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. In a cost approach program - the computer system should estimate _ less _






2. True cash value is _






3. When appraising a commercial building - you should remember that unlike building - land is...






4. _ is used to adjust the cosst approach to market value for residential properties






5. Personal property forms must be approved by the _






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






7. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _






8. A consumer must be able to purchasee the property






9. Initial survey point for Michigan at the intersection of two streets






10. Methods used to describe property in Michigan






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






12. Equity at the local level is the responsibility of the _






13. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April






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






15. The three approaches to value






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






17. You verify a sale _






18. It is necessary to have an evening meeting unless the residents...






19. A depth factor chart is used to adjust lots that are _






20. Computer assisted mass appraisal






21. The definition of the economic principle of highest and best use is _






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






23. Proposal A had the immediate result of _ property taxes in the state






24. The three categories of depreciation are _






25. 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






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






27. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property






28. The government is authorized to levy taxes in the _






29. The rights of ownership removed by government are _






30. Cost to construct an exact duplicate of the subject






31. 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 _






32. IFT certificates are granted for _ years with a possible 2-year construction period






33. _ 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.






34. A private claim describes property that was occupied prior to the _






35. The usual reference source regarding assessment and taxes






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






37. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest






38. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year






39. The formula for using a gross rent multiplier to determine market value is _






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






41. Not transfers of ownership






42. When measuring a house - you use _ measurements






43. The government retains the following powers






44. _ 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






45. May change assessment for current year






46. The amount of money or goods you can receive if you sell property






47. Deadline for filing personal property statements






48. _ is estimating the cost of an exact duplication of the building






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






50. Special assessment districts are commonly used for _