Ohio Certified Residential Appraiser (CR) Exam

What Is on the Ohio Certified Residential Appraiser (CR) Exam?

The Ohio Certified Residential Appraiser Exam is a test containing one hundred and twenty-five questions, one hundred and ten are scored and fifteen are non-scored. The questions are organized into ten content areas. Real Estate Market is eighteen percent of the test, Property Description is twelve percent, Land or Site Valuation is three percent, Sales Comparison Approach is eighteen percent, Cost Approach is fourteen percent, Income Approach is eight percent, Reconciliation of Value Indications is two percent, Uniform Standards of Professional Appraisal Practice is eighteen percent, Emerging Appraisal Methods is four percent, and Appraisal Statistical Methods is three percent.

Real Estate Market

The first content area of the Ohio Certified Residential Appraiser (CR) Exam focuses on different factors involved in real estate value, as well as different kinds of value. It will ask test-takers to understand real estate value, how to determine and analyze that value, and use it to its fullest potential. In addition, test-takers will have to have a knowledge of government powers and the influences of the market on real estate value.

Property Description

The second content area of the Ohio Certified Residential Appraiser (CR) Exam focuses on the guidelines regarding legal property description. It will cover both descriptions of the property itself, and of modifications done to it. It will also cover taxation and interest. In addition, test-takers will be required to know about rights to use.

Land or Site Valuation

The third content area of the Ohio Certified Residential Appraiser (CR) Exam, making up only three percent of the test's content, goes over methods of estimating the value of a piece of real estate.

Sales Comparison Approach

The fourth content area of the Ohio Certified Residential Appraiser (CR) Exam focuses on comparing sales. It will ask test-takers to know when sales can be compared, what aspects of real estate can be compared, how those aspects can be compared, what adjustments can be made, and how to adjust prices based on information gained from sales comparisons and valuation.

Cost Approach

The Ohio Certified Residential Appraiser (CR) Exam's fifth content area addresses cost. It covers what makes up the cost of a piece of real estate and the factors used to determine that figure. Examinees should also be familiar with adjusting prices using the information gained by taking cost approach into account as well as the various aspects surrounding depreciation.

Income Approach

The sixth content area of the Ohio Certified Residential Appraiser (CR) Exam focuses on income related to pieces of real estate. It will ask questions regarding ways income can be generated, expenses, assessing value based on income and expenses, and how to adjust the estimated value by using the income approach.

Reconciliation of Value Indications

Making up two percent of the Ohio Certified Residential Appraiser (CR) Exam, the seventh content area contains questions regarding adjusting the estimated value.

Uniform Standards of Professional Appraisal Practice

The eighth content area of the Ohio Certified Residential Appraiser (CR) Exam is based on rules and standards associated with professional appraisals. The questions in this area will revolve around ethics, competency, exceptions, definitions, and documentation. It will, in general, ask questions regarding Uniform Standards of Professional Appraisal Practice (USPAP) rules and important information, including USPAP standards 1-4.

Emerging Appraisal Methods

The ninth content area of the Ohio Certified Residential Appraiser (CR) Exam makes up four percent of the exam and focuses on new and developing appraisal methods. The use of databases, technology, and automation as used in appraisals will be of importance. It will also touch on the pros and cons of those methods and the evaluation of their usefulness and limitations for each scenario.

Appraisal Statistical Methods

The Ohio Certified Residential Appraiser (CR) Exam's tenth and final content area contains three percent of the exam's content. Examinees should be confident in their ability to apply statistics as is necessary to work in the field. This includes the use of concepts ranging from measures of variation to central tendencies.