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CCMA Flashcards

Study for CCMA exam

1
Q

What is Market Value?

A

Market value is the most probabale price property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the prices is not affected by undue stimulus.

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2
Q

What is Nature of Value?

A
  1. Scarcity 2. Purchase Power 3. Utility 4. Desirability
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3
Q

What are the 5 factors of a fair market sale?

A
  1. Buyer and seller are typically motivated 2. Both parties are well informed or well advised and acting in their own best interests 3. Property was exposed to the open market for a reasonable length of time 4. Payment made in terms of dollars or under terms of financing comparable thereto. 5. The price represents normal considerations for a property sold unaffected by special/creative financing or sales concessions from anyone associated with the transaction.
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4
Q

What is PEGS?

A

PEGS is the acronym for forces affecting value.

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5
Q

What does the acronym PEGS stand for?

A

P - physical E - economic G - governmental S - social

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6
Q

Name the six common styles of homes?

A

Ranch, Cape, Colonial, Raised Ranch (bi-level), Split Level, Contemporary

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7
Q

Name the five roof styles?

A

Gable, Hip, Mansard, Gambrel, Flat

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8
Q

What does RCN stand for?

A

Replacement Cost New

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9
Q

What does RCN - D stand for?

A

Replacement Cost New minus Depreciation

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10
Q

What does MV = LV + (RCN-D) mean?

A

Market value equals Land Value plus Replacement Cost New minus Depreciation

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11
Q

Describe the 4 Methods of estimation costs

A

Quantity Survey, Unit in Place, Index (aka Factored Historical Cost), Comparative Unit or Square Foot

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12
Q

What are the three categories of depreciation?

A

Physical deterioration, functional obsolescence and economic obsolescence

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13
Q

In depreciation, What are the two types of physical deterioration?

A

Curable and Incurable

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14
Q

In depreciation, What are the two types of functional obsolescence?

A

Curable and Incurable

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15
Q

What are the 2 measurements of depreciation?

A

Overall age-life method and observed condition

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16
Q

What are the three categories of overall age-life method?

A

Effective age (overall age-life method), Remaining Economic Life and Total Economic Life

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17
Q

What does the acronym REL stand for?

A

Remaining Economic Life

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18
Q

What does the acronym TEL stand for?

A

Total Economic Life

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19
Q

What are non-usable conveyance codes?

A

Codes for sales that are not-arms length, unimpacted fair market sales

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20
Q

There are 30 non-usable codes for conveyances. What are they?

A

Family, Love & Affection, Inter Corporation, Correcting Deed/Convenience, Deed Date, Portion of Property, Change in Property, Part Interest, Tax Sale, A Will, Court Order, Non-Buildable Lot, Bankruptcy, Foreclosure, Government Agency, Charitable Group, Two Towns, In Lieu of Foreclosure, Easement, Cemetery, Personal Property Exchange, Money and Personal Property, Zoning, Plottage, Other Reasons, Rehabilitation Deferred, Crumbling Foundation Assessment Reduction, Use Assessment, No Consideration, Auction

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21
Q

Under Non-Usable Codes: Define Family

A

Sale between members of the same family

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22
Q

Under Non-Usable Codes: Define Love and Affection

A

Sale in which “love and affection” are stated to be part of the consideration

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23
Q

Under Non-Usable Codes: Define Inter Corporation

A

An intra corporation sale; for example, sales between a corporation and its stockholder, subsidiary, affiliate or another corporation whose stock is in the ownership

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24
Q

Under Non-Usable Codes: Define Correcting Deed/Convenience

A

Transfers of convenience; for example, sales for the sole purpose of correcting defecs in title (a correcting deed), for the purpose of creating survivorship, etc.

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25
Q

Under Non-Usable Codes: Define Deed Date

A

The date the deed was signed or date of agreement is more than six (6) months prior to the October 1st assessment date of the current sampling year. (That is, the deed date is prior to April 1.

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26
Q

Under Non-Usable Codes: Define Portion of Property

A

Sales of property conveying only a portion of the property assessed as a unit. For example, a one acre parcel sold out of a ten acre tract where the assessment is for a ten acre tract - usually called a “split”

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27
Q

Under Non-Usable Codes: Define Change in Property

A

Sales of property substantially improved or changed subsequent to the assessment date (new construction, very poor condition, fire damage, additions, and property line changes).

