Guidebook Comp

Comprehensive Examination Guidebook
Effective November 11, 2022
Copyright © 2022 Appraisal Institute. All rights reserved.

Printed in the United States of America. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any
form or by any means, electronic, mechanical, photocopy, recording or otherwise, without the prior written consent of the publisher.
COMPREHENSIVE EXAMINATION GUIDEBOOK
Table of Contents
Section: 1 Policies and Procedures – Applicable to all Exams ............................................ 3

Testing Windows, Exam Times & Fees .................................................................................................... 3
Eligibility Requirements ........................................................................................................................... 4
Registration and Scheduling ................................................................................................................... 4
Cancellations, Credits & and Rescheduling ........................................................................................... 6
No-Shows and Re-Authorizations............................................................................................................. 7
Required Identification and Name Corrections ...................................................................................... 7
Calculators ................................................................................................................................................ 8
Spreadsheet Notepad Feature ................................................................................................................. 8
Formulas .................................................................................................................................................... 8
What is Permitted in the Examination Room? ....................................................................................... 9
Misconduct ................................................................................................................................................ 9
Report Exam Misconduct ....................................................................................................................... 10
Pearson VUE Complaints ........................................................................................................................ 10
Exam Results .......................................................................................................................................... 11
Equivalencies .......................................................................................................................................... 11
Americans with Disabilities Act (ADA) .................................................................................................. 12
Section 2: Study Tips and Recommended Courses/Textbooks.......................................... 13

Comprehensive Examination Tips ......................................................................................................... 13
What Can I Use to Study for the Comprehensive Examination? ......................................................... 14
AI Recommended Course and Textbook Study Materials ................................................................... 16
Purchasing Course Materials................................................................................................................. 20
Comprehensive Examination Preparation Courses.............................................................................. 20
Section 3: Exam Purpose and Sample Questions ............................................................. 21

General Comprehensive Examination (MAI path) ................................................................................ 21
Residential Comprehensive Examination (SRA path) .......................................................................... 30
General Review Comprehensive Examination (AI-GRS path) .............................................................. 34
Residential Review Comprehensive Examination (AI-RRS path) ........................................................ 34
2 | Comprehensive Examination Guidebook 11/11/22cv

Section: 1 Policies and Procedures – Applicable to all Exams
The Comprehensive Examination Guidebook provides details regarding policies and procedures relating to the
Comprehensive Examination requirement for admission to MAI, SRA, AI-GRS and AI-RRS Designated
membership. It is a companion document to Regulation No. 1, 2 and 3. Definitions of terms used in this
guidebook are provided in Regulation No. 1, 2 and 3. Wherever this guidebook grants permission to a Chair or
Vice Chair of a body to appoint a person or persons to perform a task, the same appointive permission is
extended to any person who is designated by the Chair or Vice Chair to make such appointments.
This guidebook provides a detailed overview of what each Comprehensive Examination covers on each
designation path and how to best prepare for these examinations. Sample questions taken from previous
examination versions are provided at the end.
Testing Windows, Exam Times & Fees
All Comprehensive Examinations are administered during a specified 30-day testing window through
computerized testing at Pearson VUE Professional Testing Centers Examinees have the flexibility to schedule
the modules in any order and in any fashion that they choose, subject to hours and availability at Pearson VUE
testing centers.
Modules cannot be taken outside the dates specified for each 30-day testing window.
The following times are allotted for each module:
General Comprehensive Examination (requirement for MAI membership)

• Module I: General Concepts ...................................... 3.5 hours (210 minutes)
• Module II: Cost Approach / HBU ................................ 3.5 hours (210 minutes)
• Module III: Income Approach ..................................... 4 hours (240 minutes)
• Module IV: Sales Comparison Approach ................... 4 hours (240 minutes)
Residential Comprehensive Examination (requirement for SRA membership)

• Module I: Residential Appraisal Concepts ................ 4 hours (240 minutes)
General Review Comprehensive Examination (requirement for AI-GRS membership)

• Module I: General Appraisal Concepts ...................... 3.5 hours (210 minutes)
• Module II: General Review Theory ............................. 3.5 hours (210 minutes)
Residential Review Comprehensive Examination (requirement for AI-RRS membership)

• Module I: Residential Review Theory ........................ 3.5 hours (210 minutes)
Payment is taken at the time of registration via the Candidate’s AI account. The exam fee is $150 per module
taken. These fees are based on Pearson VUE’s seating fees and exam development. Fees are subject to
change.

Eligibility Requirements
To be eligible to sit for the Comprehensive Exam, Candidates for Designation must have:
a) attended all required courses;

b) received a passing grade on all required course examinations;
c) received credit for the degree requirement; and
d) complete the Standards & Ethics requirement: the completion of both Business Practices & Ethics
and their respective Standards (i.e., USPAP, IVS).
If examinees have not met these requirements, they will not have access to the comp registration page on their
AI account. Any required course examinations must be taken at least six (6) weeks prior to the start date of
the Candidate’s desired 30-day testing window, to allow time for grading and notifying the Candidate of the
results.
Questions regarding these requirements? Please contact (312) 335-4111 or [email protected].
Registration and Scheduling
Candidates may register for the Comprehensive Exam by logging into their AI account and clicking into their
Candidate Checklist through “View Requirements.”
In the Candidate Checklist, click on the “Comprehensive Examination” link. The following page will allow for
the selection of a testing window. Candidates may choose which module(s) they want to take during each
testing window and are not required to sit for all modules during a testing window.
Candidates must complete an application—which will remain accessible until registrations for each module are
activated—each time they register for modules in a particular window. Click the checkboxes next to each
module to select which module(s) to register for in a specified testing window. For example, examinees may
choose Module 1 for the April testing window and Module 2 for the August testing window.
Note: Examinees may not register for the same module in multiple testing windows at the same time. For
example, if examinees register for Module 1 in the August window, they cannot register for Module 1 again
until they receive their exam results (or it will cancel the registration).
When completing the application, choose a window and which modules to be taken. Note: All modules will be
selected by default, but “uncheck” the boxes next to the module(s) that will not be taken.
The registration page allows examinees to enter their legal name; they should enter their name exactly as it
appears on their valid state/federal identification card, otherwise they may be ineligible to sit for an exam(s).
See more information under the section, “Required Identification and Name Corrections.”

