About the CRAA® Exam
Exam Format
The CRAA® Exam is a computer-based exam consisting of 180 multiple-choice questions over the course of two 2.5-hour sessions, with an optional break between the sessions. Read now about how the Exam is structured so you can be prepared for your best exam experience.
What You Need to Know About
the CRAA® Exam's Format
No matter where you take the CRAA® Exam, we aim to offer a consistent experience with the same tools, time frame, and exam questions. Here are a few key details to know before your exam session:
Typical Exam Pacing
| Phase 1: Exam Pledge & Tutorial |
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| Phase 2: First Exam Section (90 Questions) |
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| Scheduled Break (Optional) |
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| Phase 3: Second Exam Section (90 Questions) |
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| Phase 4: Post-Exam Survey Feedback Request |
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Exam Length
The total testing time for the CRAA® Exam (Phases 2 and 3 only) is approximately five (5) hours. Within each 150-minute testing session, you can navigate through the exam questions at your own pace.
Including an additional 30 minutes for the Exam tutorial (Phase 1) and Post-Exam Surveys (Phase 4) and another 30 minutes for the optional Scheduled Break, your total testing center experience will be approximately six (6) hours. Candidates are allowed up to two additional unscheduled breaks during Phases 2 and 3; however, the testing time is not paused during these breaks.
Exam Strategy Tips
- When in Doubt, Take a Guess: We recommend that you answer all questions. There is no penalty for incorrect answers!
- Know the Curriculum: CRAA® certification assesses your knowledge on income-producing real assets only. Personal residential real property, except for single-family rentals (SFRs) and relevant mortgage financing products, is not covered.
- Get to Know Your Calculator: Familiarize yourself with your approved calculator and methods for use. You will need to know how to execute common financial functions. No formula sheet will be provided during the Exam.
- Study Smart: Memorizing specific performance data for a particular period of time is not required. Instead, understand the market mechanics that influence and inform performance data, return calculations, and return attribution, as well as the general risk and return characteristics of income-producing real assets and subtypes within each real asset sector.
- Pay Attention to the Standards: Exam questions referring to accounting standards are based on U.S. GAAP, unless otherwise noted. Exam questions referring to valuation standards are based upon Uniform Standards of Professional Appraisal Practice (USPAP), unless otherwise noted.
The Questions You Will Encounter
The CRAA® Exam is multiple-choice and consists of 180 questions derived solely from the CRAA® Program Curriculum. Emphasizing real-world application over rote memorization, all questions on the CRAA® Exam will be presented to you in one of three different forms: free-standing questions, vignette questions, and case study questions.
Free-Standing Questions
A free-standing question is a question that is self-contained and does not rely on additional context or information to make sense. It can be understood and addressed on its own, without needing further explanation or background. Free-standing questions are usually two to four sentences long and offer a minimum of four multiple-choice answer options from which to choose.
Vignette Questions
A vignette question is a type of question that presents a short, descriptive scenario or story, often involving a specific situation or problem, and then asks the candidate to answer based on that scenario. Each vignette question, which typically contains four to six multiple-choice answers, should be answered based solely on the information provided in the vignette.
Case Study Questions
The CRAA® Exam features two case studies—one in each testing session (Phases 2 and 3). Each case study simulates a real-world scenario and includes eight to 15 multiple-choice questions. These questions are designed to assess your ability to apply the concepts and principles from the CRAA® Program Curriculum to the given situation.
Exam Format
Answer Choices
The following types of answer options will not appear on the CRAA® Exam:
- None of the Above
- All of the Above
- A and B Only
- B and C Only
- A and C Only
- Cannot Determine Based Upon the Information / There is Not Enough Information
- Cannot Calculate Based Upon the Information
- (The Answer is) True
- (The Answer is) False
Begin Your Journey
Ready to Evolve?
Now is the time to embark on your real assets journey. Enhance your career potential and deepen your knowledge through the CRAA® Program. Gain in-depth insights, set yourself apart from the competition, and build real-world skills. See how you can register for CRAA® certification.
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