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MCAO: Michigan Certified Assessing Officer

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. The _ must approve the application for an IFT before the State Tax Commission approves the application
present worth
local government unit
Open Meetings Act
utility - scarcity - desirability - transferability

2. The highest degree of ownership
not standard depth
fee simple
expenses allowable
ground floor area

3. Length times the width
Rectangular computation of area
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
median
Tuesday following Third Monday

4. The value property has in a specific use
value in use
12
640 acres
50%; usual selling price

5. _ soil is considered the most productive
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Number 1
directly benefit
life estate

6. The cost approach is used to estimate _ of an _
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
exempt
market value; existing property
Form L-4154

7. The difference between commercial and industrial property is _
40
contract rent
Industrial Facility Tax Abatement
General Property Tax Act

8. Economic condition factors (are/are not) applied to land and buildings
are not
sales prices of other parcels similar to the property being appraised
Tuesday following Third Monday
March BOR

9. The three approaches to value
cost - sales comparison (market) - and income
fee simple
Form L-4022
36 sections

10. A platted subdivision is described by _
50%; usual selling price
Taxable Value X Millage Rate
lots and blocks
market rent

11. Deadline for filing Principal Residence Affidavits
property record cards and assessment maps
Headlee Amendment
May 1
partial estate

12. 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 _
The Land Residual
3/4 Proposal
exempt
50%; usual selling price

13. True cash value is _
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
beginning value the following year
General Property Tax Act
$1 per acre

14. The amount of money or goods you can receive if you sell property
value in exchange
adverse possession
uniform rates
State Tax Commission

15. _ is estimating the cost of an exact duplication of the building
Reproduction cost
Michigan Constitution
directly benefit
$421 -052

16. Public rights-of-way are _
exempt
General Land Office survey
receives and reviews
36 sections

17. Definition of ad valorem
real estate
Form L-4054
February 20
at value

18. When appraising a commercial building - you should remember that unlike building - land is...
demand one
by contacting one of the parties to the transaction (buyer - seller - or realtor)
never depreciated
effective gross income

19. is the rent a property could command on the open market
market rent
Industrial Facility Tax Abatement
receives and reviews
5 -280 lineal feet

20. Unknown dimension formula
# of acres times 43 -560 divided by known dimension
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
discount rate - recapture rate - effective tax rate
first Monday in June

21. _ is the rent actually received for a property
February 20
contract rent
General Property Tax Act
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

22. Computer assisted mass appraisal
lots and blocks
sales prices of other parcels similar to the property being appraised
CAMA
Cost Approach

23. Michigan's Constitution provides for _ of taxation
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
December 31
exempt
uniform rates

24. Sections in a township start _
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
36 sections
rate x value
northeast corner with section 1 and proceed west to section 6

25. 1 acre =
43 -560 square feet
General Land Office survey
reproduction cost
October 31

26. The four basic steps in the sales comparison approach is _
Form L-4054
branches
transferability
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

27. Requires that the ratio of assessments to true cash value not exceed 50%
estimate the assessment
uniform rates
Replacement cost
Michigan Constitution

28. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
effective gross income
Taxable Value X Millage Rate
Tuesday following the second
exempt

29. _ measures value in exchange; it is based on the principle of substitution
May 1
direct sales comparison
taxes
Cost Approach

30. Personal property forms must be approved by the _
Industrial Facility Tax Abatement
typical farm buildings
the property owner or lessee - or the local government may begin the process of its own volition
State Tax Commission

31. The income approach calculates the _ of a future income stream
3/4 Proposal
present worth
General Property Tax Act
$421 -052

32. Radius squared times Pi (3.1416)
July; July Board of Review
present worth
Number 1
Circle computation of area

33. One use of land value maps is to _
the most probable price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale - the buyer and seller - each acting prudently - knowledgeably and assuming the price is not affected
track land sales
reducing
Triangle computation of area

34. In a township - the _ is the secretary of the Board of Review
GRM X MARKET RENT = MARKET VALUE
supervisor
May 1
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

35. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Form L-4022
real property
utility - scarcity - desirability - transferability
replacement cost new; depreciation

36. The return on the investment called in the capitalization rate is _
Interest or discount
Front foot
income
are not

37. 1 mile =
October 31
directly benefit
5 -280 lineal feet
replacement cost new; depreciation

38. _ is a loss of utility and therefore of value from any cause
replacement cost
5 -280 lineal feet
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
depreciation

39. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
Form L-4046
Private Forest Reserve
Form L-4025
Form L-4054

40. 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
General Land Office survey
Federal Northwest
fee simple - partial estate - and life estate
sales comparison

41. _ 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
$421 -052
taxes
electors
expenses allowable

42. Equity within the county is the responsibility of the _
not standard depth
real and personal
agricultural personal property; exempt
County Board of Commissioners

43. A consumer must want the product for it to have value
property record cards and assessment maps
43 -560 square feet
Reproduction cost
desirability

44. Cost to construct an exact duplicate of the subject
Circle computation of area
economic obsolescense
reproduction cost
never depreciated

45. _ are applied to the cost schedules in the manuals
exempted
County multipliers
Interest or discount
ground floor area

46. The physical land and any structure attached to it
transferability
real estate
agricultural personal property; exempt
Circle computation of area

47. 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
specific tax
determining the primary use of the property; in this case probably agricultural or residential
replacement cost
Michigan Constitution

48. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Form L-4260
cost approach
ground floor area
operating expenses

49. It is necessary to have an evening meeting unless the residents...
uniform rates
demand one
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
# of acres times 43 -560 divided by known dimension

50. Members of the Board of Review must be _ of the township
electors
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
soil survey; land value
taxation - eminent domain - and police powers