Then contact Pearson VUE to schedule the exams. Examinees are responsible for scheduling their own
exam appointments. Do not wait until the last minute! Schedule modules via Pearson’s website or its call
center at (877) 894-3483. Pearson VUE testing center information and locations can be found at:
http://www.pearsonvue.com/ai/
Once registered, a Candidate can schedule their exam appointments with Pearson VUE. Examinees may
register until the day before the testing window begins. AI Admissions cannot accept new registrations once a
testing window is in session.
Last-minute applicants often do not get their first choice of exam dates and/or location. Examinees may have
to travel to another Pearson location if a local testing center is full. In past cases, some last-minute examinees
have had to go out of state. Testing centers generally begin to fill up four (4) to six (6) weeks before a testing
window begins, so recommended submission dates are set six (6) weeks prior to the start of a testing window.
Seats at Pearson VUE testing centers are scheduled on a first-come, first-served basis; the Appraisal Institute
cannot guarantee availability nor schedule exam appointments for Candidates. For this reason, all examinees
should register as soon as possible but no less than six (6) weeks prior to the examination window start
date.
To apply for accommodations under the Americans with Disabilities Act, please see this section.
Examinee’s experiencing problems with Pearson VUE’s website, please contact online Customer Service. The
Appraisal Institute and Pearson VUE are separate organizations with separate websites and databases. AI staff
DO NOT have access to Pearson VUE account login information.
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Cancellations, Credits & and Rescheduling
Candidates must request a cancellation before the last day of the testing window. AI Admissions cannot
accept cancellation requests after the window has ended.
If an examinee experiences an emergency, they should contact Admissions at (312) 335-4111 at the very
earliest opportunity to notify the staff of the situation.
Candidates may choose to cancel their exam registration, and their exam fees will be returned as a credit on
their AI account (fees are non-refundable). Credits will be available for 5 years from the date the credit is
issued.
Candidates may use their credit for any AI fees, such as dues, courses, books, etc. Questions about how to use
a credit? Please contact AI Staff at [email protected].
Candidates may re-schedule any exam appointment(s) to other date(s) within the same testing window, but
they must contact Pearson VUE at least 24 hours in advance of their exam date. If examinees give adequate
notice, there is no fee to reschedule, and they do not need permission from the AI Admissions department.
If Candidates want to change any module(s) to a different window, they must follow these steps to cancel
their current registration. Once they receive credit, they may use the credit to sign up for the window of their
choice.
1. Contact Pearson VUE at least 24 hours prior to the exam date and cancel the exam appointments for
the module(s).
2. Pearson will send a confirmation email for each canceled module.
3. Please send all cancellation emails to [email protected] and make a cancellation request.
4. Once AI Admissions receives proof of cancellation, the Admissions staff will cancel the registration and
issue a credit. Candidates will receive a confirmation email when the credit has been processed.
If an examinee does not attend their scheduled Pearson VUE exam appointments, or does not follow the
above cancellation request process, exam fees for that testing window shall not be refunded nor applied to
another window.
NOTE: The cancellation policy that appears in Pearson VUE confirmation e-mails are their generic policy and is
superseded by this policy.

No-Shows and Re-Authorizations
Re-Authorization
If a Candidate misses a scheduled exam appointment, they can arrange re-authorization for that module and
schedule it again for one of the remaining days of the exam window. It costs $150 to re-authorize a module.
Re-authorizations are not available on the last day of a testing window, and seating is subject to availability.
For more information, please contact the Admissions staff.
No-Shows
A module is considered a “no-show” if the examinee did not attend their scheduled exam appointment and did
not contact Pearson VUE to cancel the appointment at least 24 hours in advance. No-show modules are not
eligible for exam fee credit.
Required Identification and Name Corrections
When checking in at the Pearson VUE testing center, bring two (2) forms of identification. The primary ID must
be a valid official state identification with the Candidate’s photo and signature. The only acceptable forms are
driver's license, passport, national/state/province ID, military ID, alien registration card. The secondary ID must
contain the Candidate’s name and signature; examples include credit/bank card or social security card.
IMPORTANT!
1. Both IDs must be valid (unexpired & undamaged), original (no photocopies), and must exactly
match the Candidate’s first & last name as it appears on the exam registration at Pearson VUE,
otherwise Pearson VUE will not permit the examinee to take the examination(s)!
2. When registering for the Comprehensive Exam, the application will have a box to type the
examinee’s first and last name as it appears on their forms of ID. Please make sure to type the
name exactly as it appears on the IDs.
If the name on the exam registration at Pearson VUE does not match the name on the IDs, please contact AI
Admissions at [email protected] as soon as possible so this can be changed. If a Candidate misses
their exam(s) due to name-matching issues or failure to present valid identification, they may need to pay an
additional fee to re-authorize the missed module(s). Appraisal Institute and Pearson VUE are not responsible
for problems and/or fees incurred from identification issues.

Calculators
The following calculator models are recommended: Hewlett-Packard (HP) models 10B, 10Bii, 12C, 17Bii,
17Bii+, 19Bii, and Texas Instruments (TI) model BA II PLUS. All calculator memories must be cleared before
and after the exam. Calculator instruction manuals are not permitted in the testing room. An examinee may
only use one (1) calculator in the testing room at a time.
Calculator maintenance and function are the examinee’s responsibility! Appraisal Institute and Pearson VUE
are not liable if an examinee’s calculator malfunctions during the exam, and no extra time will be granted.
Examinees are encouraged to change batteries before their exam or bring backup batteries/calculator with
them to the testing center. Extra calculator supplies must be stored with other personal belongings during the
exam and may not be accessed unless the original calculator malfunctions.
Spreadsheet Notepad Feature
Certain modules of the exam will feature a spreadsheet notepad for each question. The spreadsheet notepad
is similar to Microsoft Excel, and all of the standard financial formulas used on the Comprehensive Exam can
be used in the notepad. The notepad contains several blank spreadsheet tabs, and any data entered in the
sheets will carry over in advancing through the exam. Examinees cannot create pivot tables and graphs and
cannot add rows and columns. An examinee will be able to open and close the notepad at their discretion.
Use of the spreadsheet notepad is completely optional. It is simply an additional resource, like a calculator.
Some questions may not necessarily require a spreadsheet to solve them.
Note: The spreadsheet notepad will NOT be graded. Examinees must select their answers from the multiple-
choice options provided for each question.
As of August 1, 2022, the spreadsheet notepad is currently enabled for the following Comprehensive Exam
modules. The feature will be enabled to additional modules in the future.
• All modules of the General Comprehensive Exam (MAI path)
• All modules of the General Review Comprehensive Exam (AI-GRS path)
Formulas
A list of basic formulas is provided only for General Comp Exam Module III (Income Approach). These formulas
are adequate for solving the questions in the module. The formula list is incorporated into the computerized
exam format (i.e., not a separate paper handout).

What is Permitted in the Examination Room?
Pearson VUE maintains a high level of security in its testing centers. The ONLY item permitted in its testing
rooms is a financial calculator.
All other personal items are strictly prohibited, including but not limited to cell phones, wallets, bags, purses,
iPads/tablets, music players, food & drink, etc. All scratch paper, notes, books, and financial tables are also
prohibited. The testing center will provide a private locker to store personal items during the exam. Pearson
VUE will provide TWO (2) laminated, dry-erasable whiteboard booklets. Each booklet contains six (6) double-
sided pages.
Please keep in mind that Pearson VUE can allow or prohibit any items in its testing rooms at its discretion.
Before entering the testing room, the testing center staff may ask to check an examinee’s pockets to ensure
there are no prohibited items.
Pearson VUE can also provide sound-cancelling headphones and/or earplugs by request.
If a Candidate needs to take medicine or use any medical devices during the exam, they MUST notify the
Admissions Department at least six (6) weeks before the exam to obtain approval by Pearson VUE. Without
prior approval, Pearson VUE may prohibit the use of these items. All medical arrangements must be cleared in
advance with the Admissions Staff and Pearson VUE. For more information about disability accommodations,
please refer to the “Americans with Disabilities Act (ADA)” section of this document.
Misconduct
Engaging in misconduct relating to the Comprehensive Examination is prohibited. Misconduct includes, but is
not limited to, the following:
• Unauthorized communication with another examinee or party while the examination is in progress;
• Copying or attempting to view another examinee’s answers, worksheets, or work product or allowing
another examinee to see answers, worksheets, or work product;
• Improperly possessing or using any unauthorized reference materials, textbooks, notes, equipment, or
devices while the examination is in progress;
• Taking an examination for another person or arranging for another person to take an examination in
the examinee’s name;
• Disclosing, using, publishing, copying, reproducing, or transmitting examination content, in whole or in
part, by any means or for any purpose;
• Failing to comply with written or oral instructions related to the examination; and
• Failing to comply with the provisions of the Examination Certification.
To ensure the integrity of the Comprehensive Examination, the Appraisal Institute will investigate any
misconduct or suspected misconduct relating to an examination. If an examinee is found to have engaged in
misconduct relating to the Comprehensive Examination, the Appraisal Institute will not grade or will assign a

