CAIA SAMPLE EXAM 1 COMPREHENSIVE
STUDY GUIDE 2026 ANSWERS VERIFIED A+
◉ 2. If evidence of active infestation is found, a structural pest
control report is required to be provided:
a) when the home being purchased is financed by a Federal Housing
Administration (FHA)-insured loan or U.S. Department of Veterans
Affairs (VA)-guaranteed loan.
b) whenever requested by the buyer, whether or not the seller
agreed to do so in the contract.
c) in every sale involving a wood-frame residence.
d) in every sale of a foreclosed property that has been unoccupied
for greater than one year. Answer: a) when the home being
purchased is financed by a Federal Housing Administration (FHA)-
insured loan or U.S. Department of Veterans Affairs (VA)-guaranteed
loan.
(Pest control reports are only required of U.S. Department of
Veterans Affairs (VA) and some Federal Housing Administration
(FHA) transactions, such as where active infestation is observed.)
,◉ 3. A purchaser of a condominium unit requests a copy of the
conditions, covenants and restrictions (CC&Rs) and bylaws. These
documents need to be provided within:
a) one week.
b) ten days.
c) three weeks.
d) any time prior to close of escrow. Answer: b. ten days.
(Conditions, covenants and restrictions (CC&Rs) need to be
delivered within ten days of the buyer's request. However, as a
matter of good practice, CC&Rs and other mandated disclosures are
to be delivered as soon as practicable.)
◉ 4. The expression "company dollar" refers to:
a) money required to establish a brokerage office from scratch.
b) money left over after a salesperson's share of a commission has
been paid.
c) net income after taxes.
d) the desk fee paid by the agent to their employing broker. Answer:
b. money left over after a salesperson's share of a commission has
been paid.
,(The company dollar is the remainder of the broker's split of the fee
after paying their agent's commission.)
◉ 5. If an appraiser uses improper valuation methods or is negligent
in completing a government loan assignment, they may be guilty of:
a) violating appraisal ethics.
b) violating real estate law.
c) committing a felony.
d) Both a. and c. Answer: d. Both a. and c.
(Both ethics violations and possibly fraud have occurred. The key
word "may" in this question allows for the possibility of intent.
Negligence is an ethics violation. Fraud is a felony. Real estate law
does not apply since this is an appraisal issue not related to
brokerage activity.)
◉ 6. The calendar date that is of most concern to an appraiser is the
date:
a) the loan was originated.
b) escrow closed.
c) the purchase contract was signed.
d) escrow was opened. Answer: c) the purchase contract was signed.
, (The date that is most critical to an appraiser is the date the contract
was signed since the fair market value (FMV) for a property is
established as the purchase price agreed to by the buyer and seller.)
◉ 7. Fee amounts are always:
a) 6% of the price received for a property.
b) 2%-8% of the price received for a property.
c) nonnegotiable and set by law.
d) negotiable and not fixed by law. Answer: d) negotiable and not
fixed by law.
(though commonly 6% of the price received for a property, fee
amount are always negotiable and not fixed by law.)
◉ 8. The term "kiosk" refers to a(n):
a) commercial warehouse.
b) dome frequently found on churches.
c) storage warehouse.
d) open-sided booth. Answer: d) open-sided booth.
STUDY GUIDE 2026 ANSWERS VERIFIED A+
◉ 2. If evidence of active infestation is found, a structural pest
control report is required to be provided:
a) when the home being purchased is financed by a Federal Housing
Administration (FHA)-insured loan or U.S. Department of Veterans
Affairs (VA)-guaranteed loan.
b) whenever requested by the buyer, whether or not the seller
agreed to do so in the contract.
c) in every sale involving a wood-frame residence.
d) in every sale of a foreclosed property that has been unoccupied
for greater than one year. Answer: a) when the home being
purchased is financed by a Federal Housing Administration (FHA)-
insured loan or U.S. Department of Veterans Affairs (VA)-guaranteed
loan.
(Pest control reports are only required of U.S. Department of
Veterans Affairs (VA) and some Federal Housing Administration
(FHA) transactions, such as where active infestation is observed.)
,◉ 3. A purchaser of a condominium unit requests a copy of the
conditions, covenants and restrictions (CC&Rs) and bylaws. These
documents need to be provided within:
a) one week.
b) ten days.
c) three weeks.
d) any time prior to close of escrow. Answer: b. ten days.
(Conditions, covenants and restrictions (CC&Rs) need to be
delivered within ten days of the buyer's request. However, as a
matter of good practice, CC&Rs and other mandated disclosures are
to be delivered as soon as practicable.)
◉ 4. The expression "company dollar" refers to:
a) money required to establish a brokerage office from scratch.
b) money left over after a salesperson's share of a commission has
been paid.
c) net income after taxes.
d) the desk fee paid by the agent to their employing broker. Answer:
b. money left over after a salesperson's share of a commission has
been paid.
,(The company dollar is the remainder of the broker's split of the fee
after paying their agent's commission.)
◉ 5. If an appraiser uses improper valuation methods or is negligent
in completing a government loan assignment, they may be guilty of:
a) violating appraisal ethics.
b) violating real estate law.
c) committing a felony.
d) Both a. and c. Answer: d. Both a. and c.
(Both ethics violations and possibly fraud have occurred. The key
word "may" in this question allows for the possibility of intent.
Negligence is an ethics violation. Fraud is a felony. Real estate law
does not apply since this is an appraisal issue not related to
brokerage activity.)
◉ 6. The calendar date that is of most concern to an appraiser is the
date:
a) the loan was originated.
b) escrow closed.
c) the purchase contract was signed.
d) escrow was opened. Answer: c) the purchase contract was signed.
, (The date that is most critical to an appraiser is the date the contract
was signed since the fair market value (FMV) for a property is
established as the purchase price agreed to by the buyer and seller.)
◉ 7. Fee amounts are always:
a) 6% of the price received for a property.
b) 2%-8% of the price received for a property.
c) nonnegotiable and set by law.
d) negotiable and not fixed by law. Answer: d) negotiable and not
fixed by law.
(though commonly 6% of the price received for a property, fee
amount are always negotiable and not fixed by law.)
◉ 8. The term "kiosk" refers to a(n):
a) commercial warehouse.
b) dome frequently found on churches.
c) storage warehouse.
d) open-sided booth. Answer: d) open-sided booth.
