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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. A consumer must be able to purchasee the property






2. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April






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






4. Potential income minus vacancy - bad debt - and operating expenses is the _






5. The physical land and any structure attached to it






6. Computer assisted mass appraisal






7. The difference between commercial and industrial property is _






8. Approved by voters in 1978






9. The right to use - occupy - and control a property for the length of the lessee's life






10. Cost to construct an exact duplicate of the subject






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






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






13. The formula for calculating value is _






14. Net income is _ minus _






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






16. When measuring a house - you use _ measurements






17. Enacted in 1893






18. Special assessment districts are commonly used for _






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






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






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






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






23. Personal property forms must be approved by the _






24. _ is estimating the cost of an exact duplication of the building






25. Capped value is _

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26. The three principal steps in the cost approach are _






27. Radius squared times Pi (3.1416)






28. Notice of special assessment public hearings must be given to _






29. Half the base times the height






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






31. If a business fails to file a personal property statement - the assessor shall _






32. Definition of ad valorem






33. Churches - schools - libraries and similar institutions are usually...






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






35. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _






36. If the interest rate is 5% - the effective tax rate is 2% - the recapture rate is 2.5% - and the income attributed to the building is $40 -000. The value of the building is _






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






38. The return on the investment called in the capitalization rate is _






39. To calculate a gross rent multiplier - _






40. Methods used to describe property in Michigan






41. 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?






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






43. 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






44. _ are those expenses necessary for generating income. This includes reserves for replacements - accounting fees - advertising costs - maintenance costs such as lawn care - snow removal - repairs - trash removal - utilities - and a maintenance manager






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






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






47. The discount rate may be developed by the following:






48. Deadline for filing personal property statements






49. In a township - the _ is the secretary of the Board of Review






50. Unknown dimension formula







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Can you answer 50 questions in 15 minutes?


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