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






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






3. Special assessments must _ the properties in the district






4. The rights of ownership removed by government are _






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






6. Sections in a township start _






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






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






9. Definition of ad valorem






10. _ soil is considered the most productive






11. Not transfers of ownership






12. The highest degree of ownership






13. Taxable unless specifically exempted






14. March Board of Review begins






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






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






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






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






19. There are _ in a section






20. The difference between commercial and industrial property is _






21. Compares the property beign appraised to similar properties that have recently sold






22. Cost to construct improvement with the same functional utility of the subject






23. _ is the rent actually received for a property






24. _ 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






25. One use of land value maps is to _






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






27. _ is a loss of utility and therefore of value from any cause






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






29. Churches - schools - libraries and similar institutions are usually...






30. The BOR _ and _ the roll






31. The formula for calculating income is _






32. 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?






33. The government retains the following powers






34. The value property has in a specific use






35. Public rights-of-way are _






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






37. Convened to correct clerical errors - mutual mistakes of fact or qualified errors






38. The formula for calculating value is _






39. In a township - the _ is the secretary of the Board of Review






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






41. Computer assisted mass appraisal






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






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






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






45. The most common types of ownership are _






46. _ is estimating the cost of a building of similar design and utility






47. Notices of the decisions of the BOR must be mailed by the _






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






49. Michigan's Constitution uses _ to determine assessments






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