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






2. The General Property Tax Law states that agricultural operations means farming in all its _






3. Tax day






4. Buildings on leased lands _ personal property






5. 16 1/2 feet =






6. Radius squared times Pi (3.1416)






7. The value property has in a specific use






8. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;






9. March Board of Review begins






10. In a residential neighborhood - the measurement usually used in developing cost is _






11. One use of land value maps is to _






12. The physical land and any structure attached to it






13. 1 acre =






14. Taxable unless specifically exempted






15. The formula for calculating income is _






16. _ is used to adjust the cosst approach to market value for residential properties






17. 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 _






18. The value of vacant land is estimated using _






19. In a cost approach program - the computer system should estimate _ less _






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






21. 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






22. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property






23. The rights of ownership (bundle of rights) enjoyed by the owner of real estate






24. All meetings of the BOR are governed by the _






25. Approved by voters in 1978






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






27. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year






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






29. A depth factor chart is used to adjust lots that are _






30. Requires that the ratio of assessments to true cash value not exceed 50%






31. Sections in a township start _






32. Leased property is...






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






34. The definition of market value is _






35. Special assessments must _ the properties in the district






36. _ is a loss in value caused by factors outside the property






37. July Board of Review begins






38. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer






39. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _






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






41. Half the base times the height






42. Special assessments are not levied on all real and personal property that...






43. Used to estimate the cost of constructing improvements to the land






44. The second meeting of the BOR is held to _






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






46. Not transfers of ownership






47. 1 mile =






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






49. Deadline for filing Principal Residence Affidavits






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