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






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






3. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?






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






5. Approved by voters in 1978






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






7. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them






8. Michigan's Constitution provides for _ of taxation






9. IFT's affect only the building value...






10. _ is the rent actually received for a property






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






12. Deadline for filing personal property statements






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






14. Used to value the income stream of a property






15. 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?






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






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






18. Radius squared times Pi (3.1416)






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






20. Computer assisted mass appraisal






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






22. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _






23. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April






24. Deadline for filing Principal Residence Affidavits






25. Article 9 of the Michigan Constitution provides for uniform property taxation which may not exceed _ of true cash value which is defined as being the _






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






27. Length times the width






28. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;






29. Pole barns - silos - and large grain bins are considered _






30. The formula for calculating tax bills is _






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






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






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






34. Personal property forms must be approved by the _






35. Two types of maps that are used in valuing agricultural land are _ maps and _ maps






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






37. In a residential neighborhood - the measurement usually used in developing cost is _






38. 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 _






39. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't






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






41. Cost to construct an exact duplicate of the subject






42. The first meeting of the BOR is held on the _






43. Formula used to calculate taxes is _






44. Methods used to describe property in Michigan






45. The BOR _ and _ the roll






46. A consumer must want the product for it to have value






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






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. The second meeting of the BOR is held to _






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