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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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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. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
cost - sales comparison (market) - and income
Genesee County
sales prices of other parcels similar to the property being appraised
property record cards and assessment maps
2. If the subject property has a fireplace and air-conditioning and the comp has only air-conditioning - what adjustment would be made to what property?
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
July; July Board of Review
replacement cost new; depreciation
a plus adjustemnt for the fireplace to the comp
3. The amount of money or goods you can receive if you sell property
replacement cost new; depreciation
value in exchange
income
net income
4. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
Reproduction cost
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
operating expenses
October 31
5. The income approach calculates the _ of a future income stream
market comparison approach; cost approach
present worth
# of acres times 43 -560 divided by known dimension
Rectangular survey; metes and bounds; platted or recorded subdivision
6. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
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
branches
to hear appeals of the tentative taxable value
income / value
7. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
The Land Residual
are
expenses allowable
8. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
ground floor area
market comparison approach; cost approach
Industrial Facility Tax Abatement
Replacement cost
9. Taxable unless specifically exempted
February 20
true cash value
real and personal
$1 per acre
10. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
Township Board; City Council
specific tax
contract rent
Private Forest Reserve
11. _ are applied to the cost schedules in the manuals
County multipliers
replacement cost
February 20
Genesee County
12. Used to estimate the cost of constructing improvements to the land
net income
sales comparison approach
cost approach
Michigan Constitution
13. All meetings of the BOR are governed by the _
real and personal
Form L-4024
Open Meetings Act
Interest or discount
14. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
40
specific tax
demand one
Federal Northwest
15. Deadline for filing personal property statements
February 20
December 31
expenses not allowable
tangible or intangible
16. If a business fails to file a personal property statement - the assessor shall _
Township Board; City Council
estimate the assessment
Taxable Value x Millage Rate = Tax Bill
to hear appeals of the tentative taxable value
17. In heavily wooded areas where property lines may be difficult to identify - it is important that the owners protect their property from being claimed under _
adverse possession
Federal Northwest
Tuesday following First Monday
CAMA
18. Buildings on leased lands _ personal property
track land sales
market comparison approach; cost approach
GRM X MARKET RENT = MARKET VALUE
are
19. Length times the width
Rectangular computation of area
expenses not allowable
Rectangular survey; metes and bounds; platted or recorded subdivision
taxation - eminent domain - and police powers
20. A consumer must want the product for it to have value
Form L-4025
Rectangular computation of area
desirability
at value
21. The definition of the economic principle of highest and best use is _
discount rate - recapture rate - effective tax rate
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
Interest or discount
market value; existing property
22. Depreciation in the assessing process is expressed as a _
Michigan General Property Tax Act
real estate
percent good
Board of Review; Michigan Tax Tribunal
23. The highest degree of ownership
fee simple
discount rate - recapture rate - effective tax rate
potential income; vacancy - bad debt and operating expenses
not standard depth
24. IFT certificates are granted for _ years with a possible 2-year construction period
replacement cost
12
typical farm buildings
Open Meetings Act
25. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
directly benefit
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Board of Review; Michigan Tax Tribunal
sales prices of other parcels similar to the property being appraised
26. Equity within the county is the responsibility of the _
December 31
County Board of Commissioners
Triangle computation of area
agricultural personal property; exempt
27. Movable irrigation systems including pumps not an integral part of a well are _ and are _
Tuesday following First Monday
agricultural personal property; exempt
hear appeals from taxpayers or their agents
Private Forest Reserve
28. When measuring a house - you use _ measurements
soil survey; land value
exterior
General Land Office survey
sales comparison
29. A private claim describes property that was occupied prior to the _
General Land Office survey
typical farm buildings
expenses not allowable
cost - sales comparison (market) - and income
30. In a township - the _ is the secretary of the Board of Review
desirability
supervisor
exempt
County multipliers
31. _ measures value in exchange; it is based on the principle of substitution
contract rent
percent good
desirability
direct sales comparison
32. In a residential neighborhood - the measurement usually used in developing cost is _
taxes
income approach
50%; usual selling price
Front foot
33. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
northeast corner with section 1 and proceed west to section 6
February 20
exterior
34. It is necessary to have an evening meeting unless the residents...
never the land
Rectangular survey; metes and bounds; platted or recorded subdivision
are
demand one
35. Potential income minus vacancy - bad debt - and operating expenses is the _
net income
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
economic obsolescense
desirability
36. Enacted in 1893
October 31
Michigan General Property Tax Act
to hear appeals of the tentative taxable value
a plus adjustemnt for the fireplace to the comp
37. When appraising a commercial building - you should remember that unlike building - land is...
Form L-4023
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Capitalizaiton rate
never depreciated
38. Capped value is _
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39. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
market value; existing property
net income
are not
July; July Board of Review
40. Special assessments are not levied on all real and personal property that...
Replacement cost
real estate
benefits from the special assessment
beginning value the following year
41. Tax day
1 rod
reproduction cost
December 31
State Tax Commission
42. Computer assisted mass appraisal
to hear appeals of the tentative taxable value
CAMA
County Board of Commissioners
sales comparison approach
43. A consumer must be able to purchasee the property
economic obsolescense
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
are not
transferability
44. Approved by voters in 1978
Front foot
Township Board; City Council
Headlee Amendment
the property owner or lessee - or the local government may begin the process of its own volition
45. True cash value is _
hear appeals from taxpayers or their agents
soil survey; land value
uniform rates
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
46. 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
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
Township Board; City Council
median
sales comparison
47. IFT's affect only the building value...
never the land
fee simple
Private Forest Reserve
Reproduction cost
48. A depth factor chart is used to adjust lots that are _
GRM X MARKET RENT = MARKET VALUE
not standard depth
exempted
County Board of Commissioners
49. Notice of special assessment public hearings must be given to _
owners and interested parties of the property to be assessed
July; July Board of Review
gross rent multipliers
County Board of Commissioners
50. The definition of market value is _
Income / rate
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
fee simple - partial estate - and life estate
are not
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