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When applying the sales comparison approach to a residential property, which adjustment is generally made FIRST in the typical sequence of adjustments?

Physical characteristics (size, condition)

Property rights conveyed

Location

Market conditions (time)

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2026 Statistics

Key Facts: SRA Exam

100

Exam Questions

Residential Comprehensive Exam

4 hrs

Time Limit

Appraisal Institute

70%

Passing Score

Appraisal Institute

181 hrs

Required AI Coursework

Six AI residential modules

4,000 hrs

Total Experience

2,000 hrs must be residential

Bachelor's

Education Required

AI candidacy requirement

The SRA Residential Comprehensive Exam is a 100-question, 4-hour test scored at 70% to pass, covering residential sales comparison (25%), USPAP and reports (20%), residential cost (15%), HBU and complex residential (10%), market analysis and statistics (10%), residential income (10%), AI ethics (5%), and Demo Report standards (5%). SRA candidacy also requires six AI courses (181 hours), a bachelor's degree, 4,000 hours of appraisal experience including 2,000 residential hours, and the Demonstration of Knowledge requirement.

Sample SRA Practice Questions

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1When applying the sales comparison approach to a residential property, which adjustment is generally made FIRST in the typical sequence of adjustments?

A.Physical characteristics (size, condition)

B.Property rights conveyed

C.Location

D.Market conditions (time)

Explanation: The standard sequence of adjustments is: (1) property rights conveyed, (2) financing terms, (3) conditions of sale, (4) expenditures made immediately after purchase, (5) market conditions (time), and then (6) physical characteristics including location, size, and condition. Adjustments 1-5 are made sequentially because each affects the price basis used for the next adjustment, while physical adjustments are then applied to the time-adjusted price.

2A paired-sales analysis yields the following: Comp A (with garage) sold for $385,000; Comp B (no garage, otherwise identical) sold for $368,500 in the same market. What is the indicated adjustment for the garage?

A.$11,500

B.$16,500

C.$18,500

D.$22,000

Explanation: Paired-sales analysis isolates the value contribution of a single feature by comparing two otherwise identical sales. $385,000 - $368,500 = $16,500. This is the market-extracted adjustment for the garage feature and would be added to comparables lacking a garage when valuing a subject that has one.

3On the Fannie Mae Form 1004 grid, when a comparable sale is SUPERIOR to the subject in a given line item, the dollar adjustment is:

A.Added to the comparable's sale price

B.Subtracted from the comparable's sale price

C.Added to the subject's value estimate

D.Ignored if under 5% of sale price

Explanation: Adjustments on the Form 1004 sales grid are made TO the comparable, not to the subject. If the comparable is superior, its sale price is adjusted DOWNWARD (subtracted) to make it equivalent to the subject. If the comparable is inferior, its price is adjusted upward. The mnemonic is CIA - Comparable Inferior Add (CSS - Comparable Superior Subtract).

4A subject property has 2,400 sq ft GLA. Comparable 1 has 2,200 sq ft GLA and sold for $440,000. Market analysis indicates GLA contributes approximately $85/sq ft. What is the size-adjusted price of Comparable 1?

A.$423,000

B.$440,000

C.$457,000

D.$474,000

Explanation: The subject is 200 sq ft larger than Comp 1 (2,400 - 2,200). At $85/sq ft contribution, the adjustment is 200 x $85 = $17,000. Because Comp 1 is INFERIOR (smaller) than the subject, the adjustment is ADDED to Comp 1's sale price: $440,000 + $17,000 = $457,000.

5Which UAD condition rating describes a dwelling that has been recently completely renovated with virtually all major short-lived components updated?

A.C1

B.C2

C.C3

D.C4

Explanation: Under the Uniform Appraisal Dataset (UAD), C1 means the dwelling is brand-new, never previously occupied. C2 means the dwelling has been recently completely renovated with virtually no physical deterioration. C3 means well-maintained with limited physical depreciation due to normal wear and tear. C4 indicates some minor deferred maintenance and physical deterioration. C5 and C6 indicate increasing levels of deferred maintenance and obsolescence.

6On the UAD quality scale, which rating indicates a dwelling constructed with high-quality materials, custom design, and exceptional workmanship?

A.Q1

B.Q3

C.Q4

D.Q6

Explanation: The UAD quality ratings range Q1 (highest) to Q6 (lowest). Q1 dwellings feature uniquely custom design and architecture, exceptionally high-quality materials, and exceptional workmanship - typically architect-designed homes. Q2 indicates high-quality custom design with high-grade materials. Q3 is upgraded standard quality. Q6 indicates basic, low-cost construction often with significant deferred maintenance.

7The principle that holds the value of a property tends to be set by the cost of acquiring an equally desirable substitute property is called:

A.Conformity

B.Substitution

C.Anticipation

D.Contribution

Explanation: Substitution is the foundational economic principle underlying all three approaches to value. It holds that a rational, informed buyer will pay no more than the cost of acquiring an equally desirable substitute - whether through purchasing an existing property, building new (cost approach), or investing in income-producing alternatives. Conformity addresses neighborhood homogeneity. Anticipation addresses future benefits. Contribution measures the value added by individual components.

8After completing all adjustments to five comparables, the indicated values are: $342,000; $345,500; $348,000; $351,000; and $358,500. Which approach to reconciliation BEST reflects appraisal best practice?

A.Always use the simple arithmetic mean of all comparables

B.Always use the median to eliminate outliers

C.Weight the comparables most similar to the subject more heavily and reconcile to a defensible point value or range

D.Use only the comparable with the smallest gross adjustments

Explanation: Reconciliation is a judgment-based process, not a mechanical calculation. The appraiser weights the comparables based on their similarity to the subject, the magnitude and reliability of adjustments, the recency of the sale, and other quality factors. A simple mean or median ignores quality differences. Using only one comparable wastes the corroborating evidence from the others. The reconciled value should be supported by the strongest comparables.

9Which of the following is NOT a recognized element of comparison in the sales comparison approach?

A.Conditions of sale

B.Market conditions

C.Listing broker reputation

D.Property rights conveyed

Explanation: The recognized elements of comparison are: (1) property rights conveyed, (2) financing terms, (3) conditions of sale, (4) expenditures made immediately after purchase, (5) market conditions, (6) location, (7) physical characteristics, (8) economic characteristics, (9) use/zoning, and (10) non-realty components of value. Listing broker reputation is not an element of comparison and should not be the basis for an adjustment.

10When a comparable sale included seller-paid concessions of $8,000 in a market where typical concessions are $0, the appraiser should:

A.Ignore the concessions as immaterial

B.Add $8,000 to the sale price

C.Subtract $8,000 from the sale price as a financing/concessions adjustment

D.Disqualify the sale entirely

Explanation: Seller concessions inflate the nominal sale price relative to cash-equivalent value. When concessions exceed market norms, the appraiser must adjust the comparable's sale price downward by the dollar-for-dollar amount the concessions exceed typical levels. Per Fannie Mae guidelines, the adjustment should reflect the market's reaction to the concessions, but a dollar-for-dollar deduction is the standard starting point.

About the SRA Exam

The Appraisal Institute SRA (Senior Residential Appraiser) is the premier designation for residential real property appraisers. SRA candidates complete six AI courses (181 classroom hours), pass the Residential Comprehensive Exam, satisfy the Demonstration of Knowledge requirement (Demo Appraisal Report or Capstone), document at least 4,000 hours of appraisal experience (with 2,000 hours residential), hold a bachelor's degree, and adhere to the AI Code of Professional Ethics. The credential signals advanced competence in complex residential valuation, market analysis, statistical methods, USPAP, and AI Standards of Professional Practice.

Questions

100 scored questions

Time Limit

4 hours

Passing Score

70%

Exam Fee

$425-575 per module + AI candidacy fees (Appraisal Institute)

SRA Exam Content Outline

25%

Residential Sales Comparison

Paired-sales analysis, sequence of adjustments, UAD condition (C1-C6) and quality (Q1-Q6) ratings, GLA adjustments, ANSI Z765-2021 measurement, Form 1004 grid, gross/net adjustment thresholds, reconciliation

20%

USPAP & Reports

USPAP 2024-25 Standards 1-2, Standard 3 review, Scope of Work Rule, Ethics Rule (Conduct/Management/Confidentiality), Competency Rule, Record Keeping, Standards Rule 2-2 Appraisal vs Restricted Appraisal Report, Extraordinary Assumption vs Hypothetical Condition, Jurisdictional Exception

15%

Residential Cost Approach

Marshall & Swift Residential Handbook, replacement vs reproduction cost, accrued depreciation breakdown (physical curable/incurable, functional, external), age-life and breakdown methods, entrepreneurial profit, site valuation methods

10%

HBU & Complex Residential

Four tests of HBU (legally permissible, physically possible, financially feasible, maximally productive), as if vacant vs as improved, complex residential (acreage, mixed-use, manufactured on permanent foundation), Fannie Mae forms 1004/1004C/1004D/1025/1073/2055

10%

Market Analysis & Statistics

Multiple regression, p-values and R-squared, residual analysis, multicollinearity, descriptive statistics, confidence intervals, coefficient of variation, absorption rate and months of supply, market trends and time adjustments

10%

Residential Income Approach

Gross Rent Multiplier (price / monthly rent), GRM extraction and application, small income property (2-4 unit) Form 1025, Effective Gross Income, Net Operating Income, direct capitalization (Value = NOI / Cap Rate)

AI Code of Ethics

AI Code of Professional Ethics Canons 1-9, AI Standards of Professional Practice (SPP) supplementing USPAP, Guide Notes, continuing education, conflicts between AI Canons and USPAP, peer review obligations

Demo Report Standards

Residential Demonstration Appraisal Report content (100+ pages), required complex subject property, all three approaches with reconciliation, Capstone Program alternative, narrative-style reporting

How to Pass the SRA Exam

What You Need to Know

Passing score: 70%
Exam length: 100 questions
Time limit: 4 hours
Exam fee: $425-575 per module + AI candidacy fees

Keys to Passing

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

SRA Study Tips from Top Performers

1Master the residential sales comparison approach — 25% of exam questions cover sequence of adjustments, paired-sales math, UAD ratings (C1-C6 condition, Q1-Q6 quality), Form 1004 grid mechanics, and ANSI Z765-2021 measurement

2Drill USPAP 2024-25 thoroughly — 20% of exam questions cover Standards 1-2, Standard 3 review, Scope of Work Rule, Standards Rule 2-2 (Appraisal Report vs Restricted Appraisal Report), and the distinction between Extraordinary Assumption and Hypothetical Condition

3Practice cost approach calculations using the breakdown method — accrued depreciation broken into physical (curable/incurable), functional, and external categories; know Marshall & Swift Residential structure and entrepreneurial profit treatment

4Memorize Fannie Mae form selection: 1004 (single family), 1004C (manufactured), 1004D (update/completion), 1025 (2-4 unit small income), 1073 (condo), 2055 (exterior-only)

5Study AI Canons 1-9, the AI Standards of Professional Practice, and Guide Notes — even though only 5% of the exam, these scenario questions catch candidates who only studied USPAP and miss AI-specific obligations

Frequently Asked Questions

What is the SRA designation and how does it differ from a state Certified Residential license?

The SRA (Senior Residential Appraiser) is the Appraisal Institute's premier residential designation, distinct from the state-issued Certified Residential Real Property Appraiser license. While the state Certified Residential license authorizes appraising 1-4 unit residential property, SRA signals advanced competence on complex residential assignments, recognized by lenders, courts, and clients seeking specialized expertise. SRAs complete additional AI coursework, the Residential Comprehensive Exam, the Demonstration of Knowledge requirement, and adhere to AI's Code of Professional Ethics in addition to USPAP.

How many questions are on the SRA Residential Comprehensive Exam?

The Residential Comprehensive Exam contains 100 multiple-choice questions administered over 4 hours, with a passing score of 70%. Questions are weighted toward residential sales comparison (25%), USPAP and reports (20%), and the cost approach (15%), with additional coverage of HBU/complex residential, market analysis and statistics, the income approach, AI ethics, and Demo Report standards.

What are the SRA candidacy requirements beyond passing the exam?

SRA candidacy requires: (1) six AI residential courses totaling 181 classroom hours; (2) a bachelor's degree; (3) at least 4,000 hours of total appraisal experience with at least 2,000 hours in residential; (4) passing the Residential Comprehensive Exam; (5) satisfying the Demonstration of Knowledge requirement (a Demonstration Appraisal Report on a complex residential property OR completion of the Capstone Program); and (6) adherence to the AI Code of Professional Ethics and Standards of Professional Practice.

What is the Demonstration of Knowledge requirement for SRA?

The Demonstration of Knowledge requirement is satisfied by either submitting a Demonstration Appraisal Report on a complex residential property (typically 100+ pages, narrative-style, demonstrating mastery of all three approaches with reconciliation), OR completing the Capstone Program — an intensive multi-day case study under AI faculty supervision. The traditional Demo Report path takes longer but produces a portfolio piece; Capstone is faster and structured around guided application of advanced concepts.

How much do the SRA AI courses and exams cost?

AI residential course modules typically cost $425-$575 per course, with six required modules totaling 181 classroom hours. Additional costs include AI Candidate-for-Designation fees, Residential Comprehensive Exam fees, Demonstration Appraisal Report submission fees (or Capstone tuition), and AI annual membership and dues. Total candidacy costs vary by region and individual progress but typically run several thousand dollars over the multi-year designation path. Visit the Appraisal Institute website for current fee schedules.

What career advantages does the SRA designation offer?

SRAs typically command higher fees on complex residential assignments, gain access to AI's professional network and continuing education, and receive recognition from lenders, courts, attorneys, and government agencies seeking advanced residential expertise. Many lender approval lists, expert witness rosters, and complex assignment panels prefer or require AI designations. SRA holders also frequently transition to teaching AI courses, peer review work, or expanding into the AI-RRS (Review Specialist) credential.