failing grade to the examination. If possible, conduct is observed while the examination is in progress, the
exam may be confiscated.
Possible misconduct may also be referred to the Professional Practice department for review and possible
disciplinary action under Regulation No. 6. In addition, the Appraisal Institute may initiate civil or criminal
proceedings against the examinee as appropriate.
Report Exam Misconduct
Information regarding suspected or observed misconduct or other acts of unethical behavior relating to the
examination should be reported to the Professional Practice department of the Appraisal Institute. Reports of
suspected misconduct are treated confidentially and are fully investigated in accordance with the Appraisal
Institute’s commitment to ensuring the integrity of the Comprehensive Examination.
Pearson VUE Complaints
Each Pearson VUE location keeps a manual containing the exam policies of its client institutions, including the
Appraisal Institute. If examinee’s experience a minor issue such as being given the wrong type of whiteboard,
please politely ask the testing center staff to check the manual for AI’s Comp Exam policies. Minor problems
are usually fixed immediately.
If an examinee has comments/complaints about their Pearson VUE experience, please submit a case report
before leaving the testing center. Pearson VUE follows up on all comments/complaints with the examinee
privately.
Appraisal Institute examinees are expected to respect and abide by Pearson VUE’s policies. Refusal to comply
could result in actions including but not limited to, expulsion from the testing center and/or forfeiture of exam
fees.

Exam Results
After the end of the testing window, exam results are collected by Pearson VUE and sent to the Admissions
Department. AI Admissions does NOT receive exam results for individual examinees as they take each module.
Pearson VUE sends this information to us after the end of the testing window. In the interest of ensuring exam
confidentiality and fairness for all examinees, exam results are issued after all testing is completed. Exam
results may be viewed in an examinee’s AI account.
Exam results will be accessible to examinees approximately five to 10 business days after the END of the
testing window. Examinees will receive an email notification when their exam results are ready.
Please do NOT call the National Office to inquire about exam results. If an examinee has not received exam
results more than two (2) weeks from the end of the testing window, please contact the Admissions
Department at [email protected].
All exams undergo two gradings: first by Pearson VUE (PV) and its grading system when sending the results to
AI; and second, by AI staff when importing the candidates’ answers into AI’s system, NetForum. AI staff verifies
these two entirely separate grading systems generate the same results. The Comprehensive Examination Panel
may in its discretion choose to direct AI staff to re-grade one or more comprehensive examinations.
Equivalencies
General Candidates and General Review Candidates shall receive equivalency credit for passing Module I
(“General Concepts” modules) of either the General Comprehensive Exam or the General Review
Comprehensive Exam.
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Americans with Disabilities Act (ADA)
The Appraisal Institute is committed to ensuring access to its examinations for all individuals with disabilities.
The Appraisal Institute will provide reasonable and appropriate accommodations to individuals with
documented disabilities who demonstrate a need for accommodations. Follow the steps for submitting
documentation. Requests for accommodations are considered on a case-by-case basis.
Reasonable efforts will be made to accommodate individuals whose requests are received at least six (6)
weeks prior to the testing window. If approved, AI Admissions cannot guarantee that the requested
accommodation(s) will be available at the preferred Pearson VUE testing center and/or during the preferred
testing window. Please submit a request as early as possible to maximize the likelihood of approval on an
accommodation(s) for a preferred testing window at a preferred Pearson VUE testing location. Applicants must
resubmit documents if their disability status or requested accommodation changes.
Allow 30 business days for review of ADA materials.
AI Admissions will notify Candidates by email of a decision. If approved for accommodations, AI Admissions will
provide instructions for scheduling the accommodated exams with Pearson VUE’s Accommodations Team.
Please then contact Pearson VUE to schedule the exam appointments. Schedule the exams as soon as
authorization is granted, as AI Admissions cannot guarantee that the preferred testing center locations will
have the facilities available for an accommodated exam during the preferred testing window. Make sure to
provide AI Admissions with a current, accurate email address.
If an accommodation request is denied, an examinee may appeal that decision by completing and filing a
Candidate Appeal Form.
1. Read the Documentation Guidelines for Candidates Requesting Examination Accommodations.

2. Print a copy of the Accommodations Request Form for the disability and complete the appropriate
sections. A completed Accommodation Request Form shall remain valid for one (1) year from the date
of submission. The form will be considered for examinations occurring within the one (1) year period.
3. If not already completed, give the evaluator (doctor, psychologist) a copy of the Accommodations
Request Form and the Documentation Guidelines for Evaluators for the disability. The evaluator
should complete the relevant sections of the form and make sure that the documentation he/she
provides meets our guidelines. In most cases, the evaluator will be a psychologist or doctor who
administers a series of psychological, educational, or medical tests and provides a copy of a
diagnostic report or a detailed letter.
4. After the completion of the Accommodations Request Form and the gathering of all supporting
documentation, scan, and email the documents to [email protected] or fax (312) 335-
4283.

Section 2: Study Tips and Recommended Courses/Textbooks
Comprehensive Examination Tips
The purpose of the Comprehensive Exam is to evaluate an examinee’s ability to apply their appraisal
knowledge and experience to solve real property valuation problems at a level expected of an Appraisal
Institute Designated member. An examinee will be tested on personal appraisal knowledge and experience,
together with the ability to use sound reasoning and judgment to solve appraisal problems.
Classic Exam Strategies
• There is no penalty for guessing, as only correct answers are counted in the final score. All questions
left blank will be marked as incorrect.
• Time management is critical. It is suggested to answer the easier questions first and flag the harder
ones for later. There is a flag feature on the exam at Pearson VUE. Examinees can review their
answers before completing the exam.
• Be familiar with the allotted time given to complete a module, so to know how much time is needed for
each question. For example, Module II of the General Comp Exam is 210 minutes and contains 50
scored questions—which gives an examinee slightly more than four (4) minutes for each question.
• Read each question carefully. Examinees should make sure exactly what the question is asking before
they start of solving it.
• If skipping ahead or trying to anticipate where a question is going, the more likely it will be answered
incorrectly. Don’t assume or insert data into a question; rely solely on the information provided.
• Math skills, such as geometry, algebra, statistics, and an understanding of basic finance, are
necessary to successfully complete all modules. Furthermore, understand how to interpret legal
descriptions, understand degrees and angles (right angle vs. circle), volumes, and other topics as
basic as direction (north, south, east, and west).
• Distractors (incorrect answer choices) are often derived from common mistakes, including incorrect
keystrokes. This is a common practice on high-level exams.
• The exam questions mirror problems faced by appraisers in their daily lives and many questions were
derived from real-life scenarios and applications.
• It may be possible to narrow down the correct answer with logic and reasoning.
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What Can I Use to Study for the Comprehensive Examination?
Comprehensive examination critiques (if already taken the exam)

Comp Exam critiques show the subject areas (categories) tested in that module, and how many questions
missed in each category. Each question in a module is assigned to only one category. When studying for re-
exams, focus on any categories with 3-4 or more missed questions. Improving in a few key areas tends to be
more effective than trying to “study everything.”
Try searching the most-missed categories in the index & table of contents of the course materials and
textbooks. This can help create a targeted list of chapters/lectures/pages to study. Try comparing Comp Exam
critiques to critiques from designation education courses. It’s likely the same topics/concepts will appear in
both.
Qualifying education (QE) course materials and exam critiques

Qualifying education material is some of the most valuable study material for the comprehensive examination.
Much of the basic information found in these materials are the foundation for examination questions.
Examinees tend to be more successful when they’ve studied a breadth of resources, including QE and
textbooks. Comp modules are not “re-tests” of the Qualifying Education courses. Study areas that parallel
Comp Exam topics.
Designation education course materials and exam critiques

