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






2. is the rent a property could command on the open market






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






4. _ 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






5. Value is determined by _






6. One use of land value maps is to _






7. _ soil is considered the most productive






8. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April






9. Enacted in 1893






10. Unknown dimension formula






11. The capitalization rate includes the _ - _ and the _






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






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






14. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _






15. Monday December Board of Review begins






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






17. The return on the investment called in the capitalization rate is _






18. Notice of special assessment public hearings must be given to _






19. Approved by voters in 1978






20. The value of vacant land is estimated using _






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






22. 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?






23. True cash value is _






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






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






26. Equity within the county is the responsibility of the _






27. Definition of ad valorem






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






29. Movable irrigation systems including pumps not an integral part of a well are _ and are _






30. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _






31. Market value of property is _






32. Deadline for filing Principal Residence Affidavits






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






34. The Commercial Forest Act permits an owner to put property into a program that permits payment of a _ in lieu of the ad valorem rates






35. Deadline for filing personal property statements






36. The _ must approve the application for an IFT before the State Tax Commission approves the application






37. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _






38. The definition of market value is _






39. The Board of Review was created by the _ of 1893






40. 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 _






41. 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






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






43. 16 1/2 feet =






44. Used to value the income stream of a property






45. Buildings on leased lands _ personal property






46. _ are applied to the cost schedules in the manuals






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






48. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4






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






50. A consumer must be able to purchasee the property