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28
Q

Under Non-Usable Codes: Define Part Interest

A

Sales of an undivided or part interest in real property.

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29
Q

Under Non-Usable Codes: Define Tax Sale

A

Sale for taxes

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30
Q

Under Non-Usable Codes: Define A Will

A

Conveyances made in accordance with an article of the decedant’s will to a grantee that is a devisee.

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31
Q

Under Non-Usable Codes: Define Court Order

A

Judicial sale, that is a sale from a court order.

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32
Q

Under Non-Usable Codes: Define Non-Buildable Lot

A

Sale of a non-buildable lot to an abutting owner.

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33
Q

Under Non-Usable Codes: Define Bankruptcy

A

Sale in proceeding in bankruptcy, receivership or assignment for the benefit of creditors, dissolutions and liquidation sales.

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34
Q

Under Non-Usable Codes: Define Foreclosure

A

Sale of a foreclosed property.

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35
Q

Under Non-Usable Codes: Define Government Agency

A

Sale to or from the federal, state or local government, or any agency thereof.

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36
Q

Under Non-Usable Codes: Define Charitable Group

A

Sale to or from a charitable, educational, benevolent or religious organization.

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37
Q

Under Non-Usable Codes: Define Two Towns

A

Sale of a parcel of real property assessed or located in more than one town or state.

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38
Q

Under Non-Usable Codes: Define In Lieu of Foreclosure

A

Transfer to banks, insurance companies, savings and loan associations, mortgage companies, or any other lien holder, when the transfer is made in lieu of a foreclosure.

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39
Q

Under Non-Usable Codes: Define Easement

A

Sales, such as to or from public utility companies, electric, telephone, pipeline companies or individuals (Right of Way)

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40
Q

Under Non-Usable Codes: Define Cemetery

A

Sale of cemetery lot

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41
Q

Under Non-Usable Codes: Define Personal Property Exchange

A

Sale of real property in exchange for any asset other than cash, such as other real estate, stocks, bonds or other personal property.

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42
Q

Under Non-Usable Codes: Define Money and Personal Property

A

Sale of real property which includes household furniture, machinery, fixtures, equipment, inventories or goodwill, when the cash value of such items is indeterminable. (Note: This category does not apply to residential appliances or ‘build-in’ units which are normally included in the sale. For example, stove, dishwasher, wall to wall carpeting, etc.)

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43
Q

Under Non-Usable Codes: Define Zoning

A

Sale of property, the value of which has been materially influenced by zoning changes, effected since the last assessment date.

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44
Q

Under Non-Usable Codes: Define Plottage

A

The process of combining two or more sites under a single ownership in order to develop one site having greater utility and unit value than the aggregate when each is separately considered.

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45
Q

Under Non-Usable Codes: Define Other Reasons

A

Ratio is either way too high or way too low - Sale which for some other reason than those categories enumerated above, is deemed not to be a transaction between a willing buyer (not compelled to buy) and/or willing seller (not compelled to sell). Explain under remarks in the OPM Portal Sales Ratio.

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46
Q

Under Non-Usable Codes: Define Rehabilitation Deferred

A

(Section 12-65c to 12-65f C.G.S.)

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47
Q

Under Non-Usable Codes: Define Crumbling Foundation Assessment Reduction

A

To be used only when property being sold has an assessment reduction due to a crumbling foundation issue.

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48
Q

Under Non-Usable Codes: Use Assessment

A

Code 600 Sale of a property which is under a use assessment (farm, forest or open space: Section 12-107a-f).

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49
Q

Under Non-Usable Codes: Define Auction

A

Sales of property at a public or private auction

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50
Q

Under Non-Usable Codes: #1

A

Family

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51
Q

Under Non-Usable Codes: #2

A

Love and Affection

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52
Q

Under Non-Usable Codes: #3

A

Inter Corporation

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53
Q

Under Non-Usable Codes: #4

A

Correcting Deed/Convenience

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54
Q

Under Non-Usable Codes: #5

A

Deed Date

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55
Q

Under Non-Usable Codes: #6

A

Portion of Property

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56
Q

Under Non-Usable Codes: #7

A

Change in Property

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57
Q

Under Non-Usable Codes: #8

A

Part Interest

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58
Q

Under Non-Usable Codes: #9

A

Tax Sale

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59
Q

Under Non-Usable Codes: #10

A

A Will

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60
Q

Under Non-Usable Codes: #11

A

Court Order

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61
Q

Under Non-Usable Codes: #12

A

Non-Buildable Lot

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62
Q

Under Non-Usable Codes: #13

A

Bankruptcy

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63
Q

Under Non-Usable Codes: #14

A

Foreclosure

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64
Q

Under Non-Usable Codes: #15

A

Government Agency

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65
Q

Under Non-Usable Codes: #16

A

Charitable Group

66
Q

Under Non-Usable Codes: #17

67
Q

Under Non-Usable Codes: #18

A

In Lieu of Foreclosure

68
Q

Under Non-Usable Codes: #19

69
Q

Under Non-Usable Codes: #20

70
Q

Under Non-Usable Codes: #21

A

Personal Property Exchange

71
Q

Under Non-Usable Codes: #22

A

Money and Personal Property

72
Q

Under Non-Usable Codes: #23

73
Q

Under Non-Usable Codes: #24

74
Q

Under Non-Usable Codes: #25

A

Other Reasons

75
Q

Under Non-Usable Codes: #26

A

Rehabilitation Deferred

76
Q

Under Non-Usable Codes: #27

A

Crumbling Foundation Assessment Reduction

77
Q

Under Non-Usable Codes: #28

A

Use Assessment

78
Q

Under Non-Usable Codes: #29

A

No Consideration

79
Q

Under Non-Usable Codes: #30

80
Q

What are the 6 steps in the Cost Approach?

A
  1. Estimate the land (site) value as if vacant and available for development to its highest and best use. 2. Estimate the total cost new of the improvement as of the assessment/appraisal date. 3. Estimate the total amount of depreciation from all causes 4. Subtract the total dollar amount of depreciation from the total cost new of the improvement. 5. Estimate the total cost new of any accessory improvements and site improvements. 6. Add site value to the depreciated cost of the primary improvements, accessory improvements and site improvements, to arrive at a value indication by the cost approach.
81
Q

What is 16 mills in decimals?

82
Q

What is $4 / $100 in decimals?

A

0.04 to confirm take 4 divided by 100

83
Q

What is $385 / $1000 in decimals?

84
Q

What is 7 mills in decimals?

A

0.007 to confirm take 7 divided by 1000

85
Q

Word Problem: Property Value (sales price) = $200,000 Assessed Value = $150,000 What is the level of Assessment?

A

Divide Assessed value by the Sales Price = Assessment level 150,000 / 200000 = 0.75

86
Q

How would you calculate the Effective Tax Rate?

A

To calculate, tax the assessment % x mill rate = EFT

87
Q

How do you calculate property tax?

A

Assessment $ x mill rate

88
Q

How do you calculate level of assessment?

A

Assessed value / Sales Price (Property Value) = level of assessment (Sales Price 200,000 / Assessed value $150,000 = .75)

89
Q

How do you calculate tax rate (mill rate)?

A

Take annual budget - any grants & revenues then divide by Assessment of town = mill rate (LEVY / LIST)

90
Q

How do you calculate market value?

A

Take assessed value / level of assessment (uniform assessment rate) = Market Value

91
Q

What is DMV Code 1?

92
Q

What is DMV Code 2?

A

Commercial

93
Q

What is DMV Code 3?

A

Combination

94
Q

What is DMV Code 4?

95
Q

What is DMV Code 5?

96
Q

What is DMV Code 6?

97
Q

What is DMV Code 7?

A

Public Service Bus

98
Q

What is DMV Code 8?

A

Interstate Bus

99
Q

What is DMV Code 9?

A

Service Bus

100
Q

What is DMV Code 10?

A

Commercial Trailer

101
Q

What is DMV Code 11?

A

Camp Trailer

102
Q

What is DMV Code 12?

A

Motorcycle

103
Q

What is DMV Code 15?

A

Handicapped Person

104
Q

What is DMV Code 21?

105
Q

What is DMV Code 22?