Some examinees study only their Designation Education course materials. These are excellent study resources,
but don’t limit to just these materials! Examinees tend to be more successful when they’ve studied a breadth
of resources, including QE and textbooks. Comp modules are not “re-tests” of the Designation Education
courses – the Comp is the next step beyond these courses. Examinees are expected to integrate classroom
knowledge with critical thinking and their own professional experience.
Critiques are not meant to calculate a score, but generally, the more categories listed in the critique, the lower
the passing score. Our research shows that Candidates who score just above passing on their designation
education course exams (70-80%) tend to have more difficulty passing the corresponding Comp modules,
whereas those who have higher scores (85%+) tend to have less difficulty. Study areas that parallel Comp
Exam topics.
Self-study quizzes and “Digging Deeper” exercises

The course materials contain self-study quizzes and/or “Digging Deeper” exercises, depending on the course
(these are usually at the end of each lesson). These exercises are designed to take the concepts taught in the
lesson to the next level of difficulty, critical thinking, and applications. These exercises are excellent practice
for the Comp Exam, and they are highly recommended by the Comprehensive Exam Panel.
Contacting the local chapter

An examinee’s local chapter may also have resources available. For example, try forming a study group with
other Candidates in the area, or see if anyone in the Chapter offers tutoring, or ask if the chapter has any AI
course materials or textbooks to borrow, etc.

AI textbooks
AI textbooks make excellent study resources, and some of them contain practice questions (for more
information please see “List of Courses & Textbooks” on page 6 of this document). Some of these
recommended books are also available together in a book package: Supplemental Study for AI Comp Exam
Bundle. The book Practice Examination Questions for Real Estate Appraisers is designed for the state
certification exams, not the Comp Exam. Examinee can use it to practice the fundamental concepts, but please
keep in mind that these questions are much simpler than Comp questions. If using this book for Comp prep,
the score should be over 90% correct on the questions (ideally 100%) to adequately prepare for the exam.
Re-take courses and exams related to the module(s)

If re-taking a course for Comp preparation, please take the course exam too. It is not required, but it’s the only
way to evaluate performance in the course (and if it’s a designation education course, a critique will be
provided).
Find additional study material in the Lum Library

Candidate benefits include free access to the Lum Library. Lum Library Senior Manager, Eric Goodman, can
also help with finding articles & other material pertaining to topics an examinee is struggling with.
Practice fundamental skills
Basic math skills • These are extremely important for success on the exam, so make sure to dedicate
some study time to these concepts as well! (Examples: addition, subtraction, multiplication, division,
decimals, fractions, ratios, algebra, geometry, statistics, etc.)
Critical thinking • At its core, the Comp focuses much more heavily on problem solving, as opposed
to rote memorization. Successful examinees will have sound logic, judgement, and strong critical
thinking skills.
Calculator fluency • Calculator technique should be flawless. Many examinees miss questions due to
simple calculator errors. For extra practice, try using a calculator in daily work in the weeks leading up
to the exam.
Exam strategies • It’s always helpful to employ classic test-taking strategies. For more information,
see the “Classic Exam Strategies” section on page 11 of the Comp Guidebook.
Testing environment • Consider preparing for the testing environment itself. For example, Pearson
VUE testing centers provide whiteboard booklets in lieu of scratch paper, so try using a whiteboard for
calculations while studying at home. Or try timing the time it takes to complete the practice questions.

AI Recommended Course and Textbook Study Materials
As recommended by the Comprehensive Examination Panel.
Click the links below to search these courses/textbooks on the Appraisal Institute website.
Key: Dots (•) indicate AI courses. Arrows () indicate AI textbooks.
General Comprehensive Exam (MAI path)
Module I: General Concepts

• General state-certification courses (qualifying education)
• Basic Appraisal Principles and Procedures

• General Appraiser Market Analysis and Highest & Best Use
• General Appraiser Site Valuation & Cost Approach
• General Appraiser Income Approach/ Part 1 and Part 2
• General Appraiser Sales Comparison Approach
• Real Estate Finance, Statistics, & Valuation Modeling
 Market Analysis for Real Estate, 2nd ed.

 An Introduction to Statistics for Appraisers
 The Appraisal of Real Estate, 15th ed.
Outstanding overall resource; a must-read!
 The Student Handbook to The Appraisal of Real Estate, 15th ed.
Use with TARE 15th ed. (practice questions)
 The Dictionary of Real Estate Appraisal, 6th ed.
Module II: Cost Approach, Highest and Best Use, and Feasibility

• Advanced Market Analysis and Highest & Best Use (or old Courses 520, 530, 550)
 In Defense of the Cost Approach: A Journey into Commercial Depreciation

Module III: Income Capitalization Approach
• Advanced Income Capitalization (or old Courses 510, 550)
 Capitalization Theory and Techniques Study Guide

Excellent text for income-related topics
 Rates and Ratios Used in the Income Capitalization Approach
Module IV: Sales Comparison Approach


• Quantitative Analysis
• Advanced Concepts & Case Studies (or old Courses 530, 550)
Note: The book Practice Examination Questions for Real Estate Appraisers is designed to help students
prepare for the state-certification exams, not the Comp Exam. However, this is a good resource for practicing
the fundamental concepts covered in all Comp modules. These questions are much simpler than Comp
questions, so strive for 100% correct on these questions to adequately prepare for the Comp.
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Residential Comprehensive Exam (SRA path)
Module I: Residential Appraisal Concepts

Residential state-certification courses (qualifying education)
• Residential Market Analysis and Highest & Best Use
• Residential Site Valuation and Cost Approach
• Residential Sales Comparison and Income Approaches
• Residential Report Writing and Case Studies
• Real Estate Finance, Statistics, and Valuation Modeling
• Advanced Residential Applications and Case Studies, Part I
• Advanced Residential Report Writing, Part II
General Review Comprehensive Exam (AI-GRS path)
Module I: General Appraisal Concepts

• General state-certification courses (qualifying education)




Module II: General Review Theory
• Review Theory – General
• Review Case Studies – General
 Review Theory and Procedures: A Systematic Approach to Review in Real Property Valuation
The general state-certification courses listed above for Module I are also useful resources for Module II.
Residential Review Comprehensive Exam (AI-RRS path)
Module I: Residential Appraisal Concepts & Review Theory

• Residential state-certification courses (qualifying education)
• Residential Market Analysis and Highest & Best Use
• Residential Site Valuation and Cost Approach
• Residential Sales Comparison and Income Approaches
• Real Estate Finance, Statistics, and Valuation Modeling
• Advanced Residential Applications and Case Studies, Part I
• Review Theory – Residential

• Review Case Studies – Residential
 Review Theory and Procedures: A Systematic Approach to Review in Real Property Valuation

Purchasing Course Materials
Candidates who are registered for the Comp Exam may purchase Qualifying Education and Designation
Education course materials to assist with their exam preparation. This offer is geared toward Candidates who
took older versions of the courses and who wish to study from the current versions. For more information,
please contact [email protected].
Comprehensive Examination Preparation Courses
All “Comp prep courses” are third-party programs. The Appraisal Institute, which administers the
Comprehensive Examination, has not provided any information about the actual content of the Comprehensive
Examination to the developers of these third-party seminars/preparation programs, nor has the Appraisal
Institute, including its Chapters, participated in the development of, or otherwise contributed to, reviewed, or
approved the content of the seminars. The Appraisal Institute, including its Chapters, provides no
representations or guarantees that any of these seminars/prep programs will help Candidates in any way in
taking the Comprehensive Examination.

