Certified Residential Exam Question

[SoCal87]

Hi there. I'm studying to take the Certified Residential Exam later this month and am using the AI exam prep study materials. Everything I'm studying seems to mimic what I learned through my Mckissock courses and the study guide is giving lots of great complex math questions to brush up on etc. One question I have though is that the study guide is not specific to the Residential test vs the Certified General test. There are some questions, specifically at the end of the Income Approach module, that cover topics I never learned in my Mckissock study materials. Some examples: complex reversion questions and complex annuity questions. These questions require a set of financial keys I've never seen before (CFj and Nj). Please tell me these sets of questions are for those taking the Certified General test and not the Residential ???

Thoughts?

 

[sputnam]

The principles, the theory, of appraisal are the same whether you are appraising residential properties or commercial properties. I'm don't know what the CFj and Nj are however, I do know that if one question is your only confusion.... you're going to pass the exam. Don't sweat it.

 

[Elliott]

I had my assistant take the Residential Exam about a year ago and she never mentioned being thrown about any 'complex cash flow' questions. I wouldn't worry about it.

 

[Ottomaddux]

I agree that the practice book is set up horribly because of that. I also found it frustrating. Then I realized I had been doing residentail appraisals for over two years, if I had never had to a cash flow analysis in all that time then it was probably not something to worry about. The test ended up being easier than I expected.

 

[The Warrior Monk]

If you have the HP-12C calculator, I recommend taking the Appraisal Institute's course on the calculator right before taking the test. It will keep everything fresh in your mind regarding the keys and the concepts, plus it counts as CE.

 

[JTip]

The test has 150 questions. You will not get all the questions right.

Complex reversion questions and complex annuity will be 2 questions.

Instead of spending hours studying trying to get 2 questions right, just focus on your real estate terms and USPAP questions.

 

[SoCal87]

Update: Passed the test on my first try back in May. Zero questions which required a financial key let alone cash flow or regression. I was waaay over prepared but hey better than the alternative. Thanks everyone.

 

[Deleted member 142783]

The test has 150 questions. You will not get all the questions right.

Complex reversion questions and complex annuity will be 2 questions.

Instead of spending hours studying trying to get 2 questions right, just focus on your real estate terms and USPAP questions.

100% this. I skipped all financial calculator questions and guessed. Spend all of your time on the moderate to hard questions, skip the ones for the math wizez out there

 

[femrey38]

Update: Passed the test on my first try back in May. Zero questions which required a financial key let alone cash flow or regression. I was waaay over prepared but hey better than the alternative. Thanks everyone.

Congrats on passing the exam, I am studying to take the Certified Residential Exam later this month also, and hopefully will get the exam soon also, What other supplement courses did you get besides AI?