INDIANA CERTIFIED
GENERAL APPRAISER
Exam Practice Questions
2026-2027 Edition
Verified Answers Plus Rationales
Q&A; | Instant Download PDF
EXAM SPECIFICATIONS
Time Allocation: 6 Hours
Total Questions: 125 Questions
Question Format: Multiple Choice with Rationales
Minimum Competency: 75% Required to Pass
Core Focus: USPAP, Valuation, Income Approach, Indiana Law
Indiana Certified General Appraiser Exam Prep 2026-2027 Page 1
, Exam Overview & Content Outline
EXAM PURPOSE
Indiana Certified General Appraiser certification covers appraisal of all types of real property. Based
on Uniform Standards of Professional Appraisal Practice (USPAP), Indiana Real Estate Appraiser
Licensure and Certification Board, and Appraisal Foundation requirements.
CONTENT DISTRIBUTION
• USPAP & Ethics (20%) — USPAP standards, ethics rule, competency rule, scope of work, record
keeping
• Real Estate Concepts & Law (15%) — Property rights, estates, deeds, contracts, leases, Indiana
real estate law
• Valuation Process (25%) — Three approaches, highest and best use, data collection,
reconciliation
• Sales Comparison & Cost Approaches (20%) — Adjustments, paired sales, cost estimating,
depreciation
• Income Approach & Analysis (20%) — Direct capitalization, yield capitalization, DCF, rates,
Indiana market
QUESTION FORMAT & SCORING
Each item presents four options. Correct answers are highlighted in green with checkmark (✓).
Every question includes detailed rationale with appraisal standards. Indiana requires 75% to pass
Certified General exam.
STUDY STRATEGY
Master USPAP and ethics requirements. Know three approaches to value and reconciliation.
Understand income capitalization and DCF. Review Indiana real estate law and licensing. Study
highest and best use analysis. Practice math: cap rates, multipliers, adjustments, depreciation.
CURRICULUM ALIGNMENT
Questions reflect 2026-2027 standards: USPAP 2026-2027, Indiana Code 25-34.1, Indiana Real
Estate Appraiser Licensure Board, Appraisal Foundation, and Appraisal Institute standards.
Indiana Certified General Appraiser Exam Prep 2026-2027 Page 2
, SECTION I: USPAP & Ethics
1. USPAP Ethics Rule requires appraiser to:
A. Accept assignments based on predetermined results
✓ B. Be impartial, objective, and independent
C. Share confidential info freely
D. Ignore competency
Rationale: USPAP Ethics Rule: Appraiser must be impartial, objective, independent, without bias. Cannot
accept assignment contingent on predetermined results or compensation based on value. Confidentiality:
cannot disclose assignment results to anyone except client or as required by law. Record keeping: 5 years
or 2 years after final disposition.
2. Scope of Work Rule requires:
A. Same scope for all assignments
✓ B. Scope determined by appraiser based on problem, client expectations, intended use
C. Client dictates all methods
D. No scope needed
Rationale: USPAP Scope of Work: Appraiser determines scope necessary for credible results. Factors:
intended use, intended user, type/value of property, client expectations, assignment conditions. Must
disclose scope in report. Credible = worthy of belief. Scope can be limited but must be credible.
3. Competency Rule requires appraiser to:
A. Take any assignment regardless
✓ B. Be competent or acquire competency before completion
C. Refer all assignments
D. Competency not required
Rationale: USPAP Competency Rule: Must be competent to perform assignment, or disclose lack of
competency and take steps to complete competently, or withdraw. Competency: knowledge and experience.
Can acquire via study, association with competent appraiser. Must disclose in report.
4. Appraisal report must contain:
A. Value only
✓ B. Sufficient information for intended users to understand report
C. No signatures
D. Marketing materials
Rationale: USPAP Standards Rule 2: Report must contain sufficient information for intended users to
understand. Include: client, intended users, intended use, definition of value, effective date, property
identification, scope of work, approaches used, reconciliation, certification. Signed certification required.
