground floor area
Rectangular survey; metes and bounds; platted or recorded subdivision
sales comparison approach
to hear appeals of the tentative taxable value
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