USPAP certified residential appraiser Test

Detailed USPAP CERTIFIED RESIDENTIAL APPRAISER Test Description

The Uniform Standards of Professional Appraiser Practice (USPAP) Certified Residential Appraiser Exam is a certification examination designed by the Appraiser Qualifications Board (AQB) and administered by a variety of administrators throughout the United States that is used to determine whether or not an individual has the knowledge necessary to appraise residential properties with certain restrictions.

This exam, which is very similar to the USPAP Licensed Residential Appraiser Exam, assesses the individual’s understanding of a variety of topics related to appraising residential properties including factors that affect the value of properties, legal concerns, economic principles, real estate analysis, appraisal statistics, and a variety of other similar topics.

This exam, or an equivalent exam if another appraiser exam is offered by the local licensing authority, is required in order to become a certified residential appraiser. A certified residential appraiser is legally allowed to appraise any residential property with less than five units regardless of the value of the property.

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%)

In summary, here's what you get:

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• Extreme Statements
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Comprehensive sections covering:

• Economic Theories
• Marginal Utility
• Keynesian Theory of Economics
• Monetary Policy
• Federal and Local Governments Influence
• Legal Considerations
• Economic Characteristics of Real Property
• Limitations on Real Estate Ownership
• Zoning Ordinances
• Encumbrance, Lien, Lease and Encroachment
• Real Property Legal Rights and Interests
• Easements Appurtenant and Easements in Gross
• Real Property Legal Rights and Interests
• Categories of Easements
• Forms of Property Ownership
• Co-ownership, Cooperative Ownership and Community
• Property
• Types of Co-ownership
• Legal Descriptions
• Township Squares
• Rectangular Survey
• Lot and Block System
• Access and Adjoining Property
• Geodetic Surveying and Global Positioning Systems
• Characteristics of Real Estate Markets
• Real Estate Market Analysis
• Business Cycles and Real Estate Cycles
• Real Estate License Laws
• Brokerage
• Absorption Analysis
• Competing Investments
• Capital Markets
• REITs (Real Estate Investment Trusts)
• Mortgage Backed Security
• Role of Money and Capital Markets
• Real Estate Financing
• Adjustable-rate Mortgages (ARMs)
• Traditional and Creative Mortgage Financing
• Agricultural Loan Programs
• Wraparound Loans
• Appraisal Standards: Introduction
• Professional Appraisal Practice
• USPAP Ethics Rule
• Departure Rule
• Appraisal Standards: Statements
• Marketing Time Opinions and Exposure Time
• Unacceptable Assignment Conditions
• Appraisal and Valuation Process
• Reconciliation
• Appraisal Process
• Retrospective Date, Prospective Date, Current Date
• Collection and Analysis of Data
• Cost Approach
• Encumbrances, Leases, Reservations
• Riparian Rights
• Energy Chargeback
• Gross Building, Rentable, Occupied and Usable Area
• Building Owners and Managers Association
• Analysis of Highest and Best Use
• Private Restrictions
• Reasonable Probability of Change
• Economic Feasibility of Change
• Cost to Remove Restrictions
• Dedications and Improvements
• Ground Rent Capitalization
• Government Regulations
• Truth-in-Lending Act
• Interstate Land Sales Full Disclosure Act
• Comparable Better Subtract
• Direct Capitalization
• Limitations of the Cost Approach to Value
• Equity Buildup and Pyramiding
• Reconciliation and Final Value Estimate
• Communicating the Appraisal Report
• Valuation of Partial Interest
• Quantitative Techniques
• Time Value of Money
• Present Value and Future Value
• Annuity
• Depreciation Formulas
• Specialized Knowledge

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