ASA Cheat Sheet 2026

The 30 highest-yield ASA facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Which document produced by ASA sets forth the ethical and professional obligations of all ASA members across all disciplines? → ASA Principles of Appraisal Practice and Code of Ethics
2. Customer attrition rates are most directly used in valuing which intangible asset? → Customer relationships
3. External factors such as market downturns cause what type of depreciation? → Economic obsolescence
4. Which expense is NOT typically deducted from income when calculating NOI in real property appraisal? → Mortgage debt service
5. The ASA's Personal Property discipline covers which of the following asset classes? → Fine art, antiques, gems and jewelry, and residential contents
6. What is a core responsibility of an ASA-certified appraiser? → Stay current and competent
7. In-process R&D (IPR&D) acquired in a business combination is required to be: → Recognized as an indefinite-lived intangible asset at fair value under ASC 805
8. Which of the following is generally considered a 'separable' intangible asset under ASC 805? → Customer lists
9. In the income approach, what does NOI stand for? → Net Operating Income
10. Which of the following best describes the principle of substitution? → Substitution
11. In business valuation, the capitalization of earnings method involves dividing a benefit stream by which rate? → Capitalization rate
12. Under IRS Revenue Ruling 59-60, which of the following is NOT listed as a factor to consider in valuing closely held stock? → The current price of the company's preferred stock on a stock exchange
13. ASC 820 (formerly SFAS 157) establishes a fair value hierarchy. Which level relies on observable inputs from active markets for identical assets? → Level 1
14. Which risk component is added to the build-up method discount rate to account for the subject company's specific vulnerabilities? → Company-specific risk premium
15. What is the primary purpose of an appraisal report? → To support the appraiser’s opinion of value
16. In the cost approach, 'incurable physical deterioration' refers to items that: → Cost more to repair than the value they would add
17. Contract rent differs from market rent in that contract rent is: → The rent actually stipulated in the existing lease
18. In machinery and equipment appraisal, 'condition rating' is used to: → Adjust replacement cost new to reflect the actual physical state of the asset
19. In eminent domain proceedings in the US, the constitutional standard for compensation to the property owner is: → Just compensation, typically interpreted as fair market value
20. The Ellwood technique is primarily associated with which aspect of income capitalization? → Developing overall rates that reflect mortgage financing and equity yield
21. The Multi-Period Excess Earnings Method (MPEEM) is most appropriate for valuing: → The primary intangible asset driving the majority of a business's value
22. Which valuation approach is best for unique or limited-market properties? → Cost approach
23. In the excess earnings method of business valuation, intangible value is estimated by capitalizing: → Earnings in excess of a fair return on tangible assets
24. Which principle holds that the value of a property is affected by, and affects, the value of surrounding properties? → Principle of conformity
25. In USPAP, a 'restricted appraisal report' differs from an 'appraisal report' in that it: → Contains less disclosure and is intended only for the client
26. The concept of 'market rent' in real property appraisal is the rent a property would command in a competitive and open market assuming: → A willing landlord and willing tenant with full knowledge of market conditions
27. Which land valuation technique extracts land value by subtracting the depreciated value of improvements from total property value? → Extraction method
28. Under the Uniform Relocation Act (URA), when a government agency acquires property through eminent domain, a property owner is entitled to receive at minimum: → Just compensation equal to the fair market value of the property taken
29. The 'greenfield method' in intangible asset valuation is most commonly used for: → Concession arrangements or licenses to operate a business
30. Why is clarity important in an appraisal report? → To support transparency and understanding