Section 3: Exam Purpose and Sample Questions
General Comprehensive Examination (MAI path)
The General Comprehensive Examination is a four (4)-part, modular exam with multiple-choice questions
based on the methods, techniques, information, and other content presented in the courses, exams,
publications, and body of knowledge of the Appraisal Institute. A module may contain more than 50 questions;
however, an examinee will only be scored on 50. As part of AI’s testing development, unscored questions are
occasionally and randomly placed on the exam to collect and analyze performance data for future use, but
these questions are not scored, and thus do not count toward the final grade. Always select the best answer
out of the possible choices.
These modules are designed so that a properly prepared Candidate will have adequate time to complete each
question.
There is a specific passing score for each module; the exam is not graded on a curve. Examination statistics
are confidential. The General Comprehensive Examination Panel may at its own discretion choose to re-grade
one or more comprehensive examinations.
Purpose of the General Comprehensive Exam
The use of Comprehensive Examinations at the end of formalized training has a long tradition in both academic
and professional circles in the fields of law, medicine, accounting, humanities, and the sciences. The objective
of this examination is to evaluate both the examinee’s appraisal knowledge and the examinee’s ability to use
that knowledge to solve appraisal problems in the real world.
As a future MAI Designated member, Candidates must know current methods, techniques, information, and
other content presented in the courses, exams, publications, and body of knowledge of the Appraisal Institute,
and can utilize that knowledge to solve appraisal problems. The General Comprehensive Exam is a measure of
the ability to perform in real-world situations.
How to Prepare
How do examinees prepare? Some study, some don’t, some need to study, some don’t. Some say that a good
night’s sleep is a prerequisite. Others say 100 hours of study is not enough. It’s a matter of personal
preference based on the ability to take exams, background, and judgment.

The initial thrust of preparation for the General Comprehensive Examination should be to polish skills in
applying appraisal knowledge from Appraisal Institute courses, exams, and publications to solving appraisal
problems. To successfully complete this examination, an examinee should have a mastery of appraisal
concepts including market analysis, discounted cash flow, leasehold interest, cost approach, depreciation,
adjustments, reconciliation, and other aspects of the valuation process. Determine the reasonableness of an
answer considering circumstances stated in the problem.
Review the current edition of The Appraisal of Real Estate and The Dictionary of Real Estate Appraisal.
Knowledge of definitions, principles, and basic theory will be required to solve the exam problems. In
preparation for the exam, try developing some questions that require judgment to reach solutions. Try
anticipating answers considering the exam outline included in this guidebook.
The modules of the General Comprehensive Exam are not designed as re-tests of the corresponding Appraisal
Institute courses. Course materials, particularly the designation education, are important resources for proper
exam preparation. AI Admissions recommends that a review include, at the very minimum, the designation
education courses. A review of the Capitalization Theory and Techniques Study Guide textbook could also be
beneficial for income capitalization. For a full list of recommended study materials, please refer to the section
of this document titled “AI Recommended Course and Textbook Study Materials.”
An analysis of examinees’ performance who have taken the General Comprehensive Exam has shown that
the examinees with the most recent designation education courses perform much better overall than
those that took them longer ago, or not at all. The Comprehensive Examination Panel strongly
recommends that a Candidate attend and take the examinations for the designation education courses if
they are preparing for the Comprehensive Exam.
Finally, become very familiar with a financial calculator. Know and understand how to use all its financial
functions prior to the exam.
Next Page

What is covered in the General Comprehensive Exam (MAI Path)
The General Comprehensive Examinations are based on the Appraisal Institute body of knowledge for MAI
Designated membership. The body of knowledge may include appraisal concepts and personal professional
experience; it may cover anything in the Appraisal Institute required coursework, current appraisal literature
and textbooks. These Examinations are designed, in part, to measure ability to integrate classroom knowledge
with professional experience and critical thinking.
The concepts tested within the modules may include, but are not limited to:
Module I: General Concepts Module III: Income Capitalization Approach

Principles of Real Estate Appraisal Direct Capitalization Concepts
Identification of the Problem Basic Capitalization Concepts
Terminology Projecting Cash Flows
Economics Yield Capitalization Concepts
Nature of Real Estate & Market Analysis Yield Capitalization
Market Data & Analysis Risk Concepts
Property Characteristics Risk Analysis
Data Collection Leverage
Analytical Skills Advanced Concepts
Statistics Applications of the Income Approach
Mathematics Investment Analysis Concepts
Knowledge of Financing Stabilizing Income & Equity Yield Capitalization
Valuation Techniques Supporting the Discount Rate
Reconciliation
Analytics
Reasoning
Module II: Cost Approach, H&BU, Feasibility Module IV: Sales Comparison Approach
Cost Approach Transactional Analysis
Obsolescence Principles & Introduction
Depreciation Property Rights Conveyed, Financing Terms,
Principles Expenditures Immediately After Purchase,
Land Valuation Market Conditions
Units of Comparison Property Characteristics Analysis
Elements of Comparison Location, Physical Characteristics, Economic
Characteristics Characteristics, Use/Zoning, Non-Realty
Analysis & Reconciliation Components
Highest & Best Use Adjustment Techniques & Qualitative Analysis
Reconcile Alternative Uses Market Analysis
Highest & Best Use Tests Highest & Best Use
Market Analysis & Feasibility Review, Applicability, Units of Comparison
Demand Analysis Data Collection and Confirmation
Supply Analysis Applications & Reconciliation
Property Productivity Reconciliation
Applications of the Sales Comparison Approach

Sample Questions for the General Comprehensive Exam (MAI Path)
The following are sample questions intended only to show the format of questions on the exam.
Please note: The incorrect answer choices may be derived from logic errors or careless mistakes made when
solving the question. This is a common practice on high-stakes examinations.
1) Eleven years ago, the seller carried back a $100,000-purchase-money mortgage, with 20 years’
amortization, 8.5%, and monthly payments. The loan cannot be assumed by a subsequent buyer.
Currently mortgages on similar real estate are yielding 12%. Market value of the real estate is
$150,000. Current net operating income is $16,500.
What would happen to the market value of the real estate if the loan could be assumed?
A) increase significantly
B) decrease significantly
C) decrease slightly
D) remain the same
Answer (D) is correct. Market value has not changed because of the financing. Market price, however,
probably has. This question requires the Candidate to apply knowledge of the differences between
market price and market value to a specific set of circumstances. This is not a trick question, but
rather involves the philosophy of the definition of market value.
2) How are the various indications of value analyzed in the reconciliation process?
A) major emphasis is placed on the approach(es) that appear to be the most reliable
B) the cost approach sets the upper limit of value
C) the median of the various value indications is adopted
D) the three approaches are averaged
Answer (A) is correct. In the reconciliation, the appraiser must analyze the strengths and weaknesses
of each approach used in the appraisal. The outcomes of the approaches are then compared to form a
conclusion of value.
Answer (B) is incorrect. This statement is not based on recognized appraisal theory.
Answers (C) & (D) are incorrect. The mean and median are measures of central tendency that fail to
analyze the applicability and relevance of the approaches.
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The following questions [3-4] are based on the information below:
A small parcel of speculative land was purchased for $60,000 with $17,000 down and the balance of
$43,000 financed at 10% with monthly payments of $300 and a balloon in five years.
3) What will the loan balance be (nearest $100) after five years?
A) $47,300
B) $47,500
C) $67,400
D) $94,000
4) If the interest rate is not 10%, causing the loan balance to be $50,000 after five years, and the
purchaser is to receive a 15% equity yield, what must the sale price (nearest $100) be in five years?
A) $58,500
B) $59,900
C) $108,500
D) $120,000
The correct answer to Question 3 is (B). Solution of this problem on a financial function’s calculator is
straightforward. Keystrokes for an HP12C are: f FIN 5 g n 10 g i 43,000 PV 300 CHS PMT FV. Note
that the loan should be analyzed on a monthly basis and has a negative amortization.
Also, note that Answer (D) results from overlooking CHS, Answer (D) from mixing monthly and annual
parameters, and Answer (A) from performing the calculations annually.
The correct answer to Question 4 is (C), and is calculated as follows:
FV of $17,000 for 5 years @ 15% = $34,193

FV of $3600/year for 5 years @ 15% = $24,273
Mortgage balance @ end of 5 years = $50,000
TOTAL $108,466
Note: The $300/month interest payment becomes a part of the investment in the property. Therefore, it
must be included in the calculations. Keystrokes for an HP12C are: f FIN 5 n 15 i 17000 chs PV 3600 chs
PMT FV 50,000 +. The correct answer to Question 4 does not depend on choosing the correct answer to
Question 3.