106
Q

What is DMV Code 23?

A

Experimental Test

107
Q

What is DMV Code 24?

108
Q

What is DMV Code 25?

A

Early American

109
Q

What is DMV Code 26?

A

General Dist. Bus

110
Q

What is DMV Code 27?

A

Legislative (CT)

111
Q

What is DMV Code 28?

A

Legislative (US)

112
Q

What is DMV Code 29?

A

Fire Apparatus

113
Q

What is DMV Code 30?

114
Q

What is DMV Code 31?

115
Q

What is DMV Code 32?

116
Q

What is DMV Code 33?

A

Firefighters

117
Q

What is DMV Code 34?

A

Temporary Reg

118
Q

What is DMV Code35?

A

Construction

119
Q

What is DMV Code 36?

A

Snowmobile

120
Q

What is DMV Code 37?

121
Q

What is DMV Code 38?

A

State Service Bus

122
Q

What is DMV Code 39?

A

All-Terrain

123
Q

What is DMV Code 40?

A

School Bus

124
Q

What is DMV Code 70?

125
Q

What is DMV Code 71?

A

Transporter

126
Q

What is DMV Code 72?

A

Assigned Dealer Plates

127
Q

What is the DMV Code for Passenger Vehicles?

128
Q

What is the DMV Code for Commercial Vehicles?

A

What is DMV Code 2?

129
Q

What is the DMV Code for Combination Vehicles?

A

What is DMV Code 3?

130
Q

What is the DMV Code for Farm Vehicles?

A

What is DMV Code 4?

131
Q

What is the DMV Code forLivery Vehicles?

A

What is DMV Code 5?

132
Q

What is the DMV Code for Taxis?

A

What is DMV Code 6?

133
Q

What is the DMV Code for a Public Service Bus?

A

What is DMV Code 7?

134
Q

What is the DMV Code for a Interstate Bus?

A

What is DMV Code 8?

135
Q

What is the DMV Code for a Service Bus?

A

What is DMV Code 9?

136
Q

What is the DMV Code for a Commercial Trailer?

A

What is DMV Code 10?

137
Q

What is the DMV Code for a Camp Trailer?

A

What is DMV Code 11?

138
Q

What is the DMV Code for a Motorcycle?

A

What is DMV Code 12?

139
Q

What is the DMV Code for a Handicapped Person?

A

What is DMV Code 15?

140
Q

What is the DMV Code for a Hearse?

A

What is DMV Code 21?

141
Q

What is the DMV Code for a Factory?

A

What is DMV Code 22?

142
Q

What is the DMV Code for a Experimental Test Vehicle?

A

What is DMV Code 23?

143
Q

What is the DMV Code for a Sphinx?

A

What is DMV Code 24?

144
Q

What is the DMV Code for a Early American Vehicle?

A

What is DMV Code 25?

145
Q

What is the DMV Code for a General Dist. Bus?

A

What is DMV Code 26?

146
Q

What is the DMV Code for a Legislative (CT) vehicle?

A

What is DMV Code 27?

147
Q

What is the DMV Code for a Legislative (US) vehicle?

A

What is DMV Code 28?

148
Q

What is the DMV Code for Fire Apparatus?

A

What is DMV Code 29?

149
Q

What is the DMV Code for a Golf Cart?

A

What is DMV Code 30?

150
Q

What is the DMV Code for a Camper?

A

What is DMV Code 31?

151
Q

What is the DMV Code for a Pyramid?

A

What is DMV Code 32?

152
Q

Firefighters

A

What is DMV Code 33?

153
Q

Temporary Reg

A

What is DMV Code 34?

154
Q

Construction

A

What is DMV Code35?

155
Q

Snowmobile

A

What is DMV Code 36?

156
Q

Ambulance

A

What is DMV Code 37?

157
Q

State Service Bus

A

What is DMV Code 38?

158
Q

All-Terrain

A

What is DMV Code 39?

159
Q

School Bus

A

What is DMV Code 40?

160
Q

Wrecker

A

What is DMV Code 70?

161
Q

Transporter

A

What is DMV Code 71?

162
Q

Assigned Dealer Plates

A

What is DMV Code 72?

CCMA (3 decks)

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