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. The three principal steps in the cost approach are _






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?






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






4. March Board of Review begins






5. A consumer must be able to purchasee the property






6. It is necessary to have an evening meeting unless the residents...






7. Personal property statemetns are due on _






8. When measuring a house - you use _ measurements






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






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






11. Sections in a township start _






12. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered






13. 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 _






14. July Board of Review begins






15. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _






16. Market value of property is _






17. Net income is _ minus _






18. The formula for calculating value is _






19. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin






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






21. Tax day






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






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






24. Approved by voters in 1978






25. The Commercial Forest Act permits an owner to put property into a program that permits payment of a _ in lieu of the ad valorem rates






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






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






28. True cash value is _






29. A private claim describes property that was occupied prior to the _






30. The value property has in a specific use






31. Members of the Board of Review must be _ of the township






32. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April






33. 16 1/2 feet =






34. Equity at the local level is the responsibility of the _






35. _ is estimating the cost of a building of similar design and utility






36. The most common types of ownership are _






37. Special assessments must _ the properties in the district






38. The Board of Review was created by the _ of 1893






39. Methods used to describe property in Michigan






40. Pole barns - silos - and large grain bins are considered _






41. The Tuesday following the third Monday in _ is the _ meeting.






42. There are _ in a geographical township






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






44. The rights of ownership removed by government are _






45. Convened to correct clerical errors - mutual mistakes of fact or qualified errors






46. The highest degree of ownership






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






48. The definition of market value is _






49. Formula used to calculate taxes is _






50. Value is determined by _