5) Comparable properties have been selling for 6.0 to 6.5 times gross income. The typical expense ratio
is 45%. What is the indicated overall rate range?
A) 0.069 to 0.075
B) 0.085 to 0.092
C) 0.109 to 0.118
D) 0.133 to 0.144
Answer (B) is correct. Gross income (100%) minus expenses (45%) is net income (55%). Net income
(55%) divided by 6.0 equals 0.092 (overall rate), while 55% divided by 6.5 equals an overall rate of
0.085.
The other answer options are incorrect and may be derived from misapplication of the procedures,
such as dividing the expense ratio (45%) instead of the net income ratio (55%).
6) The following property is encumbered by a ten-year lease. Based on the following data, what is the
present value of the leased fee interest?
Net operating income: $24,000 in Year 1; increasing $1,000 per year

Projection period: 5 years
Property value change: 3% per year increase (compounded)
Yield rate: 10%
A) $258,100
B) $324,700
C) $342,900
D) $349,200
Answer (D) is correct. This is an advanced concept. The answer is obtained through proper application of
the level income property model, applied to a calculated level equivalent income, using a calculated
amount of change in value.
Answer (A) incorrectly considers only the increase in income and disregards the increase in the value of
the property.
Answer (B) incorrectly considers only the increase in the value of the property and disregards the increase
in income.
Answer (C) results from capitalizing the first year’s operating income at 7% (using the relationship R = Y-
CR). This is incorrect, as this relationship only applies when the change in income and change in value are
occurring at the same compound rate, which is not occurring in this case.

7) A $250,000 loan can be obtained at 9.5% interest for 20 years with monthly payments. What will the
lender's yield be if 4 points are charged, and the loan is paid off in 3 years?
A) 9.50%
B) 10.09%
C) 11.12%
D) 13.50%
Answer (C) is correct. Answer (A) ignores points. Answer (B) loan runs 20 years. Answer (C) is 9.5% +
points.
8) The subject property is a mountain resort. Incremental value is based on skier visits. Sales in the
subject’s region form a consistent curvilinear pattern, as shown below (lower line). The trend for a
more desirable region is also shown (higher line).
MOUNTAIN RESORT SALES

Price/Skier ($)
$0
0
1 Skier Capacity
Based on this market information, what type of location adjustment is indicated for sales in the more
desirable region?
A) downward dollar adjustment

B) downward percent adjustment
C) upward dollar adjustment
D) upward percent adjustment
Answer (A) is correct.
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9) The following sales were verified:
Sale 1 Sale 2 Sale 3 Sale 4

Location Similar Similar Similar Similar
Size (SF) 5,800 4,900 4,600 6,000
Bedrooms 12 11 10 13
Units 6 6 5 6
Gross Income $23,000 $20,500 $21,000 $24,500
Sale Price $150,000 $140,000 $125,000 $160,000
Based on these sales, what appears to be the most reliable unit of comparison?
A) gross income multiplier

B) price per bedroom
C) price per square foot
D) price per unit
Answer (B) is correct.
10) A city has seen a rapid building of apartments with about 500 units built per year for the last five
years. The current total of units in the town is 7,292 with about 10% current vacancy. The rapid rise in
apartment units is due to the rapid increase in job growth. The current number of jobs in town is
25,000 with a forecast to be 32,000 jobs in the next five years.
Based on this data, what is the best estimate of total demand for occupied units five years hence?
A) 7,700
B) 8,400
C) 9,300
D) 9,800
Answer (B) is correct.
Answer (C) is 28% increase based on supply. Answer (D) is 500/yr x 5 + current supply. The current
number of occupied apartments is 7,292 * 90%, or 6,563 units. The forecast is that the number of
jobs will increase by 28%. A 28% increase in occupied apartments would result in 8,400 occupied
apartments.

11) An improved property sold for $350,000. The purchaser assumed an existing mortgage that was
issued five years prior to the sale. The original loan balance was $250,000. The loan was for 30 years
at 9% interest per annum, with monthly payments. This loan cannot be paid off. The current market
interest rate for 25-year amortizing loans with monthly payments is 6%. If land value is $100,000 and
reproduction cost new of the improvements is $400,000, what percent depreciation can be
extracted?
A) 19%
B) 22%
C) 38%
D) 56%
Answer (A) is correct.
Answer (B) amortizes $250,000 for 25 years, not $239,000 loan balance. Answer (C) does not include
the necessary adjustment for cash-equivalency. Answer (D) is from deducting, not adding, the cash
equivalency adjustment.
The first step is to calculate the cash-equivalent sale price. The monthly loan payments on the original
$250,000 at the contract interest rate are $2,011.56 per month, and the balance is $239,700. The
present value of the 25 years of remaining monthly payments at the market interest rate of 6% is
$312,207. The cash equivalency adjustment is a PLUS $72,507, indicating a cash-equivalent sale
price of $422,507 (the adjustment is positive because the buyer assumed an onerous loan that
cannot be paid off).
Deducting $100,000 for the land value leaves $322,507 for the contributory value of the
improvements. When compared with the $400,000 replacement cost new, the indicated depreciation
is 19.37%.
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Residential Comprehensive Examination (SRA path)
The Residential Comprehensive Examination is a one (1)-part, modular exam with multiple-choice questions
based on the methods, techniques, information, and other content presented in the courses, exams,
publications, and body of knowledge of the Appraisal Institute. A module may contain more than 50 questions;
however, will only be scored on 50. As part of AI’s testing development, unscored questions are occasionally
and randomly placed on the exam to collect and analyze performance data for future use, but these questions
are not scored, and thus do not count toward the final grade. Always select the best answer out of the possible
choices.
The module is designed so that a properly prepared Candidate will have adequate time to complete each
question.
There is a specific passing score for the module; the exam is not graded on a curve. Examination statistics are
confidential. The Residential Comprehensive Examination Panel may at its own discretion choose to re-grade
the comprehensive examination.
Purpose of the Residential Comprehensive Exam
The use of comprehensive examinations at the end of formalized training has a long tradition in academic and
professional circles in the fields of law, medicine, accounting, humanities, and the sciences. The objective of
this examination is to evaluate both the examinee’s appraisal knowledge and the examinee’s ability to use that
knowledge to solve appraisal problems in the real world.
As a future SRA Designated member, Candidates must know current methods, techniques, information, and
other content presented in the courses, exams, publications, and body of knowledge of the Appraisal Institute,
and can utilize that knowledge to solve appraisal problems. The Residential Comprehensive Exam is a measure
of an ability to perform in real-world situations.
How to Prepare
How do examinees prepare? Some study, some don’t, some need to study, some don’t. Some say that a good
night’s sleep is a prerequisite. Others say 100 hours of study is not enough. It’s a matter of personal
preference based on an ability to take exams, background, and judgment.
The initial thrust of preparation for the Residential Comprehensive Examination should be to polish skills in
applying appraisal knowledge from Appraisal Institute courses, exams, and publications to solving appraisal
problems. To successfully complete this examination, an examinee should have a mastery of appraisal
concepts including market analysis, the three approaches to value, depreciation, adjustments, reconciliation,
and other aspects of the valuation process. Determine the reasonableness of an answer considering
circumstances stated in the problem.
Review the current edition of The Appraisal of Real Estate and the Dictionary of Real Estate Appraisal.
Knowledge of definitions, principles, and basic theory will be required to solve the exam problems. In

preparation for the exam, try developing some questions that require judgment to reach solutions. Try
anticipating answers considering the exam outline included in this guidebook.
The Residential Comprehensive Exam module is not designed as a re-test of the corresponding Appraisal
Institute courses. Course materials, particularly the qualifying education, are important resources for proper
exam preparation.
functions prior to the exam.
Next Page

What is covered in the Residential Comprehensive Exam (SRA Path)
The Residential Comprehensive Examination is based on the Appraisal Institute body of knowledge for SRA
Designated membership. The body of knowledge may include appraisal concepts and personal professional
experience; it may cover anything in the Appraisal Institute required coursework, current appraisal literature
and textbooks. The examination is designed, in part, to measure an ability to integrate classroom knowledge
with professional experience and critical thinking.
The concepts tested within this module may include, but are not limited to:
Principles of Real Estate Appraisal Land or Site Valuation

Nature of Value Characteristics and HBU of Subject & Comparables
Types of Value Methods & Techniques
Market Value Elements & Units of Comparison
Economic Principles Reconciliation
Market Fundamentals
Time Value of Money Concepts Cost Approach
Valuation Process Cost Estimating
Problem Identification Depreciation Types & Methods
Scope of Work
Reconciliation-Final Income Capitalization Approach
Estimating Income
Nature of Real Estate & Property Analysis Capitalization
Property Characteristics
Physical Sales Comparison Approach
Legal Elements of Comparison
Economic Transactional Adjustments
Market Data Property Adjustments
Physical Comparable Selection
Economic Adjustment Methods
Data Collection Qualitative
Measurement & Statistics Quantitative
Reconciliation
Market Analysis and Highest & Best Use
Market Analysis
Highest & Best Use
Test HBU
As Vacant & As Improved
Timing

Sample Questions for the Residential Comprehensive Exam (SRA Path)
Sample questions are in development. In the meantime, refer to the following resources:
1. Several of the sample questions in this Guidebook for the General Comp Exam (MAI) and General
Review Comp Exam (AI-GRS) are also applicable to residential appraisal.
2. Self-Study Quizzes and “Digging Deeper” questions in the residential course materials. While the
Comp Exam is not intended to be a re-hashing of the course exams, the key concepts tested on the
Comp Exam are derived from these course materials. For more information, please see the section:
“What Can I Use to Study for the Comp Exam?”
3. The AI Store has a book called Practice Examination Questions for Real Estate Appraisers. This book is
mainly geared toward state certification exam prep, but it is also a good study resource for the Comp
Exam. It contains both residential and nonresidential topics, with a heavy emphasis on appraisal
basics. This is a very good resource if looking for practice on basic fundamentals.
Next Page

Review Comprehensive Examinations (AI-GRS and AI-RRS paths)
Purpose of the Review Comprehensive Exams (AI-GRS and AI-RRS paths)
The use of Comprehensive Examinations at the end of formalized training has a long tradition in both academic
and professional circles in the fields of law, medicine, accounting, humanities, and the sciences. The objective
of this examination is to evaluate both the examinee’s appraisal knowledge and the examinee’s ability to use
that knowledge to solve appraisal problems in the real world.
Before advancing to AI-GRS and/or AI-RRS Designated membership, an examinee must have knowledge of the
methods, techniques, information, and other content presented in the courses, exams, publications, and body
of knowledge of the Appraisal Institute. An examinee must be able to utilize that knowledge to solve real
appraisal and appraisal review problems. The Review Comprehensive Examinations are a measure of an ability
to perform in real-world situations.
A module may contain more than 50 questions; however, it will only be scored on 50. As part of AI’s testing
development, unscored questions are occasionally and randomly placed on the exam to collect and analyze
performance data for future use, but these questions are not scored, and thus do not count toward the final
grade. Always select the best answer out of the possible choices.
How to Prepare
How do examinees prepare? Some study, some do not, some need to study, some don’t. Some say that a good
night’s sleep is a prerequisite. It is a matter of personal preference based on an ability to take examinations,
background, and judgment.
An initial thrust of preparation for Review Comprehensive Examinations may be to polish skills in applying
appraisal and appraisal review knowledge from Appraisal Institute courses, exams, and publications to solving
appraisal review problems.
In preparation, remember that the exam will be testing not only appraisal review theory and practice, but also
overall appraisal knowledge. Problem solving, and critical thinking skills will be crucial to success on the
examination.
If taking the Review Comprehensive Examinations, appraisal knowledge should include market analysis and
highest and best use, the three approaches to value, and reconciliation. Appraisal review knowledge should
emphasize the six-step review process: identification of the problem, reviewer’s scope of work, reviewer’s
research, and analysis (the five (5) criteria), review of appraiser’s analyses, opinions, and conclusions, review
of the appraisal report, and reviewer’s own opinion of value.

Review the current edition of The Appraisal of Real Estate and the Dictionary of Real Estate Appraisal. In
addition, review Review Theory and Procedures: A Systematic Approach to Review in Real Property Valuation.
Although the Review Comprehensive Examinations are not tests for definitions, principles, or basic theory,
knowledge of them will be required to solve the examination problems. In preparation for the exam, try
developing some questions that require judgment to reach solutions. Try anticipating answers considering the
exam outline included in this guidebook.
In addition to the textbooks above, exam preparation should focus on the course materials from the Appraisal
Institute review courses. Because the exam will also be testing basic appraisal knowledge, preparations
should also include subject matter from the qualifying courses for state certification.
functions prior to the exam. An approved financial calculator is required for the exam.
What is covered in the Review Comprehensive Exams (AI-GRS and AI-RRS Paths)
The Review Comprehensive Examinations are based on the Appraisal Institute body of knowledge for the
Review Designations. The body of knowledge may include appraisal concepts, appraisal review theory, and
applicable certification education (or equivalent), and personal professional experience; it may cover anything
in the Appraisal Institute required coursework, current appraisal literature and textbooks. These Examinations
are designed to measure an ability to integrate classroom knowledge with professional experience and critical
thinking. The concepts tested within the modules may include, but are not limited to (see next page):

General Review Comprehensive Examination (AI-GRS Path)
Module I: General Appraisal Concepts Module II: General Review Theory

Principles of Real Estate Appraisal Identification of the Problem
Identification of the Problem Reviewer’s Scope of Work
Terminology Reviewer’s Research & Analysis
Economics Completeness
Nature of Real Estate & Market Analysis Accuracy
Market Data & Analysis Adequacy
Property Characteristics Relevance
Data Collection Reasonableness
Analytical Skills Review of Appraiser’s Analyses, Opinions, Conclusions
Statistics Review of Appraiser’s Report
Mathematics Reviewer’s Own Opinion of Value
Knowledge of Financing
Valuation Techniques
Reconciliation
Analytics
Reasoning
Residential Review Comprehensive Examination (AI-RRS Path)
Residential Appraisal Concepts Residential Review Theory

