100+ Free ASFMRA RPRA Practice Questions

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2026 Statistics

Key Facts: ASFMRA RPRA Exam

5 years

Required Appraisal/Review Experience

Including 1 yr review in last 5

Required Underlying Credential

Certified General Appraiser

Demonstration Review Report

Narrative USPAP-compliant

$500K

FIRREA Commercial Threshold

Interagency 2018

Std 3 & 4

USPAP Standards Tested

Development + Reporting

5 yrs

Workfile Retention Minimum

USPAP Record Keeping

The RPRA is awarded by ASFMRA to Certified General Appraisers with 5+ years of appraisal and/or review experience (including 1 year of review within the last 5). Candidates must complete required coursework, submit a demonstration review report, and pass the proctored RPRA Comprehensive Exam. RPRA holders perform technical reviews for lenders, AMCs, federal agencies, and in litigation support, opining on whether an appraisal complies with USPAP and produces credible results.

Sample ASFMRA RPRA Practice Questions

Try these sample questions to test your ASFMRA RPRA exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1USPAP Standard 3 governs:

A.Development of an appraisal review

B.Mass appraisal

C.Personal property appraisal

D.Business appraisal

Explanation: USPAP Standard 3 sets the requirements for the development of an appraisal review, and Standard 4 covers its reporting. Together, they govern the act of forming an opinion about the quality of another appraiser's work.

2For purposes of USPAP, an 'appraisal review' is defined as:

A.The act or process of developing an opinion about the quality of another appraiser's work

B.Re-doing the original appraisal

C.Performing a desk inspection only

D.A casual quality control checklist by lender staff

Explanation: USPAP defines appraisal review as the act or process of developing an opinion about the quality of another appraiser's work performed as part of an appraisal or appraisal review assignment. A reviewer forms and reports an opinion about quality.

3A 'technical review' under FIRREA Title XI generally requires:

A.A qualified appraiser to assess the work under review for USPAP compliance

B.An underwriter to verify loan terms

C.A clerk to confirm receipt of the appraisal

D.An automated valuation model only

Explanation: FIRREA-related technical reviews must be performed by an appraiser qualified for the type of review work. The reviewer evaluates whether the work under review complies with USPAP and supports credible results.

4An 'administrative review' typically:

A.Checks for completeness and conformance with client requirements but does not opine on quality

B.Constitutes a USPAP Standard 3 review

C.Replaces the technical review

D.Requires the reviewer to be a Certified General Appraiser

Explanation: An administrative review (or compliance review) verifies that the report contains required elements and conforms to client and regulatory checklists. It does not develop an opinion about the quality of the underlying analysis, so it is not a Standard 3 review.

5Under USPAP Standard 3, the reviewer must identify:

A.The client and other intended users, intended use, subject of the review, and scope of work

B.Only the date of the original appraisal

C.Only the value reached by the original appraiser

D.Only the reviewer's compensation

Explanation: Standard 3 requires identification of the client and intended users, intended use, the subject of the review (which includes the work being reviewed), the type and definition of value if applicable, effective date, and the scope of work for the review.

6A reviewer who develops his or her own opinion of value must comply with:

A.Both Standard 1 (development) and Standard 3 (review) requirements

B.Standard 3 only

C.Standard 2 only

D.Standard 4 only

Explanation: When the reviewer develops his or her own opinion of value, the work must comply with Standard 1 (development) for that opinion and Standard 3 for the review aspect, with appropriate reporting under Standards 2 and 4.

7FIRREA defines the threshold above which a Certified Appraiser must be used for federally related transactions involving commercial real estate as:

A.$500,000 (current threshold for commercial transactions)

B.$250,000

C.$1,000,000

D.No threshold

Explanation: The federal banking regulators raised the commercial real estate threshold to $500,000 in 2018. Transactions above that threshold typically require a Certified Appraiser; below, an evaluation may suffice. Residential threshold is $400,000.

8A reviewer who finds the value conclusion of the work under review is unreasonable, but does NOT develop an own opinion, must:

A.Clearly state the reason the conclusion is unreasonable

B.Provide a new value as a fallback

C.Quietly accept the value

D.Refuse to issue a review report

Explanation: USPAP requires the reviewer to develop an opinion about quality. If the reviewer concludes the value is unreasonable but does not develop a separate opinion of value, the reviewer must clearly state the reason for the conclusion.

9In a fee panel managed by a lender, the appraisal review function is BEST separated from:

A.Loan production and origination to maintain independence

B.Loan servicing

C.Title insurance

D.Insurance underwriting

Explanation: Federal rules (Interagency Appraisal and Evaluation Guidelines, Dodd-Frank Appraiser Independence rules) require that the review function be independent of loan production to prevent undue influence on value. Reviewers should report to the risk or compliance function.

10The Interagency Appraisal and Evaluation Guidelines (2010) provide guidance on:

A.Bank appraisal programs, evaluations, reviews, and AVM use

B.Federal income tax preparation

C.Securities filings

D.Real estate brokerage practice

Explanation: The 2010 Interagency Guidelines from the OCC, FDIC, Federal Reserve, OTS, and NCUA address sound appraisal and evaluation programs, including review processes, AVM use, evaluations, and reappraisals.

About the ASFMRA RPRA Exam

The ASFMRA Real Property Review Appraiser (RPRA) is the premier designation for appraisers specializing in appraisal review under USPAP Standards 3 and 4. Candidates demonstrate mastery of review scope, FIRREA compliance, technical vs administrative reviews, and the analysis of all three approaches to value.

Assessment

Question count not published by the exam provider

Time Limit

Multi-hour proctored exam

Passing Score

Set by ASFMRA Accreditation Committee

Exam Fee

Application + exam fees through ASFMRA (ASFMRA)

ASFMRA RPRA Exam Content Outline

30%

USPAP Standards 3 and 4

Development of appraisal review (Standard 3): identification of problem, scope of work, opinions of quality and value. Reporting of review (Standard 4): certification, prior services disclosure, restricted vs full review reports, intended use and intended users

15%

FIRREA and Federal Regulation

FIRREA Title XI requirements, current commercial ($500K) and residential ($400K) thresholds, Interagency Appraisal and Evaluation Guidelines (2010), Appraisal Subcommittee oversight of state boards, technical vs administrative review distinction

20%

Review of Approaches to Value

Sales comparison (unsupported adjustments, stale comparables, paired sales), cost approach (entrepreneurial profit, depreciation methods, site value support), income approach (cap rate derivation, terminal value, DCF assumptions, market rent reasonableness)

10%

Appraiser Independence

Dodd-Frank Appraiser Independence Requirements, Truth in Lending Regulation Z, AMC operations and panel management, lender separation of review from loan production, coercion prohibition

10%

Specialized Reviews

Conservation easement appraisal review (170(h), before-and-after), federal acquisition Yellow Book review (larger parcel, severance damages), 1031 exchange review, residential review forms (Fannie Mae 2055, 2000, 2000A), special-purpose property reviews

10%

Statistical Methods in Review

Ratio studies (median ratio, COD, PRD - IAAO targets), multiple regression analysis evaluation, AVM accuracy metrics (FSD, hit rate, confidence interval) and human review, statistical sampling design for portfolio quality control

Litigation Support and Ethics

Daubert standard (FRE 702) for federal court, Frye standard in some states, expert witness preparation, fraud reporting protocols, state appraiser board referrals, ASFMRA and USPAP Ethics Rule

How to Pass the ASFMRA RPRA Exam

What You Need to Know

Passing score: Set by ASFMRA Accreditation Committee
Assessment: Question count not published by the exam provider
Time limit: Multi-hour proctored exam
Exam fee: Application + exam fees through ASFMRA

Keys to Passing

Work through all 100 available questions
Review every answer and explanation
Track weak areas and revisit them
Use our AI tutor for tough concepts

ASFMRA RPRA Study Tips from Top Performers

1Master USPAP Standard 3 problem-identification elements: client, intended users, intended use, subject (what is being reviewed), scope of work, and any value opinion development

2Learn the Standard 4 reporting requirements cold: certification statements, prior services disclosure, opinion of quality, optional value opinion, intended use restrictions

3Study common appraisal errors by approach: unsupported adjustments in sales comparison, omitted entrepreneurial profit in cost, unreasonable cap rates and growth assumptions in income

4Memorize current FIRREA thresholds ($500K commercial, $400K residential) and Interagency Guidelines (2010) requirements for AVM use, evaluations, and reappraisal triggers

5Practice statistical review concepts: COD targets (<15 residential, <20 income), PRD range (0.98-1.03), and AVM accuracy metrics

Frequently Asked Questions

What are the requirements for the ASFMRA RPRA designation?

RPRA candidates must hold a current Certified General Real Property Appraiser credential, have 5 years of appraisal and/or appraisal review experience (with at least 1 year of review experience within the last 5 years), complete ASFMRA-required coursework including 15-hour National USPAP and Code of Ethics, submit one demonstration review report in narrative form, and pass the proctored RPRA Comprehensive Exam.

What is the difference between a technical review and an administrative review?

A technical review is a Standard 3 review by a qualified appraiser that develops an opinion about the quality of another appraiser's work, including USPAP compliance and credibility of results. An administrative review is a completeness check (often a checklist) by non-appraiser staff verifying that the report contains required elements. Only the technical review satisfies FIRREA review requirements.

Does the reviewer have to develop a separate opinion of value?

No. Under USPAP Standard 3, the reviewer always develops an opinion about the quality of the work under review. The reviewer may also develop a separate opinion of value if the scope of work supports it. When developing a value opinion, the reviewer must also comply with Standard 1 (development) and Standard 2 (reporting) in addition to Standards 3 and 4.

What is the FIRREA appraisal threshold for commercial real estate?

The federal banking regulators raised the FIRREA commercial real estate threshold to $500,000 in 2018 (up from $250,000). The residential threshold is $400,000. Above these thresholds in federally related transactions, a state-Certified appraiser must perform an appraisal complying with USPAP. Below threshold, an evaluation by qualified personnel may suffice.

Can a reviewer use an AVM to support the review?

Reviewers may use AVMs as supporting tools when their use produces credible results and is properly disclosed. The Interagency Guidelines require human review of AVM results. AVM accuracy statistics (FSD, hit rate, confidence interval), geographic relevance, and data age must be evaluated. AVMs alone do not satisfy Standard 3 review requirements.

What does the RPRA demonstration report require?

The RPRA demonstration report is a complete USPAP-compliant narrative review of a real property appraisal. It must demonstrate the candidate's mastery of Standard 3 (development) and Standard 4 (reporting), including problem identification, scope of work, analysis of approaches to value, opinion of quality, optional opinion of value, certification, and proper documentation. ASFMRA's accreditation committee reviews and grades the report.

Where do RPRA holders typically work?

RPRA holders perform technical reviews for commercial banks, Farm Credit System lenders, AMCs, federal agencies (USDA, FDIC, OCC, GSA), insurance companies, courts (litigation support), and law firms. The credential signals advanced competency in USPAP Standard 3 to lenders meeting Interagency Guidelines, attorneys preparing Daubert challenges, and federal agencies acquiring land for public projects.