Wanted - Questions and Answers to Help You Pass the Real Estate Appraisal Exam (Quest

[jrizzo]

I'm preparing to take the Certified General California exam for the second time. I took the exam yesterday and was blown away by how difficult it was. I took all my courses through Mckissock and studied thoroughly. I also used learnappraising.com, however, that was no help. I've worked in the field for the past five years, only performing commercial appraisals, and still I could not pass this exam.

Anyway, after much research and realizing there is VERY limited data out there for preparation for this exam, I am looking to purchase this text (Questions and Answers to Help You Pass the Real Estate Appraisal Exam (Questions & Answers to Help You Pass the Real Estate Appraisal Exams)), as it seems to be the best in a very short list of others. Any feedback on this book, or help on finding it online for cheap would be greatly appreciated! Amazon has a few but the cheapest is $120. Thanks for any feedback!

 

[jrizzo]

Please note that I am referring to the 5th edition! Thanks....

 

[CGgonnabee]

You need the Thirteenth Edition of The Appraisal of Real Estate and the Student Handbook. You will get much more bang for your buck--for just a few $ more:

http://www.appraisalinstitute.org/s...on-package-textbook-and-student-handbook.aspx

If you have coworkers that have taken qualifying education through AI, try to borrow those course manuals.

Good luck.

 

[jrizzo]

I have the Thirteenth Edition of The Appraisal of Real Estate but it doesn't have calculator functions in it! Every problem in the stats n financing and income cap sections only have long formulas that just seem too difficult and unnecessary to understand. And everyone in my office took the exam in the 90's...not much help there either. I've looked everywhere online and no one really offers decent prep work for the AG exam....Any suggestions would be greatly appreciated! Thanks for the help, though!

 

[jrizzo]

Looks like the handbook would be a lot of help! Do you know if that has calculator functions in it?

 

[incognito]

I took all my courses through Mckissock and studied thoroughly.

You make it sound like that is a GOOD thing. I think it is your problem...

Take the Appraisal Institutes on line HP12c class. It will give you everything you need to know with regards to the math/calculator part. I have taken it twice, and will again next CE cycle.

I think you will find Appraisal Institute CLASSROOM classes, taught not by teachers who know something about appraisal, but by APPRAISERS who know how to teach. There is a world of difference...

 

[Pittsburgh Pete]

I have the Thirteenth Edition of The Appraisal of Real Estate but it doesn't have calculator functions in it! Every problem in the stats n financing and income cap sections only have long formulas that just seem too difficult and unnecessary to understand. And everyone in my office took the exam in the 90's...not much help there either. I've looked everywhere online and no one really offers decent prep work for the AG exam....Any suggestions would be greatly appreciated! Thanks for the help, though!

There's your problem!! Unnecessary? Difficult yes but hardly unnecessary. If you don't understand them you will have a hard time in this biz. Commercial isn't form-filling. You have to understand what it is you are doing and what the implications of all your "numbers" are--they are not just mumbo jumbo but the basic underpinnings of your trade.

 

[Caligirl]

Take some time to get up to speed

It helps to take the beginning Income Capitalization course from the AI first (used to be Cap A, then Cap 320-now called ???). They will walk you through the key strokes on the HP12-C, which you should write down in your course text book. When I studied for the CG exam, I made flashcards with the problem on one side, and the key strokes for finding the solution (not the answer!) on the reverse side.

Don't underestimate the utility of flashcards. Bundle them up and take them with you wherever you go. You can pull them out and study anywhere-standing in line somewhere, breaks at work, etc. You can easily 'sneak' in an extra hour per day of study time. Flashcards: not just for third grade math anymore!

Take the time to get up to speed on the difficult problems, as PPete pointed out they are fundamental for commercial work.

Good luck.

 

[Pittsburgh Pete]

It helps to take the beginning Income Capitalization course from the AI first (used to be Cap A, then Cap 320-now called ???). They will walk you through the key strokes on the HP12-C, which you should write down in your course text book. When I studied for the CG exam, I made flashcards with the problem on one side, and the key strokes for finding the solution (not the answer!) on the reverse side.

Don't underestimate the utility of flashcards. Bundle them up and take them with you wherever you go. You can pull them out and study anywhere-standing in line somewhere, breaks at work, etc. You can easily 'sneak' in an extra hour per day of study time. Flashcards: not just for third grade math anymore!

Take the time to get up to speed on the difficult problems, as PPete pointed out they are fundamental for commercial work.


P.S. I took the CG exam in the first year it was offered--have a "top ten" license number in PA. Prior to that I had completed the AI's cap courses. Test, although I understand it is harder now, was a total piece of cake.
Good luck.

A good course on the "six functions of a dollar" would help as well--will give you an understanding of the larger principles involved. Doesn't hurt to actually know the implications of the keystrokes as well. You have to understand this stuff and not just punch it in to the calculator mechanically.

P.S. I took the CG exam the first year it was offered. Prior to taking the test I had completed the AI's cap courses. As a result the test, although I understand it is harder now, was a piece of cake.

 

[Caligirl]

A good course on the "six functions of a dollar" would help as well--will give you an understanding of the larger principles involved. Doesn't hurt to actually know the implications of the keystrokes as well. You have to understand this stuff and not just punch it in to the calculator mechanically.

Functions of the dollar, sinking fund factor applied in real-life situations, discounting, manual DCF-all covered in AI's Cap 310 (or 320?) when I took it. I didn't mean that one should just memorize how to use the calculator like a trained seal-BUT-it does help to learn how to do the keystrokes in proper order.

BTW-the first time I heard someone refer to 'reverse Polish notation' I thought they were kidding.