SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
Start Test
Study First
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. The three categories of depreciation are _
receives and reviews
physical - functional - and economic
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
are not
2. 1 mile =
5 -280 lineal feet
percent good
Form L-4025
property record cards and assessment maps
3. Personal property statemetns are due on _
February 20
Michigan Constitution
lots and blocks
county multipliers
4. The formula for calculating value is _
July; July Board of Review
# of acres times 43 -560 divided by known dimension
Income / rate
Economic condition factor
5. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
real property
effective gross income
assessor and Board of Review
Replacement cost
6. The formula for calculating tax bills is _
Taxable Value x Millage Rate = Tax Bill
at value
direct sales comparison
State Tax Commission
7. Formula used to calculate taxes is _
Taxable Value X Millage Rate
fee simple - partial estate - and life estate
July and December BOR
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
8. May change assessment for current year
General Land Office survey
March BOR
Site/location
640 acres
9. IFT certificates are granted for _ years with a possible 2-year construction period
taxes
The Land Residual
sales comparison approach
12
10. 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 _
12
$421 -052
cost approach
Board of Review; Michigan Tax Tribunal
11. There are _ in a geographical township
640 acres
northeast corner with section 1 and proceed west to section 6
36 sections
Triangle computation of area
12. The BOR _ and _ the roll
receives and reviews
cost
Capitalizaiton rate
Open Meetings Act
13. Radius squared times Pi (3.1416)
determining the primary use of the property; in this case probably agricultural or residential
Circle computation of area
Form L-4260
the property owner or lessee - or the local government may begin the process of its own volition
14. Public rights-of-way are _
$421 -052
May 1
market comparison approach; cost approach
exempt
15. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
reproduction cost
Rectangular computation of area
potential gross income
16. Proposal A had the immediate result of _ property taxes in the state
Interest or discount
February 20
depreciation
reducing
17. When measuring a house - you use _ measurements
State Tax Commission
exterior
Genesee County
Taxable Value x Millage Rate = Tax Bill
18. Churches - schools - libraries and similar institutions are usually...
exempt
reducing
the usual selling price of a property in an open-market transaction with a willing buyer and seller who desire to come to terms but who are under no undue constraints to do so
sales comparison approach
19. The formula for calculating rate is _
first Monday in June
County multipliers
income / value
property record cards and assessment maps
20. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
median
benefits from the special assessment
Replacement cost
is
21. When appraising a commercial building - you should remember that unlike building - land is...
Form L-4054
Tuesday following First Monday
expenses not allowable
never depreciated
22. 1 acre =
demand one
physical - functional - and economic
43 -560 square feet
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
23. The Board of Review was created by the _ of 1893
The Land Residual
General Property Tax Act
electors
contract rent
24. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Form L-4023
cost - sales comparison (market) - and income
rate x value
estimate the assessment
25. _ is a loss of utility and therefore of value from any cause
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
taxation - eminent domain - and police powers
depreciation
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
26. The Tuesday following the third Monday in _ is the _ meeting.
# of acres times 43 -560 divided by known dimension
Federal Northwest
Divide the sales price by the gross rent
July; July Board of Review
27. A consumer must want the product for it to have value
Replacement cost
desirability
12
market comparison approach; cost approach
28. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
direct sales comparison
Form L-4046
July and December BOR
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
29. The value of vacant land is estimated using _
sales prices of other parcels similar to the property being appraised
replacement cost new; depreciation
General Property Tax Act
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
30. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4046
are not
exempt
market comparison approach; cost approach
31. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
Form L-4024
power to tax - eminent domain - police power - escheat
sales comparison approach
economic obsolescense
32. The cost approach is used to estimate _ of an _
determining the primary use of the property; in this case probably agricultural or residential
net income
typical farm buildings
market value; existing property
33. Tax day
effective gross income
December 31
1 rod
determining the primary use of the property; in this case probably agricultural or residential
34. The government retains the following powers
life estate
taxation - eminent domain - and police powers
exempt
Tuesday following the second
35. The discount rate may be developed by the following:
Summation Method- Bank of Investment Method - and Market Comparison Method
exempt
determining the primary use of the property; in this case probably agricultural or residential
taxation - eminent domain - and police powers
36. Movable irrigation systems including pumps not an integral part of a well are _ and are _
Summation Method- Bank of Investment Method - and Market Comparison Method
agricultural personal property; exempt
exempted
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
37. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
GRM X MARKET RENT = MARKET VALUE
real property
reducing
median
38. _ is the rent actually received for a property
replacement cost new; depreciation
Form L-4025
Open Meetings Act
contract rent
39. Half the base times the height
Interest or discount
Rectangular survey; metes and bounds; platted or recorded subdivision
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Triangle computation of area
40. The usual reference source regarding assessment and taxes
real property
property record cards and assessment maps
General Property Tax Act
sales comparison
41. is the rent a property could command on the open market
market rent
determining the primary use of the property; in this case probably agricultural or residential
replacement cost
Form L-4154
42. A limits the maximum amount of ad valorem taxes that may be levied for school district operating purposes. The change this maximum requires a vote of _ of the legislature to approve.
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Replacement cost
3/4 Proposal
sales comparison approach
43. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Genesee County
Form L-4260
adverse possession
receives and reviews
44. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
Form L-4054
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
tangible or intangible
February 20
45. It is necessary to have an evening meeting unless the residents...
demand one
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Divide the sales price by the gross rent
taxes
46. Special assessment districts are commonly used for _
the usual selling price of a property in an open-market transaction with a willing buyer and seller who desire to come to terms but who are under no undue constraints to do so
net income
economic obsolescense
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
47. Equity within the county is the responsibility of the _
Form L-4046
July; July Board of Review
property record cards and assessment maps
County Board of Commissioners
48. _ is estimating the cost of a building of similar design and utility
rate x value
market value; existing property
Replacement cost
Michigan Constitution
49. The return on the investment called in the capitalization rate is _
Tuesday following First Monday
Interest or discount
adverse possession
Cost Approach
50. _ 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
March BOR
sales prices of other parcels similar to the property being appraised
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
General Land Office survey
Sorry!:) No result found.
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests