ASA AM study guide
ASA AM · Work through your exam, one topic at a time.
The ASA AM (Accredited Member) credential is one of the professional credentials conferred by the American Society of Appraisers, a multi-discipline appraisal organization. Candidates pursue AM accreditation within one of ASA's six appraisal disciplines: Appraisal Review & Management (ARM), Business Valuation (BV), Gems & Jewelry (GJ), Machinery & Technical Specialties (MTS), Personal Property (PP), or Real Property (RP). The ASA AM study guide has 6 sections and about 1,706 words.
01Appraisal Review & Management (ARM)
Appraisal review is a value opinion about a value opinion . The reviewer judges whether the original appraiser's work was competent, adequately supported, and compliant with applicable standards (USPAP), not whether the reviewer personally would have reached the same number.
343 words, about 2 min02Business Valuation (BV)
The three approaches are the backbone: income (capitalization of earnings, discounted cash flow), market (guideline public companies, guideline transactions, prior transactions), and asset-based (adjusted net asset method, liquidation). Know when each is most reliable - income for stable going concerns, market when good comparables exist, asset-based for holding companies or when earnings don't reflect value.
285 words, about 1 min03Gems & Jewelry (GJ)
Value in gems and jewelry rests on the four Cs - color, clarity, cut, and carat weight - plus certification (e.g., GIA, AGS reports) and provenance (designer or signed pieces). Know the difference between replacement value (retail, new, for insurance) and fair market value (used, secondary market, willing buyer/seller).
276 words, about 1 min04Machinery & Technical Specialties (MTS)
Machinery and equipment valuation blends cost , market , and income approaches adapted to movable, often specialized assets. The cost approach dominates for special-purpose equipment: reproduction or replacement cost new, less physical deterioration , functional obsolescence (excess capacity, outdated technology), and economic obsolescence (external conditions).
258 words, about 1 min05Personal Property (PP)
Personal property is movable property not classified as real estate - furniture, art, collectibles, antiques, equipment, and intangibles attached to chattels. The candidate must distinguish real property from personal property (fixtures test: annexation, adaptation, intention) and identify tangible vs.
259 words, about 1 min06Real Property (RP)
Real property valuation rests on the three approaches - sales comparison (most reliable for residential), cost (new or special-purpose construction), and income (commercial/investment). Know the sales comparison adjustment grid: adjust the comparables to the subject (never the subject to the comparables), applying paired-sales analysis and recognizing that net adjustments should be smaller than gross adjustments for credibility.
285 words, about 1 min