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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.
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study here
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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. Cost to construct an exact duplicate of the subject
reproduction cost
never the land
supervisor
cost approach
2. Requires that the ratio of assessments to true cash value not exceed 50%
# of acres times 43 -560 divided by known dimension
deed- land contract- conveyance to a trust- distribution from a trust- change in beneficiary of trust- distribution after owner dies- lease- corporation partnership- tenancy in common transfers of ownership- spouse to spouse- tenancy by entireties- l
Economic condition factor
Michigan Constitution
3. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
market comparison approach; cost approach
5 -280 lineal feet
Township Board; City Council
fee simple - partial estate - and life estate
4. The formula for using a gross rent multiplier to determine market value is _
GRM X MARKET RENT = MARKET VALUE
potential income; vacancy - bad debt and operating expenses
present worth
transferability
5. Computer assisted mass appraisal
General Property Tax Act
Rectangular computation of area
replacement cost
CAMA
6. The formula for calculating rate is _
Number 1
income / value
Genesee County
electors
7. The _ must approve the application for an IFT before the State Tax Commission approves the application
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
Reproduction cost
reducing
local government unit
8. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
General Land Office survey
discount rate - recapture rate - effective tax rate
effective gross income
sales comparison
9. Special assessment districts are commonly used for _
desirability
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Tuesday following Third Monday
Taxable Value X Millage Rate
10. Taxable unless specifically exempted
The Land Residual
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
real and personal
determining the primary use of the property; in this case probably agricultural or residential
11. When measuring a house - you use _ measurements
exempted
cost approach
exterior
Board of Review; Michigan Tax Tribunal
12. _ is estimating the cost of an exact duplication of the building
Reproduction cost
State Tax Commission
partial estate
fee simple
13. The formula for calculating value is _
assessor and Board of Review
Income / rate
fee simple
Form L-4024
14. There are _ in a geographical township
36 sections
Taxable Value X Millage Rate
Form L-4046
utility - scarcity - desirability - transferability
15. Potential income minus vacancy - bad debt - and operating expenses is the _
net income
hear appeals from taxpayers or their agents
owners and interested parties of the property to be assessed
36 sections
16. Monday December Board of Review begins
Tuesday following the second
true cash value
not standard depth
first Monday in June
17. The capitalization rate includes the _ - _ and the _
discount rate - recapture rate - effective tax rate
Form L-4054
at value
3/4 Proposal
18. The three principal steps in the cost approach are _
partial estate
supervisor
present worth
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
19. Churches - schools - libraries and similar institutions are usually...
ground floor area
reducing
exempt
expenses not allowable
20. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
County multipliers
taxes
soil survey; land value
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
21. The government retains the following powers
taxation - eminent domain - and police powers
northeast corner with section 1 and proceed west to section 6
agricultural personal property; exempt
General Property Tax Act
22. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4046
lots and blocks
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
local government unit
23. _ is estimating the cost of a building of similar design and utility
market rent
Replacement cost
income / value
assessor and Board of Review
24. The most common types of ownership are _
Open Meetings Act
fee simple - partial estate - and life estate
replacement cost new; depreciation
Summation Method- Bank of Investment Method - and Market Comparison Method
25. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Form L-4260
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
gross rent multipliers
26. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
are not
Income / rate
county multipliers
tangible or intangible
27. The three categories of depreciation are _
physical - functional - and economic
replacement cost new; depreciation
The Land Residual
soil survey; land value
28. Compares the property beign appraised to similar properties that have recently sold
Township Board; City Council
sales comparison approach
640 acres
never the land
29. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
rate x value
Headlee Amendment
are not
Form L-4054
30. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
by contacting one of the parties to the transaction (buyer - seller - or realtor)
October 31
physical - functional - and economic
Economic condition factor
31. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
are not
percent good
operating expenses
32. Used to estimate the cost of constructing improvements to the land
never depreciated
fee simple - partial estate - and life estate
specific tax
cost approach
33. 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 _
reproduction cost
power to tax - eminent domain - police power - escheat
physical - functional - and economic
$421 -052
34. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
property record cards and assessment maps
Number 1
Form L-4025
July; July Board of Review
35. Deadline for filing personal property statements
February 20
exempted
owners and interested parties of the property to be assessed
estimate the assessment
36. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
Capitalizaiton rate
Form L-4023
operating expenses
Site/location
37. Formula used to calculate taxes is _
reducing
potential gross income
Taxable Value X Millage Rate
beginning value the following year
38. Net income is _ minus _
Headlee Amendment
potential income; vacancy - bad debt and operating expenses
median
expenses not allowable
39. Cost to construct improvement with the same functional utility of the subject
track land sales
40
Private Forest Reserve
replacement cost
40. The difference between commercial and industrial property is _
market comparison approach; cost approach
Form L-4054
Industrial Facility Tax Abatement
$1 per acre
41. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
demand one
Form L-4260
replacement cost
Tuesday following; first Monday in March
42. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
to hear appeals of the tentative taxable value
fee simple - partial estate - and life estate
sales comparison
potential income; vacancy - bad debt and operating expenses
43. The _ to value is best used for mass appraisals being done by the assessor.
receives and reviews
Cost Approach
first Monday in June
median
44. When appraising a commercial building - you should remember that unlike building - land is...
real property
tangible or intangible
never depreciated
40
45. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
potential gross income
$1 per acre
true cash value
Federal Northwest
46. Approved by voters in 1978
soil survey; land value
Tuesday following First Monday
Headlee Amendment
potential gross income
47. Used to value the income stream of a property
Headlee Amendment
estimate the assessment
income approach
State Tax Commission
48. The income approach calculates the _ of a future income stream
at value
determining the primary use of the property; in this case probably agricultural or residential
local government unit
present worth
49. _ is the rent actually received for a property
State Tax Commission
sales prices of other parcels similar to the property being appraised
contract rent
are not
50. Length times the width
Rectangular computation of area
Divide the sales price by the gross rent
Front foot
Michigan Constitution
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