Market Analysis Identification of the Problem
Site Valuation Reviewer’s Scope of Work
Cost Approach Reviewer’s Research & Analysis
Highest and Best Use Completeness
Depreciation Accuracy
Obsolescence Adequacy
Sales Comparison Approach Relevance
Sales Comparison Adjustments Reasonableness
Review of Appraiser’s Analyses, Opinions, Conclusions
Review of Appraiser’s Report
Reviewer’s Own Opinion of Value

Sample Questions for the General Review Comprehensive Exam (AI-GRS Path)
The following are sample questions intended only to show the format of questions on the exam.
Please note: Incorrect answer choices may be derived from logic errors or careless mistakes made when
solving the question. This is a common practice on high-stakes examinations.
1) How are the various indications of value analyzed in the reconciliation process?
A) major emphasis is placed on the approach(es) that appear to be the most reliable
B) the cost approach sets the upper limit of value
C) the median of the various value indications is adopted
D) the three approaches are averaged
Answer (A) is correct. In the reconciliation, the appraiser must analyze the strengths and weaknesses
of each approach used in the appraisal. The outcomes of the approaches are then compared to form a
conclusion of value.
Answer (B) is incorrect. This statement is not based on recognized appraisal theory.
Answers (C) & (D) are incorrect. The mean and median are measures of central tendency that fail to
analyze the applicability and relevance of the approaches.
2) Comparable properties have been selling for 6.0 to 6.5 times gross income. The typical expense ratio
is 45%. What is the indicated overall rate range?
A) 0.069 to 0.075
B) 0.085 to 0.092
C) 0.109 to 0.118
D) 0.133 to 0.144
Answer (B) is correct. Gross income (100%) minus expenses (45%) is net income (55%). Net income
(55%) divided by 6.0 equals 0.092 (overall rate), while 55% divided by 6.5 equals an overall rate of
0.085.
The other answer options are incorrect and may be derived from misapplication of the procedures,
such as dividing the expense ratio (45%) instead of the net income ratio (55%).
3) Which of the following characterizes a material error in an appraisal?
A) it is a quantifiable error
B) it is a significant issue that affects credibility
C) it is a significant issue that does not affect credibility
D) it is an error that is worthy of belief
Answer (B) is correct. An error may or may not be quantifiable, but a material error is significant and
affects credibility.

4) An appraisal review report states that the appraiser who prepared the work under review “clearly
committed fraud” by failing to identify and rely upon a certain nearby sale.
Is this an acceptable conclusion in an appraisal review?
A) yes, if the reviewer determines that the appraiser who performed the appraisal was not aware
of the sale
B) yes, if the reviewer determines that the appraiser who performed the appraisal was aware of
the sale and chose not to use it
C) no, because such a conclusion relates to the intent of the appraiser and not to the work of the
appraiser
D) no, because the review appraiser is not an attorney
Answer (C) is correct. An appraiser acting in a review capacity should focus on the work under review,
not the appraiser’s intentions.
5) In the context of a review assignment, an appraiser visited the property that is the subject of the work
under review and prepared a review report. The reviewer noted a mathematical error in the income
capitalization approach, which was the only approach applied. The vacancy and collection loss
allowance was added, not subtracted. The report being reviewed concluded to a value of $8,500,000.
In the review report, the reviewer stated, “If the mathematical error in the analysis were corrected, the
value conclusion would be $7,900,000.”
Has the reviewer performed an appraisal?
A) yes, because the reviewer provided a specific value

B) yes, because the reviewer physically visited the property
C) no, because the reviewer is only indicating the impact of a mathematical error
D) no, because this is a review assignment and not an appraisal assignment
Answer (C) is correct. The figure $7,900,000 is merely the result of a specific calculation and is not
expressed as the reviewer’s opinion of value.
6) A developer has proposed a subdivision with two entrances to the community. The planning
department has stipulated each entrance have four traffic signals. Each traffic signal will cost
$60,000, and a 5% discount will be received on signals beyond the first four.
What is the total anticipated cost for the traffic signals?
A) $432,000
B) $456,000
C) $468,000
D) $480,000
Answer (C) is correct. This includes four signals at full price ($60,000 each) plus four signals
discounted at 5% ($57,000 each).

Sample questions for the Residential Review Comprehensive Exam (AI-RRS path) are in development. In
the meantime, refer to the following resources:
1. Several of the sample questions in this Guidebook for the General Comp Exam (MAI) and General
Review Comp Exam (AI-GRS) are also applicable to residential appraisal. The Residential Review Comp
Exam tests residential appraisal concepts in addition to residential review.
2. Self-Study Quizzes and “Digging Deeper” questions in the residential review course materials. Also, the
residential qualifying education (QE) contain these exercises and would be suitable for practice on
residential appraisal topics. While the Comp Exam is not intended to be a re-hashing of the course
exams, the key concepts tested on the Comp Exam are derived from these course materials. For more
information, please see the section: “What Can I Use to Study for the Comp Exam?”
3. The AI Store has a book called Practice Examination Questions for Real Estate Appraisers. This book is
mainly geared toward state certification exam prep, but it is also a good study resource for the Comp
Exam. It contains both residential and nonresidential topics, with a heavy emphasis on appraisal
basics. This is a very good resource if looking for practice on basic fundamentals.
These sample questions represent the general format to be expected on the exam. They do not reflect
distribution of types of questions, styles of questions, or areas to be covered in the exam.
This guidebook is intended to be informative instead of a course on the examinations. The Comprehensive
Exam Panel hopes these guidelines will enable Candidates to prepare better and to anticipate the types of
questions they will find on these exams. Please direct any questions to [email protected].
— The Comprehensive Examination Panel

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Comprehensive Examination Guidebook

Effective November 11, 2022

Copyright © 2022 Appraisal Institute. All rights reserved.

Section: 1 Policies and Procedures – Applicable to all Exams ............................................ 3

Section 2: Study Tips and Recommended Courses/Textbooks.......................................... 13

Section 3: Exam Purpose and Sample Questions ............................................................. 21

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Testing Windows, Exam Times & Fees

The following times are allotted for each module:

General Comprehensive Examination (requirement for MAI membership)

Residential Comprehensive Examination (requirement for SRA membership)

General Review Comprehensive Examination (requirement for AI-GRS membership)

Residential Review Comprehensive Examination (requirement for AI-RRS membership)

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a) attended all required courses;

Questions regarding these requirements? Please contact (312) 335-4111 or [email protected].

Registration and Scheduling

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2. Pearson will send a confirmation email for each canceled module.

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Required Identification and Name Corrections

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Spreadsheet Notepad Feature

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Report Exam Misconduct

Pearson VUE Complaints

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Allow 30 business days for review of ADA materials.

1. Read the Documentation Guidelines for Candidates Requesting Examination Accommodations.

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Classic Exam Strategies

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Comprehensive examination critiques (if already taken the exam)

Qualifying education (QE) course materials and exam critiques

Designation education course materials and exam critiques

Self-study quizzes and “Digging Deeper” exercises

Contacting the local chapter

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Re-take courses and exams related to the module(s)

Find additional study material in the Lum Library

Practice fundamental skills

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Key: Dots (•) indicate AI courses. Arrows () indicate AI textbooks.

General Comprehensive Exam (MAI path)

Module I: General Concepts

• Basic Appraisal Principles and Procedures

 Market Analysis for Real Estate, 2nd ed.

• General Appraiser Market Analysis and Highest & Best Use

• General Appraiser Site Valuation & Cost Approach

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• Advanced Income Capitalization (or old Courses 510, 550)

 Capitalization Theory and Techniques Study Guide

Module IV: Sales Comparison Approach

• General Appraiser Market Analysis and Highest & Best Use

• Real Estate Finance, Statistics, & Valuation Modeling

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Module I: Residential Appraisal Concepts