5. Record keeping requirement per USPAP:
A. 1 year
✓ B. 5 years after appraisal or 2 years after final disposition of judicial proceeding
Indiana Certified General Appraiser Exam Prep 2026-2027 Page 3
GENERAL APPRAISER
Exam Practice Questions
2026-2027 Edition
Verified Answers Plus Rationales
Q&A; | Instant Download PDF
EXAM SPECIFICATIONS
Time Allocation: 6 Hours
Total Questions: 125 Questions
Question Format: Multiple Choice with Rationales
Minimum Competency: 75% Required to Pass
Core Focus: USPAP, Valuation, Income Approach, Indiana Law
Indiana Certified General Appraiser Exam Prep 2026-2027 Page 1
, Exam Overview & Content Outline
EXAM PURPOSE
Indiana Certified General Appraiser certification covers appraisal of all types of real property. Based
on Uniform Standards of Professional Appraisal Practice (USPAP), Indiana Real Estate Appraiser
Licensure and Certification Board, and Appraisal Foundation requirements.
CONTENT DISTRIBUTION
• USPAP & Ethics (20%) — USPAP standards, ethics rule, competency rule, scope of work, record
keeping
• Real Estate Concepts & Law (15%) — Property rights, estates, deeds, contracts, leases, Indiana
real estate law
• Valuation Process (25%) — Three approaches, highest and best use, data collection,
reconciliation
• Sales Comparison & Cost Approaches (20%) — Adjustments, paired sales, cost estimating,
depreciation
• Income Approach & Analysis (20%) — Direct capitalization, yield capitalization, DCF, rates,
Indiana market
QUESTION FORMAT & SCORING
Each item presents four options. Correct answers are highlighted in green with checkmark (✓).
Every question includes detailed rationale with appraisal standards. Indiana requires 75% to pass
Certified General exam.
STUDY STRATEGY
Master USPAP and ethics requirements. Know three approaches to value and reconciliation.
Understand income capitalization and DCF. Review Indiana real estate law and licensing. Study
highest and best use analysis. Practice math: cap rates, multipliers, adjustments, depreciation.
CURRICULUM ALIGNMENT
Questions reflect 2026-2027 standards: USPAP 2026-2027, Indiana Code 25-34.1, Indiana Real
Estate Appraiser Licensure Board, Appraisal Foundation, and Appraisal Institute standards.
Indiana Certified General Appraiser Exam Prep 2026-2027 Page 2
, SECTION I: USPAP & Ethics
1. USPAP Ethics Rule requires appraiser to:
A. Accept assignments based on predetermined results
✓ B. Be impartial, objective, and independent
C. Share confidential info freely
D. Ignore competency
Rationale: USPAP Ethics Rule: Appraiser must be impartial, objective, independent, without bias. Cannot
accept assignment contingent on predetermined results or compensation based on value. Confidentiality:
cannot disclose assignment results to anyone except client or as required by law. Record keeping: 5 years
or 2 years after final disposition.
2. Scope of Work Rule requires:
A. Same scope for all assignments
✓ B. Scope determined by appraiser based on problem, client expectations, intended use
C. Client dictates all methods
D. No scope needed
Rationale: USPAP Scope of Work: Appraiser determines scope necessary for credible results. Factors:
intended use, intended user, type/value of property, client expectations, assignment conditions. Must
disclose scope in report. Credible = worthy of belief. Scope can be limited but must be credible.
3. Competency Rule requires appraiser to:
A. Take any assignment regardless
✓ B. Be competent or acquire competency before completion
C. Refer all assignments
D. Competency not required
Rationale: USPAP Competency Rule: Must be competent to perform assignment, or disclose lack of
competency and take steps to complete competently, or withdraw. Competency: knowledge and experience.
Can acquire via study, association with competent appraiser. Must disclose in report.
4. Appraisal report must contain:
A. Value only
✓ B. Sufficient information for intended users to understand report
C. No signatures
D. Marketing materials
Rationale: USPAP Standards Rule 2: Report must contain sufficient information for intended users to
understand. Include: client, intended users, intended use, definition of value, effective date, property
identification, scope of work, approaches used, reconciliation, certification. Signed certification required.
5. Record keeping requirement per USPAP:
A. 1 year
✓ B. 5 years after appraisal or 2 years after final disposition of judicial proceeding
Indiana Certified General Appraiser Exam Prep 2026-2027 Page 3
