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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.
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. _ 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
owners and interested parties of the property to be assessed
Summation Method- Bank of Investment Method - and Market Comparison Method
expenses allowable
Headlee Amendment
2. The physical land and any structure attached to it
real estate
not standard depth
economic obsolescense
expenses not allowable
3. Pole barns - silos - and large grain bins are considered _
Michigan General Property Tax Act
typical farm buildings
Federal Northwest
State Tax Commission
4. Initial survey point for Michigan at the intersection of two streets
Genesee County
discount rate - recapture rate - effective tax rate
State Tax Commission
40
5. Used to estimate the cost of constructing improvements to the land
cost approach
a plus adjustemnt for the fireplace to the comp
typical farm buildings
expenses allowable
6. Personal property forms must be approved by the _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
State Tax Commission
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
7. If a business fails to file a personal property statement - the assessor shall _
40
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
estimate the assessment
discount rate - recapture rate - effective tax rate
8. 1 acre =
ground floor area
43 -560 square feet
taxes
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
9. Special assessments must _ the properties in the district
net income
Private Forest Reserve
640 acres
directly benefit
10. Value is determined by _
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
market comparison approach; cost approach
utility - scarcity - desirability - transferability
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
11. The _ to value is best used for mass appraisals being done by the assessor.
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
Cost Approach
desirability
County Board of Commissioners
12. Computer assisted mass appraisal
CAMA
reproduction cost
expenses allowable
economic obsolescense
13. 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 _
Replacement cost
Number 1
Federal Northwest
$421 -052
14. Leased property is...
ground floor area
March BOR
Michigan Constitution
partial estate
15. 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
sales comparison
are not
Tuesday following Third Monday
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
16. The three categories of depreciation are _
northeast corner with section 1 and proceed west to section 6
physical - functional - and economic
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Taxable Value X Millage Rate
17. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Reproduction cost
Private Forest Reserve
Genesee County
18. _ is used to adjust the cosst approach to market value for residential properties
transferability
Economic condition factor
sales prices of other parcels similar to the property being appraised
supervisor
19. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4046
effective gross income
first Monday in June
sales prices of other parcels similar to the property being appraised
20. Depreciation in the assessing process is expressed as a _
fee simple
percent good
ground floor area
State Tax Commission
21. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
Tuesday following; first Monday in March
March BOR
beginning value the following year
real property
22. A platted subdivision is described by _
specific tax
lots and blocks
hear appeals from taxpayers or their agents
depreciation
23. The General Property Tax Law states that agricultural operations means farming in all its _
property record cards and assessment maps
branches
market rent
Cost Approach
24. July Board of Review begins
electors
Tuesday following Third Monday
640 acres
expenses not allowable
25. _ soil is considered the most productive
Number 1
cost approach
real estate
Form L-4024
26. _ are applied to the cost schedules in the manuals
demand one
replacement cost new; depreciation
County multipliers
partial estate
27. The return on the investment called in the capitalization rate is _
Interest or discount
directly benefit
Number 1
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
28. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
are not
General Property Tax Act
July and December BOR
Income / rate
29. Used to value the income stream of a property
February 20
Headlee Amendment
Private Forest Reserve
income approach
30. The _ must approve the application for an IFT before the State Tax Commission approves the application
are not
640 acres
potential income; vacancy - bad debt and operating expenses
local government unit
31. To calculate a gross rent multiplier - _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
36 sections
July; July Board of Review
Divide the sales price by the gross rent
32. _ measures value in exchange; it is based on the principle of substitution
real property
direct sales comparison
supervisor
demand one
33. Proposal A had the immediate result of _ property taxes in the state
fee simple - partial estate - and life estate
real property
reducing
track land sales
34. Capped value is _
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35. The income approach calculates the _ of a future income stream
real estate
percent good
present worth
ground floor area
36. A consumer must want the product for it to have value
Form L-4054
$421 -052
3/4 Proposal
desirability
37. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
are not
50%; usual selling price
Township Board; City Council
net income
38. Most taxpayers must appeal to the local _ before appealing to the _
first Monday in June
Board of Review; Michigan Tax Tribunal
Form L-4023
percent good
39. Personal property statemetns are due on _
life estate
3/4 Proposal
Rectangular computation of area
February 20
40. Cost to construct improvement with the same functional utility of the subject
Rectangular computation of area
replacement cost
property record cards and assessment maps
Front foot
41. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
General Land Office survey
Site/location
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
Form L-4154
42. Michigan's Constitution provides for _ of taxation
Private Forest Reserve
real property
uniform rates
Rectangular computation of area
43. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
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
cost approach
taxes
soil survey; land value
44. Personal property may be _
transferability
are not
not standard depth
tangible or intangible
45. Equity within the county is the responsibility of the _
direct sales comparison
Form L-4054
County Board of Commissioners
potential gross income
46. _ is the rent actually received for a property
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Michigan Constitution
contract rent
Capitalizaiton rate
47. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Income / rate
to hear appeals of the tentative taxable value
Form L-4023
October 31
48. 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 _
uniform rates
50%; usual selling price
taxes
potential gross income
49. You verify a sale _
expenses allowable
replacement cost
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Open Meetings Act
50. _ 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.
exempted
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
reproduction cost
expenses not allowable
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