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






2. There are _ in a geographical township






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






4. The amount of money or goods you can receive if you sell property






5. Capped value is _

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






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






8. _ includes the discount rate - recapture rate - and the effective rate.






9. Cost to construct an exact duplicate of the subject






10. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _






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






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






13. True cash value is _






14. Value is determined by _






15. One use of land value maps is to _






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






17. _ are applied to the cost schedules in the manuals






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






19. Initial survey point for Michigan at the intersection of two streets






20. May change assessment for current year






21. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:






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






23. Movable irrigation systems including pumps not an integral part of a well are _ and are _






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






25. Public rights-of-way are _






26. 1 mile =






27. The value property has in a specific use






28. There are _ in a section






29. The first meeting of the BOR is held on the _






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






31. The usual reference source regarding assessment and taxes






32. The government retains the following powers






33. To calculate a gross rent multiplier - _






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






35. Sections in a township start _






36. Half the base times the height






37. Methods used to describe property in Michigan






38. Leased property is...






39. The income approach calculates the _ of a future income stream






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






41. The highest degree of ownership






42. The cost approach is used to estimate _ of an _






43. Depreciation in the assessing process is expressed as a _






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






45. Deadline for filing personal property statements






46. Computer assisted mass appraisal






47. Buildings on leased lands _ personal property






48. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.






49. 16 1/2 feet =






50. The most common types of ownership are _






Can you answer 50 questions in 15 minutes?



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