About the CRAA® Exam

Exam Topics

The CRAA® Program is designed to offer candidates with a rigorous and comprehensive exposure to the real assets industry and the fundamental expertise and competency employers and the public expect of modern real assets professionals. Successfully passing the CRAA® Exam confirms your proficiency in real assets knowledge and your ability to apply this expertise with practical skills and sound judgment.

What to Know About the Topics Featured On the CRAA® Exam

The CRAA® Exam content is entirely derived from the CRAA® Program Curriculum, which is built upon the CRAA® Real Assets Body of Knowledge. This Body of Knowledge is shaped by the Real Property and Infrastructure Institute (RPII) through comprehensive industry practice analysis, research, and the latest trends affecting the real assets sector. The Body of Knowledge is further validated and refined by the CRAA® Board of Advisors, comprising industry thought leaders, respected academics, and seasoned practitioners.

This collaborative process ensures that the CRAA® Exam accurately assesses the skills and knowledge demanded by employers and the broader real assets market. The Exam consists of 180 questions, each directly tied to one or more of the Curriculum Topics. These questions are randomly presented, covering key areas that reflect current industry standards and expectations.

Professional Conduct & Standards (3% - 7%)

  • RPII Code and Principles of Professional Conduct
  • Performance Presentation Guidelines
  • Structure of the Real Estate, Infrastructure, Timberland, and Agriculture Investment Sectors
  • Application of Ethics in the Real Assets Industry

Quantitative Methods (12% - 18%)

  • Time Value of Money
  • Discounted Cash Flow (DCF) Analysis
  • Simple Interest and Money Market Conventions
  • Statistical and Probability Concepts

Real Assets Legal Concepts (2% - 6%)

  • Real Versus Personal Property
  • Physical Interests
  • Types of Legal Interests
  • Investment Structures
  • Contracts and Agreements For Sale
  • Transfer of Interests
  • Land Use and Zoning
  • Environmental
  • Residential Lease for Multifamily or Single-Family Rental (SFR)
  • Commercial Leases
  • Political Risks
  • US Federal Securities Laws and Regulations
  • Capital and Investment Fundraising

Real Assets Economics & Market Analysis (8% - 12%)

  • Space Markets
  • Capital Markets
  • Basics Urban Economics

Real Assets Financing & Financing Alternatives (10% - 14%)

  • Mortgage Obtainment Process
  • Interest Rate Determinants
  • Borrowing and Incremental Borrowing Costs
  • Market Value of a Loan
  • Currency Risks and Hedging
  • Fixed Rate Loan Structures, Payment Calculations, and Amortization
  • Variable Rate Loan Structures, Payment Calculations, and Amortization
  • Convertible Loan Structures, Payment calculations, and Amortization
  • Participation Loan Structures
  • Sale Leasebacks
  • Wraparound Loan Structures
  • Mezzanine Loan Structures
  • Workouts and Foreclosure
  • Project Financing for Infrastructure

Asset and Property Management (3% - 7%)

  • Roles and Responsibilities
  • Asset Ownership Life Cycle
  • Basic Financial Statement Preparation and Analysis

Real Assets Lease and Investment Analysis (12% - 18%)

  • Investment Industry, Motivation, and Strategies
  • Market Cycles
  • Tenant Underwriting
  • Commercial Real Estate Common Lease Terms and Structures
  • Calculation of Net Operating Income (NOI)
  • Investment Measures of Return
  • Financial Performance and Leverage Metrics
  • Risk Analysis and Implications
  • Taxation of Income-Producing Real Assets
  • Renovation/Repositioning

Real Assets Valuation (5% - 11%)

  • Appraisal Process and Approaches to Value
  • Concepts of Value
  • Cost versus Price versus Market Value
  • Sales Comparison Approach
  • Income Capitalization approach
  • Cost Approach
  • Land Valuation
  • Financing
  • Reconciliation in the Appraisal Process

Public Real Assets Securities (3% - 7%)

  • Real Estate Investment Trusts (REITs) Requirements and Characteristics
  • REIT Financial Analysis
  • Real Assets Expansion and Growth
  • Real Assets Valuation Approaches

Mortgage-Backed Securities (1% - 5%)

  • Secondary Mortgage Market
  • Residential Mortgage-Backed Securities (RMBS)
  • Commercial Mortgage-Backed Securities (CMBS)
  • Collateralized Loan Obligations (CLOs) and Collateralized Debt Obligations (CDOs)

Real Assets Development (1% - 5%)

  • Development Process
  • Site Location, Analysis, and Purchase
  • Land Acquisition Financing
  • Governmental Regulatory Process
  • Pre-Development Process
  • Design
  • Financial Feasibility
  • Sustainability
  • Land Development Loan Structures
  • Construction Loan Structures

Real Assets Portfolio and
Private Equity Fund Management (12% - 18%)

  • Investment Policy Statement (IPS)
  • Investment Style Classifications
  • Measures of Return
  • Measures of Risk
  • Real Assets Role within Mixed-Assets Portfolios
  • Performance Benchmarking and Attribution Analysis
  • Fee Structures
  • Joint Ventures
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