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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.
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
present worth
Township Board; City Council
direct sales comparison
typical farm buildings
2. There are _ in a geographical township
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
hear appeals from taxpayers or their agents
36 sections
3. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
value in exchange
replacement cost
to hear appeals of the tentative taxable value
Taxable Value x Millage Rate = Tax Bill
4. The amount of money or goods you can receive if you sell property
$1 per acre
$421 -052
receives and reviews
value in exchange
5. Capped value is _
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6. The second meeting of the BOR is held to _
tangible or intangible
Number 1
hear appeals from taxpayers or their agents
Michigan Constitution
7. The four basic steps in the sales comparison approach is _
Form L-4024
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
# of acres times 43 -560 divided by known dimension
county multipliers
8. _ includes the discount rate - recapture rate - and the effective rate.
directly benefit
receives and reviews
true cash value
Capitalizaiton rate
9. Cost to construct an exact duplicate of the subject
Tuesday following Third Monday
The Land Residual
directly benefit
reproduction cost
10. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
determining the primary use of the property; in this case probably agricultural or residential
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Cost Approach
transferability
11. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
Form L-4024
beginning value the following year
real property
replacement cost
12. IFT's affect only the building value...
contract rent
never the land
Circle computation of area
County Board of Commissioners
13. True cash value is _
State Tax Commission
Industrial Facility Tax Abatement
Michigan Constitution
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
14. Value is determined by _
fee simple
Form L-4260
utility - scarcity - desirability - transferability
gross rent multipliers
15. One use of land value maps is to _
real property
reducing
track land sales
General Land Office survey
16. A consumer must want the product for it to have value
Circle computation of area
desirability
Michigan Constitution
effective gross income
17. _ are applied to the cost schedules in the manuals
are
are not
County multipliers
# of acres times 43 -560 divided by known dimension
18. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
$421 -052
sales prices of other parcels similar to the property being appraised
Form L-4025
sales comparison
19. Initial survey point for Michigan at the intersection of two streets
Circle computation of area
43 -560 square feet
Genesee County
December 31
20. May change assessment for current year
rate x value
by contacting one of the parties to the transaction (buyer - seller - or realtor)
the property owner or lessee - or the local government may begin the process of its own volition
March BOR
21. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
CAMA
cost approach
The Land Residual
power to tax - eminent domain - police power - escheat
22. In a cost approach program - the computer system should estimate _ less _
lots and blocks
Genesee County
replacement cost new; depreciation
Site/location
23. Movable irrigation systems including pumps not an integral part of a well are _ and are _
640 acres
agricultural personal property; exempt
ground floor area
The Land Residual
24. Economic condition factors (are/are not) applied to land and buildings
physical - functional - and economic
Summation Method- Bank of Investment Method - and Market Comparison Method
sales comparison approach
are not
25. Public rights-of-way are _
Circle computation of area
beginning value the following year
directly benefit
exempt
26. 1 mile =
income approach
Form L-4024
Rectangular survey; metes and bounds; platted or recorded subdivision
5 -280 lineal feet
27. The value property has in a specific use
specific tax
value in use
Township Board; City Council
Cost Approach
28. There are _ in a section
a plus adjustemnt for the fireplace to the comp
track land sales
640 acres
hear appeals from taxpayers or their agents
29. The first meeting of the BOR is held on the _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Tuesday following; first Monday in March
income / value
lots and blocks
30. Special assessments are not levied on all real and personal property that...
County multipliers
5 -280 lineal feet
is
benefits from the special assessment
31. The usual reference source regarding assessment and taxes
market rent
typical farm buildings
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
General Property Tax Act
32. The government retains the following powers
taxation - eminent domain - and police powers
is
General Land Office survey
beginning value the following year
33. To calculate a gross rent multiplier - _
exempted
Divide the sales price by the gross rent
beginning value the following year
Form L-4154
34. Requires that the ratio of assessments to true cash value not exceed 50%
transferability
partial estate
Michigan Constitution
expenses allowable
35. Sections in a township start _
Rectangular computation of area
direct sales comparison
July and December BOR
northeast corner with section 1 and proceed west to section 6
36. Half the base times the height
market rent
Triangle computation of area
directly benefit
utility - scarcity - desirability - transferability
37. Methods used to describe property in Michigan
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
rate x value
Rectangular survey; metes and bounds; platted or recorded subdivision
partial estate
38. Leased property is...
Rectangular computation of area
adverse possession
State Tax Commission
partial estate
39. The income approach calculates the _ of a future income stream
northeast corner with section 1 and proceed west to section 6
present worth
$1 per acre
property record cards and assessment maps
40. Notices of the decisions of the BOR must be mailed by the _
first Monday in June
Form L-4046
Form L-4154
determining the primary use of the property; in this case probably agricultural or residential
41. The highest degree of ownership
fee simple
Tuesday following the second
market comparison approach; cost approach
Divide the sales price by the gross rent
42. The cost approach is used to estimate _ of an _
market value; existing property
real property
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
demand one
43. Depreciation in the assessing process is expressed as a _
percent good
value in use
income
real estate
44. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
adverse possession
real property
Federal Northwest
Board of Review; Michigan Tax Tribunal
45. Deadline for filing personal property statements
February 20
property record cards and assessment maps
Headlee Amendment
December 31
46. Computer assisted mass appraisal
Number 1
market rent
February 20
CAMA
47. Buildings on leased lands _ personal property
Taxable Value X Millage Rate
1 rod
are
Form L-4024
48. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
Tuesday following Third Monday
market comparison approach; cost approach
property record cards and assessment maps
potential income; vacancy - bad debt and operating expenses
49. 16 1/2 feet =
exempt
ground floor area
Site/location
1 rod
50. The most common types of ownership are _
fee simple - partial estate - and life estate
agricultural personal property; exempt
Private Forest Reserve
hear appeals from taxpayers or their agents
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