100+ Free GAA Practice Questions

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Investment value is BEST defined as:

Insurable value minus land

Liquidation value in a forced sale

Market value plus 10%

The value of a property to a particular investor based on that investor's requirements, financing, tax position, and risk tolerance

to track

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2026 Statistics

Key Facts: GAA Exam

1,000

Additional Experience Hours Required

NAR GAA program

Hours of Tested Coursework Above AQB

NAR GAA program

$100

Application Fee

NAR (one-time, includes $25 processing)

$100

Annual Maintenance Per Designation

NAR

$500,000

Commercial De Minimis Threshold

Federal banking agencies (April 2018)

5 years

USPAP Workfile Retention Minimum

USPAP RECORD KEEPING RULE

GAA is NAR's commercial appraiser designation, available only to active REALTOR members who hold State Certified General Appraiser status, complete 60 hours of tested coursework above the AQB minimum, and document 1,000 hours of appraisal experience beyond state certification. The one-time application fee is $100 (including a $25 non-refundable processing fee), with $100 annual maintenance. The GAA requires 15 more hours of tested coursework than the RAA (60 vs 45) to reflect commercial complexity. Beginning in 2026, NAR will recognize any AQB-approved or state-approved Valuation Bias and Fair Housing CE course for the Fair Housing Training requirement. GAA is administered by the NAR Appraisal Group at appraisal@nar.realtor or 800-874-6500 x8267.

Sample GAA Practice Questions

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

1Which credential is a prerequisite for the NAR General Accredited Appraiser (GAA) designation?

A.State Licensed Residential Appraiser

B.State Certified Residential Appraiser

C.State Certified General Appraiser

D.Trainee Appraiser with two years of supervised experience

Explanation: The GAA is NAR's commercial-side designation. Eligibility requires the appraiser to hold a State Certified General Appraiser credential (the level authorized to value all property types, including non-residential and high-value residential). The RAA, by contrast, may be earned by either Certified Residential or Certified General appraisers.

2How many hours of TESTED coursework above the AQB minimum are required for the GAA designation?

A.30 hours

B.45 hours

C.60 hours

D.90 hours

Explanation: The GAA requires 60 hours of tested coursework above the Appraiser Qualifications Board (AQB) minimum education requirement, compared to 45 hours for the RAA. 'Tested' means each course must include a passing final examination; auditing or attendance-only courses do not count.

3Beyond state certification, how many additional hours of appraisal experience must a GAA candidate document?

A.250 hours

B.500 hours

C.1,000 hours

D.2,500 hours

Explanation: Both the RAA and the GAA require a minimum of 1,000 hours of appraisal experience above the experience already required for state Certified General Appraiser status. This must be documented when submitting the application to the NAR Appraisal Group.

4The GAA one-time application fee charged by NAR is:

A.$50

B.$100

C.$250

D.$500

Explanation: NAR charges a $100 one-time application fee for the GAA designation (which includes a $25 non-refundable processing fee), with $100 in annual maintenance dues per designation thereafter. The fee is identical for the RAA.

5Under USPAP, what document establishes the binding standards for appraisal practice in the United States?

A.Fannie Mae Selling Guide

B.Uniform Standards of Professional Appraisal Practice published by The Appraisal Foundation

C.FIRREA Title XI regulations alone

D.AQB Appraiser Qualifications Criteria

Explanation: USPAP is promulgated by the Appraisal Standards Board (ASB) of The Appraisal Foundation. FIRREA Title XI requires federally related transactions to be performed in compliance with USPAP, but USPAP itself is the standards document. AQB criteria govern credentialing, not standards.

6Which USPAP Standard governs the development and reporting of REAL PROPERTY appraisals for general (non-mass) practice?

A.Standards 1 and 2

B.Standards 3 and 4

C.Standards 5 and 6

D.Standards 7, 8, 9, and 10

Explanation: Standard 1 governs the DEVELOPMENT of a real property appraisal and Standard 2 governs its REPORTING. Standards 3 and 4 cover appraisal review (development and reporting). Standards 5 and 6 cover mass appraisal. Personal property and business valuation Standards (7-10) were removed in earlier USPAP editions, but current USPAP retains 1-4 plus mass appraisal 5-6.

7The USPAP ETHICS RULE has three sections. Which is NOT one of them?

A.Conduct

B.Management

C.Confidentiality

D.Recordkeeping

Explanation: The ETHICS RULE contains Conduct, Management, and Confidentiality sections. Recordkeeping is a separate USPAP rule (the RECORD KEEPING RULE), which sets the workfile retention minimum at 5 years (or 2 years after final disposition of any judicial proceeding involving the assignment, whichever is longer).

8Under the USPAP RECORD KEEPING RULE, the minimum workfile retention period is:

A.1 year

B.3 years

C.5 years, or 2 years after final disposition of any judicial proceeding, whichever is longer

D.10 years from the date of the report

Explanation: USPAP requires that the workfile be retained for a minimum of 5 years after preparation, OR 2 years after final disposition of any judicial proceeding (litigation, arbitration, regulatory review) in which the appraiser provided testimony, whichever period expires last. Failure to retain the workfile is itself a USPAP violation.

9The USPAP COMPETENCY RULE requires the appraiser, prior to accepting an assignment, to:

A.Accept any assignment within their state credential and study after

B.Disclose lack of knowledge or experience BEFORE accepting, take steps to gain competency or refer the work, and disclose the lack of prior competency in the report

C.Charge an additional fee for unfamiliar property types

D.Hire an unlicensed assistant to perform any unfamiliar tasks

Explanation: Under the COMPETENCY RULE, before accepting an assignment the appraiser must determine whether they have the knowledge and experience to complete it credibly. If they do not, they must either (1) decline, (2) take steps to gain competency (study, consult, associate with a competent appraiser) and disclose the lack of prior competency, or (3) refer the assignment. Disclosure must occur both before acceptance and in the report.

10Scope of work, under USPAP, is determined by:

A.The client alone

B.The Appraiser Qualifications Board

C.The appraiser, based on intended use, intended users, type and definition of value, and assignment conditions

D.The lender's underwriting checklist

Explanation: The SCOPE OF WORK RULE makes the scope determination the appraiser's professional responsibility. The appraiser must identify the problem to be solved (intended use, intended users, type and definition of value, effective date, subject characteristics, and assignment conditions) and then determine the scope of work necessary to produce credible assignment results.

About the GAA Exam

The GAA (General Accredited Appraiser) is NAR's commercial appraisal designation for State Certified General Appraisers who complete 60 hours of tested coursework above the AQB minimum and document 1,000+ hours of additional experience. GAA validates expertise in USPAP, the three approaches to value with commercial emphasis (direct capitalization, yield capitalization, DCF, band of investment, Ellwood mortgage-equity, Marshall & Swift cost analysis), commercial lease structures, highest and best use, federal regulation (FIRREA, Dodd-Frank AIR, AMC Final Rule, 2024 AVM Rule), and specialty assignments including eminent domain, going-concern allocation, conservation easements, and ad valorem work.

Questions

100 scored questions

Time Limit

Course-based (qualifying course finals)

Passing Score

Per course (typically 70%-75%)

Exam Fee

$100 application + $100 annual maintenance (National Association of REALTORS (NAR) Appraisal Group)

GAA Exam Content Outline

15%

USPAP & Ethical Conduct

USPAP ETHICS RULE (Conduct, Management, Confidentiality), RECORD KEEPING RULE (5-year workfile minimum or 2 years after judicial proceeding), COMPETENCY RULE, SCOPE OF WORK RULE, Standards 1-4 reporting options (Appraisal Report vs Restricted Appraisal Report), bias prohibition, Advisory Opinions including AO-7 (marketing time) and AO-21 (jurisdictional exception)

25%

Income Capitalization Approach

Direct capitalization (V = NOI / Ro), yield capitalization and DCF with reversion at terminal cap rate, cap rate derivation through band of investment, market extraction, DCR method, and investor surveys, GIM and EGIM multipliers, Ellwood mortgage-equity formula, going-in vs terminal cap rates, IRR and yield analysis, tenant improvements and leasing commissions below-line modeling

10%

Sales Comparison & Reconciliation

Commercial comparable selection (recent arm's-length transactions of similar property type, size, and location), terms verification, quantitative and qualitative adjustments, market-conditions (time) adjustments, paired sales analysis, CIA/CBS adjustment direction rules applied to commercial comparables, reconciliation by quality/reliability/applicability

10%

Cost Approach (Commercial)

Reproduction Cost New (exact replica including superadequacies) vs Replacement Cost New (equivalent utility), Marshall & Swift / Marshall Valuation Service (segregated and calculator methods), entrepreneurial profit as developer's reward, accrued depreciation in three categories (physical deterioration, functional obsolescence with deficiency or superadequacy, external/economic obsolescence), age-life method using effective age over total economic life

10%

Highest and Best Use

Four HBU tests in order (legally permissible, physically possible, financially feasible, maximally productive), AS VACANT vs AS IMPROVED with maintain/modify/demolish analysis, interim use concept, special-purpose properties, concurrency under growth management

Site Valuation

Direct sales comparison of vacant land, extraction (abstraction) using improved sales minus depreciated cost, allocation using land-to-total ratios, ground rent capitalization, subdivision development (developer's residual) DCF on raw land

10%

Property Types & Lease Analysis

Office (Class A/B/C), retail (neighborhood center, community center, power center, regional mall), industrial (clear height, dock doors, sprinklers), multi-family (price per unit, price per SF, cap rate), hotel and hospitality with FF&E and going-concern allocation, self-storage, special-purpose. Gross / modified gross / triple-net (NNN) / percentage leases, leasehold and leased fee interests, natural and artificial breakpoints

15%

Federal Regulation & Specialty Assignments

FIRREA Title XI (state appraiser regulation, ASC under FFIEC, federally related transactions), $500,000 commercial de minimis (raised April 2018), Dodd-Frank Appraisal Independence (TILA Section 129E / Reg Z 1026.42, customary and reasonable fees), AMC Minimum Requirements Final Rule (effective August 2018), 2024 Interagency AVM Final Rule, ECOA Reg B 3-day appraisal copy delivery, eminent domain (just compensation, before-and-after method, severance damages), going-concern hotel allocation, conservation easement IRS Treasury Reg 1.170A-14, ad valorem mass appraisal under USPAP Standards 5 and 6, sale-leaseback structures, 2024 interagency ROV (Reconsideration of Value) guidance

How to Pass the GAA Exam

What You Need to Know

Passing score: Per course (typically 70%-75%)
Exam length: 100 questions
Time limit: Course-based (qualifying course finals)
Exam fee: $100 application + $100 annual maintenance

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

GAA Study Tips from Top Performers

1Memorize the USPAP rules cold: ETHICS RULE has 3 sections (Conduct, Management, Confidentiality), RECORD KEEPING is 5 years OR 2 years post-judicial proceeding, SCOPE OF WORK is the appraiser's decision, COMPETENCY requires pre-acceptance disclosure

2Drill direct capitalization (V = NOI / Ro), the three cap-rate derivation methods (band of investment, market extraction, DCR), and the relationship Yo = Ro + g for constant growth - these are GAA bread and butter

3Know the four HBU tests in order: Legally permissible, Physically possible, Financially feasible, Maximally productive - and remember an improved property requires HBU opinions BOTH as vacant and as improved with maintain/modify/demolish analysis

4Memorize the federal regulatory stack: FIRREA Title XI (state regulation + ASC), Dodd-Frank AIR (TILA 129E / Reg Z 1026.42), AMC Final Rule (Aug 2018), 2024 AVM Rule, $500K commercial de minimis, $400K residential de minimis

5Practice DCF mechanics including TI/LC modeling, going-in vs terminal cap rates, IRR calculation, and the constant-growth approximation Ro = Yo - g for sanity checking extracted cap rates

Frequently Asked Questions

Is the NAR GAA designation still administered in 2026?

Yes. The NAR General Accredited Appraiser (GAA) designation is currently administered by the NAR Appraisal Group. The RAA/GAA program remains active in 2026, with a $100 application fee (including $25 non-refundable processing) and $100 annual maintenance per designation. Starting in 2026, NAR also recognizes AQB-approved Valuation Bias and Fair Housing CE courses for the Fair Housing Training requirement. Contact appraisal@nar.realtor or 800-874-6500 x8267 for current details.

What are the eligibility requirements for the GAA designation?

You must be (1) an active REALTOR Appraiser member in good standing, (2) a State Certified General Appraiser, (3) have completed 60 hours of tested coursework above the AQB's minimum education requirement at the time of certification, (4) have at least 1,000 hours of additional appraisal experience beyond state certification, and (5) submit the application with the $100 fee. The 60-hour coursework requirement is 15 hours higher than the RAA's 45 hours to reflect commercial complexity.

How is the GAA different from the RAA?

The GAA is the commercial-property companion to the residential RAA. GAA requires State Certified General Appraiser status (the credential authorized to appraise any property type, including commercial) and 60 hours of tested coursework above the AQB minimum. RAA permits either State Certified Residential or General certification and requires only 45 hours of tested coursework. Fees, experience hours (1,000+), and REALTOR membership requirements are identical.

Is the GAA an exam-based credential like USPAP or the state Certified General exam?

GAA itself does not have one centralized exam - it requires 60 hours of TESTED coursework, meaning each qualifying course must include a passing final exam. The state Certified General Appraiser exam (administered through AQB-approved providers like AMP/PSI) is a separate, prior requirement. Our practice bank covers the commercial appraisal topics that recur across both the qualifying coursework finals and the state Certified General exam.

What is the difference between GAA and the Appraisal Institute MAI?

GAA is administered by NAR for REALTOR appraiser members and requires 60 hours of tested coursework plus 1,000 hours of additional experience. The MAI (Appraisal Institute) is a substantially more rigorous commercial designation requiring approximately 400+ hours of coursework, a comprehensive demonstration appraisal, an admission exam, and peer-reviewed experience documentation. MAI is the recognized senior commercial designation; GAA is a lighter NAR credential.

What is the federal de minimis threshold for commercial appraisals?

Effective April 9, 2018, the federal banking agencies raised the commercial real estate appraisal de minimis from $250,000 to $500,000. Below this threshold, a commercial transaction at a federally regulated lender does not require a state-credentialed appraisal, though it still requires an 'evaluation' that meets certain standards. The residential threshold was separately raised to $400,000 effective October 2019. A $1 million de minimis applies to certain rural and qualified business loans.