SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
Start Test
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. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
40
effective gross income
branches
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
2. Inventory (is/is not) exempt
replacement cost
specific tax
sales comparison
is
3. _ 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
Township Board; City Council
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
July; July Board of Review
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
4. The government is authorized to levy taxes in the _
Michigan Constitution
potential gross income
economic obsolescense
Private Forest Reserve
5. _ 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
Rectangular survey; metes and bounds; platted or recorded subdivision
electors
expenses allowable
Tuesday following Third Monday
6. Computer assisted mass appraisal
CAMA
Cost Approach
Form L-4025
$421 -052
7. The cost approach is used to estimate _ of an _
Divide the sales price by the gross rent
Headlee Amendment
adverse possession
market value; existing property
8. _ are applied to the cost schedules in the manuals
12
General Property Tax Act
County multipliers
Tuesday following; first Monday in March
9. The formula for using a gross rent multiplier to determine market value is _
GRM X MARKET RENT = MARKET VALUE
market rent
General Property Tax Act
effective gross income
10. Enacted in 1893
the property owner or lessee - or the local government may begin the process of its own volition
Michigan General Property Tax Act
Divide the sales price by the gross rent
cost approach
11. Personal property statemetns are due on _
Summation Method- Bank of Investment Method - and Market Comparison Method
February 20
operating expenses
the property owner or lessee - or the local government may begin the process of its own volition
12. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
Rectangular computation of area
operating expenses
by contacting one of the parties to the transaction (buyer - seller - or realtor)
exterior
13. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
hear appeals from taxpayers or their agents
real property
cost
14. The formula for calculating value is _
utility - scarcity - desirability - transferability
power to tax - eminent domain - police power - escheat
3/4 Proposal
Income / rate
15. It is necessary to have an evening meeting unless the residents...
partial estate
market comparison approach; cost approach
income approach
demand one
16. 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 _
Taxable Value x Millage Rate = Tax Bill
640 acres
50%; usual selling price
potential gross income
17. 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.
3/4 Proposal
direct sales comparison
$1 per acre
Circle computation of area
18. _ is a loss of utility and therefore of value from any cause
GRM X MARKET RENT = MARKET VALUE
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
depreciation
market value; existing property
19. Equity at the local level is the responsibility of the _
county multipliers
northeast corner with section 1 and proceed west to section 6
Form L-4024
assessor and Board of Review
20. The value of vacant land is estimated using _
December 31
soil survey; land value
sales prices of other parcels similar to the property being appraised
State Tax Commission
21. The _ determines the size for rates
ground floor area
estimate the assessment
Rectangular survey; metes and bounds; platted or recorded subdivision
Taxable Value x Millage Rate = Tax Bill
22. In a residential neighborhood - the measurement usually used in developing cost is _
Front foot
market rent
Form L-4054
reducing
23. Vacant land adjustments have to be made for differences in _
Tuesday following the second
Township Board; City Council
physical - functional - and economic
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
24. Value is determined by _
utility - scarcity - desirability - transferability
Federal Northwest
electors
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
25. Depreciation in the assessing process is expressed as a _
income / value
percent good
real property
640 acres
26. 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?
expenses allowable
General Land Office survey
a plus adjustemnt for the fireplace to the comp
are not
27. Who may ask for establishment of an industrial facility tax exemption district?
taxation - eminent domain - and police powers
replacement cost new; depreciation
the property owner or lessee - or the local government may begin the process of its own volition
rate x value
28. Notice of special assessment public hearings must be given to _
sales comparison approach
adverse possession
43 -560 square feet
owners and interested parties of the property to be assessed
29. _ is estimating the cost of an exact duplication of the building
Reproduction cost
Tuesday following the second
taxation - eminent domain - and police powers
fee simple - partial estate - and life estate
30. It (is not necessary to use __________ when valuing agricultural property.
market comparison approach; cost approach
county multipliers
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Form L-4046
31. Movable irrigation systems including pumps not an integral part of a well are _ and are _
1 rod
agricultural personal property; exempt
assessor and Board of Review
real property
32. _ 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%; usual selling price
Michigan General Property Tax Act
640 acres
expenses not allowable
33. Michigan's Constitution provides for _ of taxation
Economic condition factor
supervisor
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
uniform rates
34. May change assessment for current year
March BOR
potential gross income
State Tax Commission
by contacting one of the parties to the transaction (buyer - seller - or realtor)
35. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
expenses allowable
to hear appeals of the tentative taxable value
supervisor
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
36. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
power to tax - eminent domain - police power - escheat
directly benefit
Form L-4022
are not
37. The four basic steps in the sales comparison approach is _
Form L-4054
are
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
sales comparison approach
38. Formula used to calculate taxes is _
not standard depth
are not
Taxable Value X Millage Rate
Form L-4022
39. Buildings on leased lands _ personal property
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
are
by contacting one of the parties to the transaction (buyer - seller - or realtor)
February 20
40. The General Property Tax Law states that agricultural operations means farming in all its _
Township Board; City Council
Interest or discount
supervisor
branches
41. The capitalization rate includes the _ - _ and the _
real estate
Genesee County
specific tax
discount rate - recapture rate - effective tax rate
42. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
utility - scarcity - desirability - transferability
desirability
sales prices of other parcels similar to the property being appraised
determining the primary use of the property; in this case probably agricultural or residential
43. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
Open Meetings Act
determining the primary use of the property; in this case probably agricultural or residential
income
The Land Residual
44. Deadline for filing Principal Residence Affidavits
Front foot
Michigan Constitution
desirability
May 1
45. Pole barns - silos - and large grain bins are considered _
typical farm buildings
uniform rates
track land sales
taxation - eminent domain - and police powers
46. The three approaches to value
cost - sales comparison (market) - and income
Form L-4022
December 31
$1 per acre
47. Radius squared times Pi (3.1416)
local government unit
Circle computation of area
lots and blocks
never depreciated
48. A platted subdivision is described by _
lots and blocks
first Monday in June
present worth
Rectangular computation of area
49. The government retains the following powers
Summation Method- Bank of Investment Method - and Market Comparison Method
specific tax
taxation - eminent domain - and police powers
by contacting one of the parties to the transaction (buyer - seller - or realtor)
50. Sections in a township start _
Tuesday following the second
northeast corner with section 1 and proceed west to section 6
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
desirability
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests