I currently hold the SRA and my broker is encouraging me to go for the RAA. I've been appraising residential properties for 8 years and figured the exam would be mostly a formality but I'm hearing it's actually pretty involved. Can anyone compare the two in terms of study time required?
I've budgeted 6 weeks at 1.5 hours a day, which gets me to about 63 hours total. The areas I'm least confident about are the investment analysis questions and the advanced adjustment methodology stuff. My day-to-day work is mostly standard residential so I don't do a lot of complex income approach work.
My firm is covering the exam fee which is nice, but I don't want to waste a test attempt. What score range were people hitting on practice exams before they felt ready to sit? And is the NAI exam format multiple choice or does it include case studies?
Coming from the SRA it's a step up but not a massive jump. I'd say 6 weeks is plenty if you're already practicing. The adjustment methodology questions just require you to think through your reasoning carefully - not trick questions exactly but they reward systematic thinking.
I passed the RAA on my first try after about 55 hours of prep. The investment analysis questions were challenging but they're not the majority of the exam. Mostly it's applied appraisal methodology and USPAP compliance scenarios.
The USPAP sections are worth reviewing carefully even if you think you know them. They test specific ethics rule details you might not recall from memory - I missed 3 of those on my first attempt and failed by 2 points. Drilled them specifically and passed the second time.
It's all multiple choice. I was scoring around 74% on practice and passed comfortably. If you're in the 70s on practice exams you're probably ready - the real exam felt slightly easier than the harder practice sets I found online.
Quick update since I posted last week -- I've been grinding through practice tests and just hit a 78 on my third attempt using the AI and Appraisal Theory sections as focus areas. Honestly wasn't expecting to move that fast but something clicked once I stopped trying to memorize everything and started actually understanding the income approach reconciliation logic.
I'm sitting the real exam on July 9th. If you're coming from SRA I'd say give yourself at least 6-8 weeks of serious study, not because the material is impossible but because the depth on market analysis and scope of work is a step up from what the SRA tested. You'll recognize a lot but don't assume that means you can coast on it.
Just passed mine two months ago after holding the SRA for six years, so I can speak to this directly. The RAA is definitely a step up -- don't let anyone tell you it's a formality. I'd say I spent about twice the study time compared to when I did the SRA, mostly because the income approach and financial analysis sections are way deeper than you'd expect. The thing that actually made the difference for me was grinding through practice questions on the specific reporting topics. I found a solid set of raa financial analysis reporting 2 questions that kept throwing scenarios at me until I stopped second-guessing myself on the DCF stuff.
Your residential background helps more than you'd think for the valuation fundamentals, but it won't carry you through the commercial income sections. Give yourself at least 60-80 hours if you want to feel confident walking in. You've got this though -- the experience you already have makes the concepts click faster once you're in the material.