The exam consists of 165 multiple-choice questions, 150 of which are scored and 15 that are not scored, that are related to the following areas:
- Factors that Affect Real Estate Value (5%)
- Legal Concerns (5%)
- Types of Value (5%)
- Economic Principles (5%)
- Real Estate Markets and Analysis (4%)
- Property Description (11%)
- Highest and Best Use Analysis (9%)
- Appraisal Math and Statistics (3%)
- Sales Comparison Approach (15%)
- Site Value Methods (5%)
- Cost Approach (9%)
- Income Approach (7%)
- Valuation of Partial Interest (1%)
- Appraisal Standards and Ethical Concerns (16%)
The exam-taker will have six hours to complete the exam and the exam-taker will receive a pass/fail grade based on whether or not he or she makes enough correct responses to meet or exceeds the threshold set by the AQB or the local licensing authority.
The exact number of correct responses required to pass the exam varies from jurisdiction to jurisdiction depending on the exact version of the exam that each administrator is using
In order to register for the USPAP Certified Residential Appraiser Exam, the individual interested in pursuing certification must have completed at least 200 hours of courses related to appraising property including the 15-hour National USPAP course or an equivalent course, an associate’s degree or higher, and at least 2500 hours of appraisal experience.
If the individual meets the experience and education requirements, he or she may register for the exam by contacting the local licensing authority for the area in which he or she is pursuing a career.
Sample Questions
Q:1-The interests, benefits, and rights inherent in the ownership of real estate is defined as:
Mark one answer:
Real Estate
Personal Property
Real Property
Investment Property
Q:2-The definition of 'Real Estate' is:
Mark one answer:
The interests, benefits, and rights inherent in the ownership of real estate.
An identified parcel of land, including improvements, if any.
Identifiable portable and tangible objects.
None of the above
Q:3-The appraiser must recognize that land is appraised as:
Mark one answer:
Though Vacant
Available for development to its highest and best use
That the appraisal of improvements is based on their actual contribution to the site.
All of the above
Q:4-In developing a real property appraisal, when the value opinion to be developed is market value, an appraiser must analyze any prior sale of the subject property that occurred within the following minimum time periods:
Mark one answer:
One year for all property types
One year for one-to-four family residential property and three years for all other property types
Three years for all property types
One year for Single family residential properties and three years for all other property types.
Q:5-When applicable, the appraiser must consider and analyze the cash flow return(s) and reversion(s) to the specified investment position over a projected time period(s), when performing:
Mark one answer:
A) Real estate or Real property consulting services
B) Market analysis
C) Cash flow and/or investment analysis
D) Both A and C
Q:6-When can a review appraiser form an opinion of value different from that in the report being reviewed.
Mark one answer:
A Review appraiser cannot form an opinion of value because doing so would violate Standards Rule 2-2.
A Review appraiser can always form an opinion of value different from the report being reviewed when the reviewer determines the original appraiser's conclusions, opinions and analyses were not founded.
Only when the value is stated on a separate appraisal report in conformity with Standards Rule 2-2.
The Opinion of value may be set forth in the review appraisal report, provided that they comply with Standards Rule 3-2.
Q:7-A Retrospective appraisal is:
Mark one answer:
When the effective date of the appraisal is prior to the date of the report.
When the effective date of the appraisal is after the date of the report.
When the valuation is related to proposed developments.
When the opinions are intended to reflect the current expectations and perceptions of market participants along with available factual data.
Q:8-The test used to determine whether or not an article is a fixture depends on all of the following conditions EXCEPT:
Mark one answer:
reasonable intent of the party attaching the object.
adaptation of the object.
cost of the item being attached.
method of attachment.
Q:9-The legal ownership rights in real estate are limited by all of the following conditions EXCEPT:
Mark one answer:
private voluntary restrictions such as deed restrictions.
the law of nuisance.
supply of real estate in the marketplace.
public limitations such as eminent domain.
Q:10-The legal estate in land that provides the highest degree or extent of ownership rights recognized by law may be referred to by which of the following terms?
Mark one answer:
Fee
Fee simple
Fee simple absolute
All of the above
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