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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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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 middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
sales comparison approach
Cost 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
median
2. July Board of Review begins
Tuesday following Third Monday
are not
exempt
July; July Board of Review
3. The discount rate may be developed by the following:
Summation Method- Bank of Investment Method - and Market Comparison Method
Site/location
potential income; vacancy - bad debt and operating expenses
Form L-4154
4. Special assessment districts are commonly used for _
Township Board; City Council
property record cards and assessment maps
demand one
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
5. Inventory (is/is not) exempt
is
Reproduction cost
Form L-4025
income
6. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
expenses allowable
12
Tuesday following; first Monday in March
7. The formula for calculating tax bills is _
exempted
to hear appeals of the tentative taxable value
Taxable Value x Millage Rate = Tax Bill
Cost Approach
8. Monday December Board of Review begins
July; July Board of Review
County multipliers
May 1
Tuesday following the second
9. All meetings of the BOR are governed by the _
desirability
Open Meetings Act
local government unit
Divide the sales price by the gross rent
10. Notices of the decisions of the BOR must be mailed by the _
first Monday in June
Tuesday following First Monday
July; July Board of Review
supervisor
11. The right to use - occupy - and control a property for the length of the lessee's life
Economic condition factor
real estate
owners and interested parties of the property to be assessed
life estate
12. The rights of ownership removed by government are _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
CAMA
Tuesday following the second
power to tax - eminent domain - police power - escheat
13. March Board of Review begins
county multipliers
uniform rates
Tuesday following First Monday
effective gross income
14. The cost approach is used to estimate _ of an _
Reproduction cost
beginning value the following year
market value; existing property
36 sections
15. The first meeting of the BOR is held on the _
March BOR
cost - sales comparison (market) - and income
Tuesday following; first Monday in March
potential gross income
16. The _ determines the size for rates
local government unit
Form L-4022
ground floor area
Circle computation of area
17. Formula used to calculate taxes is _
Federal Northwest
Taxable Value X Millage Rate
is
Headlee Amendment
18. The _ to value is best used for mass appraisals being done by the assessor.
Cost Approach
track land sales
economic obsolescense
Industrial Facility Tax Abatement
19. IFT's affect only the building value...
never the land
potential income; vacancy - bad debt and operating expenses
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
General Property Tax Act
20. The Tuesday following the third Monday in _ is the _ meeting.
adverse possession
July; July Board of Review
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
ground floor area
21. Special assessments must _ the properties in the district
Form L-4046
uniform rates
directly benefit
are
22. There are _ in a section
640 acres
is
exterior
October 31
23. It (is not necessary to use __________ when valuing agricultural property.
county multipliers
fee simple - partial estate - and life estate
reproduction cost
discount rate - recapture rate - effective tax rate
24. Personal property forms must be approved by the _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
State Tax Commission
income
taxes
25. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
March BOR
36 sections
utility - scarcity - desirability - transferability
Site/location
26. The capitalization rate includes the _ - _ and the _
discount rate - recapture rate - effective tax rate
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
desirability
Replacement cost
27. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.
Taxable Value x Millage Rate = Tax Bill
February 20
exempt
expenses not allowable
28. Market value of property is _
cost approach
not standard depth
Taxable Value X Millage Rate
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
29. Equity within the 83 counties of the state is the responsibility of the _
exempt
$1 per acre
State Tax Commission
at value
30. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Interest or discount
Form L-4260
Rectangular survey; metes and bounds; platted or recorded subdivision
net income
31. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
adverse possession
effective gross income
determining the primary use of the property; in this case probably agricultural or residential
Number 1
32. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
income / value
property record cards and assessment maps
ground floor area
percent good
33. Radius squared times Pi (3.1416)
Circle computation of area
Form L-4023
Genesee County
potential income; vacancy - bad debt and operating expenses
34. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
fee simple
cost approach
Form L-4054
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
35. Cost to construct improvement with the same functional utility of the subject
replacement cost
transferability
reducing
median
36. The highest degree of ownership
cost approach
income
fee simple
Form L-4054
37. _ is a loss in value caused by factors outside the property
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
electors
typical farm buildings
economic obsolescense
38. Vacant land adjustments have to be made for differences in _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
is
directly benefit
fee simple - partial estate - and life estate
39. The income approach calculates the _ of a future income stream
to hear appeals of the tentative taxable value
present worth
directly benefit
sales comparison approach
40. 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?
depreciation
value in exchange
5 -280 lineal feet
a plus adjustemnt for the fireplace to the comp
41. The BOR _ and _ the roll
by contacting one of the parties to the transaction (buyer - seller - or realtor)
receives and reviews
economic obsolescense
Form L-4260
42. _ is estimating the cost of a building of similar design and utility
Replacement cost
replacement cost new; depreciation
Form L-4046
Taxable Value X Millage Rate
43. The physical land and any structure attached to it
real estate
fee simple
income
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
44. The formula for calculating income is _
Summation Method- Bank of Investment Method - and Market Comparison Method
Number 1
rate x value
real property
45. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
effective gross income
direct sales comparison
Reproduction cost
income
46. 16 1/2 feet =
market comparison approach; cost approach
1 rod
sales comparison approach
benefits from the special assessment
47. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
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
value in exchange
real property
# of acres times 43 -560 divided by known dimension
48. Depreciation in the assessing process is expressed as a _
July and December BOR
percent good
discount rate - recapture rate - effective tax rate
Rectangular survey; metes and bounds; platted or recorded subdivision
49. 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
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Cost Approach
value in exchange
sales comparison
50. Deadline for filing Principal Residence Affidavits
5 -280 lineal feet
1 rod
May 1
Rectangular survey; metes and bounds; platted or recorded subdivision
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