Test your basic knowledge |

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. Notices of the decisions of the BOR must be mailed by the _
estimate the assessment
depreciation
value in exchange
first Monday in June

2. Methods used to describe property in Michigan
Rectangular survey; metes and bounds; platted or recorded subdivision
uniform rates
sales comparison approach
Industrial Facility Tax Abatement

3. Half the base times the height
Triangle computation of area
Industrial Facility Tax Abatement
county multipliers
physical - functional - and economic

4. Management costs in timber-cutover include _ which are usually the largest expense in this classification
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
taxes
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
median

5. The amount of money or goods you can receive if you sell property
estimate the assessment
market rent
specific tax
value in exchange

6. _ are applied to the cost schedules in the manuals
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
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
County multipliers
never depreciated

7. Used to value the income stream of a property
to hear appeals of the tentative taxable value
income approach
are
expenses not allowable

8. A depth factor chart is used to adjust lots that are _
CAMA
supervisor
The Land Residual
not standard depth

9. Equity within the county is the responsibility of the _
fee simple - partial estate - and life estate
County Board of Commissioners
March BOR
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

10. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
July and December BOR
property record cards and assessment maps
Form L-4024
discount rate - recapture rate - effective tax rate

11. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
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
to hear appeals of the tentative taxable value
northeast corner with section 1 and proceed west to section 6
typical farm buildings

12. The market rent times the number of units availabe to rent is _
potential gross income
adverse possession
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
owners and interested parties of the property to be assessed

13. Pole barns - silos - and large grain bins are considered _
adverse possession
typical farm buildings
real estate
value in use

14. _ is used to adjust the cosst approach to market value for residential properties
market value; existing property
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Economic condition factor
contract rent

15. Special assessments are not levied on all real and personal property that...
Michigan Constitution
Private Forest Reserve
cost
benefits from the special assessment

16. Sections in a township start _
northeast corner with section 1 and proceed west to section 6
Genesee County
February 20
Form L-4054

17. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
specific tax
rate x value
exterior
October 31

18. The definition of the economic principle of highest and best use is _
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
Federal Northwest
income
typical farm buildings

19. The highest degree of ownership
fee simple
income approach
43 -560 square feet
Township Board; City Council

20. Depreciation in the assessing process is expressed as a _
40
percent good
Tuesday following; first Monday in March
Front foot

21. Computer assisted mass appraisal
Rectangular survey; metes and bounds; platted or recorded subdivision
sales comparison
CAMA
Form L-4025

22. The value property has in a specific use
value in use
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
specific tax
Income / rate

23. The formula for using a gross rent multiplier to determine market value is _
potential income; vacancy - bad debt and operating expenses
GRM X MARKET RENT = MARKET VALUE
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
Site/location

24. 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
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
$1 per acre
sales comparison
desirability

25. There are _ in a section
adverse possession
640 acres
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
specific tax

26. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
life estate
Federal Northwest
sales comparison approach
Number 1

27. A platted subdivision is described by _
typical farm buildings
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
lots and blocks
directly benefit

28. The Board of Review was created by the _ of 1893
sales comparison approach
General Property Tax Act
Genesee County
replacement cost new; depreciation

29. The government is authorized to levy taxes in the _
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
track land sales
Number 1
Michigan Constitution

30. The usual reference source regarding assessment and taxes
General Property Tax Act
specific tax
Site/location
expenses not allowable

31. 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?
Form L-4025
cost approach
northeast corner with section 1 and proceed west to section 6
a plus adjustemnt for the fireplace to the comp

32. _ is estimating the cost of an exact duplication of the building
The Land Residual
desirability
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Reproduction cost

33. The Tuesday following the third Monday in _ is the _ meeting.
# of acres times 43 -560 divided by known dimension
Capitalizaiton rate
lots and blocks
July; July Board of Review

34. The most common types of ownership are _
fee simple - partial estate - and life estate
desirability
estimate the assessment
expenses allowable

35. Taxable personal property includes all property not expressly _
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
is
property record cards and assessment maps
exempted

36. The definition of market value is _
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
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
never depreciated

37. _ is a loss of utility and therefore of value from any cause
sales comparison approach
July; July Board of Review
depreciation
gross rent multipliers

38. The discount rate may be developed by the following:
Summation Method- Bank of Investment Method - and Market Comparison Method
Triangle computation of area
cost approach
July and December BOR

39. Buildings on leased lands _ personal property
are
General Property Tax Act
sales prices of other parcels similar to the property being appraised
May 1

40. Initial survey point for Michigan at the intersection of two streets
percent good
Genesee County
50%; usual selling price
Federal Northwest

41. Unknown dimension formula
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
are not
by contacting one of the parties to the transaction (buyer - seller - or realtor)
# of acres times 43 -560 divided by known dimension

42. _ soil is considered the most productive
uniform rates
market comparison approach; cost approach
specific tax
Number 1

43. 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.
Capitalizaiton rate
3/4 Proposal
income
cost

44. 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
by contacting one of the parties to the transaction (buyer - seller - or realtor)
market comparison approach; cost approach
Tuesday following Third Monday

45. Net income is _ minus _
income approach
$1 per acre
The Land Residual
potential income; vacancy - bad debt and operating expenses

46. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
at value
discount rate - recapture rate - effective tax rate
physical - functional - and economic
Form L-4260

47. 1 mile =
40
5 -280 lineal feet
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
determining the primary use of the property; in this case probably agricultural or residential

48. Members of the Board of Review must be _ of the township
county multipliers
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
Tuesday following; first Monday in March
electors

49. 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 _
May 1
cost
expenses not allowable
adverse possession

50. The difference between commercial and industrial property is _
transferability
rate x value
Industrial Facility Tax Abatement
are not