ASFMRA ARA study plan
ASFMRA ARA · Give each week a clear focus.
8 weeks · About 7 hours per week
Rural and Agricultural Property Valuation & Agricultural Economics and Finance
Define the three approaches to value and list the inputs each requires for a rural property
Identify the data sources used to build a farm sales comparison grid (deed records, FSA/NASS data, county assessor)
Compute simple per-acre and per-AU value indicators from a set of comparable sales you construct yourself
Explain how soil productivity, water rights, and improvements influence highest and best use
Your checkpoint
A one-page worksheet of five self-created comparable farm sales showing adjusted per-acre values and a written highest-and-best-use paragraph for each
Rural and Agricultural Property Valuation
Build an income approach for an agricultural property using a capitalization rate you derive and justify
Apply the cost approach to farm buildings and depreciate them with a stated method
Reconcile the three approaches into a single value conclusion with stated weighting rationale
Draft the scope-of-work and property-rights sections of a sample rural appraisal report
Your checkpoint
A 3-4 page mock rural appraisal report containing all three approaches, reconciliation, and a scope-of-work statement
Farm and Ranch Management & Rural and Agricultural Property Valuation
Construct a whole-farm operating budget covering crop and livestock enterprises
Allocate overhead and machinery costs across enterprises to derive per-unit and per-acre returns
Identify the easements, leases, and encumbrances that affect rural property value and describe their valuation impact
Explain how conservation easements and government program participation affect marketability
Your checkpoint
A whole-farm enterprise budget spreadsheet with per-acre and per-unit returns and a paragraph on easement impacts
Farm and Ranch Management & Agricultural Economics and Finance
Analyze a farm lease (cash vs. crop share) and compute the landlord and tenant shares of returns
Calculate break-even yields and prices for a chosen enterprise
Build a partial budget to evaluate a proposed production or capital change
Assess working-capital and liquidity needs for a farm operation
Your checkpoint
A lease analysis memo comparing cash and crop-share terms with break-even calculations and a partial-budget recommendation
Agricultural Economics and Finance
Construct pro forma cash flows and a projected income statement for a farm operation
Compute and interpret NPV, IRR, payback, and debt-service coverage for an investment
Apply amortization schedules to evaluate term-loan versus operating-loan structures
Explain how interest-rate and commodity-price risk affect farm financial decisions
Your checkpoint
A farm investment analysis workbook with NPV, IRR, DSCR, and an amortization schedule plus a one-page interpretation
Agricultural Economics and Finance & Professional Ethics, Standards, and Accreditation Requirements
Summarize the key financial ratios used in agricultural lending and interpret a sample balance sheet
Outline the accreditation and continuing-education requirements that apply to ARA holders
Identify the standards governing appraisal review, reporting, and record retention
Describe the ethical obligations around conflicts of interest, confidentiality, and competence
Your checkpoint
A two-page ethics and standards reference sheet covering USPAP-aligned duties, ARA requirements, and a worked conflict-of-interest scenario
Professional Ethics, Standards, and Accreditation Requirements & Rural and Agricultural Property Valuation
Apply the appraisal process end-to-end to a rural assignment from engagement letter through report
Draft an engagement letter and a scope-of-work statement that satisfy professional standards
Critique a sample appraisal report for compliance gaps and ethical issues
Explain the appraiser's obligations when asked to value a property outside the appraiser's competence
Your checkpoint
A completed mock engagement letter plus a written compliance critique of a self-authored sample report
Rural and Agricultural Property Valuation & Farm and Ranch Management & Agricultural Economics and Finance & Professional Ethics, Standards, and Accreditation Requirements
Synthesize all four domains into a timed practice exam you write and self-grade
Re-derive the formulas and frameworks most likely to be tested (cap rates, DSCR, break-even, highest and best use)
Review weak areas flagged by the practice exam and close the gaps
Confirm exam-day logistics, allowed materials, and time-management strategy
Your checkpoint
A scored 60-question self-authored practice exam with a written remediation plan for any domain scoring below 75%
Milestones
Week 2: Complete a full mock rural appraisal report using all three approaches and pass a self-check against a scope-of-work checklist
Week 4: Produce accurate lease and enterprise-budget analyses with break-even figures within 10% of your own recomputation
Week 6: Score at least 80% on a self-quiz covering ethics, standards, and accreditation requirements
Week 8: Score at least 75% on each of the four domains in the self-authored practice exam and have a written remediation plan for any shortfall