ARC RA study plan
ARC RA · Give each week a clear focus.
8 weeks · About 6 hours per week
Appraisal Practice and Professional Standards (USPAP)
Define key USPAP terms (appraisal, appraisal practice, assignment, client, intended user, scope of work) in your own words.
Explain the purpose of USPAP and the role of the Appraisal Standards Board.
List the 10 USPAP Standards and match each to its function.
Describe the structure of the USPAP book (Standards, Statements, Advisory Opinions, FAQs).
Your checkpoint
Create a one-page glossary of 15 USPAP terms with definitions and a list of the 10 Standards with a one-sentence description of each.
Appraisal Practice and Professional Standards (USPAP)
Summarize the COMPETENCY RULE and provide an example of how an appraiser can gain competency.
Outline the steps of the appraisal process as defined in USPAP.
Explain the JURISDICTIONAL EXCEPTION RULE and when it applies.
Identify the record-keeping requirements and retention period under the RECORD KEEPING RULE.
Your checkpoint
Write a 300-word summary of the appraisal process and create a table of the COMPETENCY, JURISDICTIONAL EXCEPTION, and RECORD KEEPING rules with key points and examples.
Appraisal Practice and Professional Standards (USPAP) & Valuation Principles and Procedures
Explain the purpose and content of the SCOPE OF WORK RULE.
Summarize the six appraisal principles (anticipation, change, competition, conformity, contribution, substitution) and give a real estate example for each.
Differentiate between the three approaches to value and when each is most applicable.
Describe the difference between market value and other value types (assessed, insurance, investment).
Your checkpoint
Create a 2-page study guide that explains the SCOPE OF WORK RULE and the six appraisal principles with examples, and a comparison chart of the three approaches to value.
Valuation Principles and Procedures & Residential Market Analysis and Highest and Best Use
Explain the concept of highest and best use and the four tests (legally permissible, physically possible, financially feasible, maximally productive).
Describe the steps in residential market analysis (demand, supply, and market segmentation).
Analyze how economic trends (employment, population, interest rates) affect residential real estate values.
Differentiate between a market analysis and an appraisal.
Your checkpoint
Write a 400-word case study applying the four tests of highest and best use to a hypothetical residential property and include a summary of the local market conditions.
Sales Comparison Approach
Identify the steps in the sales comparison approach.
List and explain the elements of comparison (e.g., property rights, financing, conditions of sale, market conditions, location, physical characteristics).
Describe how to select and adjust comparables (paired sales analysis, cost, income).
Explain the difference between quantitative and qualitative adjustment methods.
Your checkpoint
Prepare a sales comparison grid for a hypothetical property with at least three comparables, showing adjustments and a reconciled value indication.
Cost Approach & Site Valuation and Property Description
Explain the cost approach and when it is most reliable.
Define and calculate replacement cost and reproduction cost.
Describe the three methods of estimating cost (quantity survey, unit-in-place, comparative unit) and when to use each.
Estimate depreciation using the breakdown method (physical, functional, external) and the age-life method.
Describe the components of a site description and methods of site valuation (sales comparison, allocation, extraction, subdivision development).
Your checkpoint
Complete a cost approach worksheet for a hypothetical property, including cost estimate, depreciation calculation, and site value, and write a paragraph explaining the reliability of the result.
Income Approach & Reconciliation and Report Writing
Explain the income approach and its applicability to residential properties.
Define gross rent multiplier (GRM) and gross income multiplier (GIM) and demonstrate their calculation.
Describe the steps in reconciliation and how to select the most reliable approach.
Identify the required content of an appraisal report and the differences between appraisal report types (self-contained, summary, restricted).
Your checkpoint
Create a 1-page reconciliation summary for a hypothetical appraisal, justifying the final value conclusion, and outline the required sections of a summary appraisal report.
Appraisal Practice and Professional Standards (USPAP) & Valuation Principles and Procedures & Residential Market Analysis and Highest and Best Use & Sales Comparison Approach & Cost Approach & Income Approach & Site Valuation and Property Description & Reconciliation and Report Writing
Review all domains using practice questions and identify weak areas.
Complete a full-length practice exam under timed conditions.
Review mistakes and revisit challenging topics.
Memorize key formulas (e.g., GRM, depreciation, cost approach).
Create a quick-reference sheet for exam day.
Your checkpoint
Score at least 75% on a timed practice exam and produce a one-page formula and key concepts sheet.
Milestones
Week 2: Score 80% or higher on a 20-question USPAP quiz covering the COMPETENCY, JURISDICTIONAL EXCEPTION, and RECORD KEEPING rules.
Week 4: Complete a 30-question mixed quiz on USPAP and valuation principles with a score of at least 75%.
Week 6: Successfully complete a sales comparison and cost approach problem set with at least 80% accuracy.
Week 8: Achieve a score of 75% or higher on a full-length practice exam and complete all review materials.