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 (4%)
- Types of Value (6%)
- Economic Principles (6%)
- Real Estate Markets and Analysis (5%)
- Property Description (10%)
- Highest and Best Use Analysis (9%)
- Appraisal Math and Statistics (4%)
- Sales Comparison Approach (10%)
- Site Value Methods (4%)
- Cost Approach (6%)
- Income Approach (15%)
- Valuation of Partial Interest (1%)
- Appraisal Standards and Ethical Concerns (15%)
The exam-taker will have eight 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 exceed 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 exam, the individual interested in pursuing certification must have completed at least 300 hours of courses related to appraising property including the 15-hour National USPAP course or an equivalent course, a bachelor’s degree or higher, and at least 3000 hours of appraisal experience with at least half of that time spent appraising non-residential properties.
If the individual meets these 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.
We also have flash cards for this exam that can help you prepare even better for this exam.
