ASA Study Guide 2026
Everything you need to pass the ASA exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 ASA Exam Format at a Glance
📚 ASA Topics to Study (22)
✍️ Sample ASA Questions & Answers
1. Which of the following is generally considered a 'separable' intangible asset under ASC 805?
Customer lists meet the separability criterion under ASC 805 because they can be sold, transferred, or licensed independently from the rest of the business.
2. Which of the following is subtracted from potential gross income to arrive at effective gross income?
Effective gross income equals potential gross income minus vacancy and collection loss allowances.
3. In business valuation, the capitalization of earnings method involves dividing a benefit stream by which rate?
The capitalization rate equals the discount rate minus the expected long-term growth rate of the benefit stream.
4. Which type of depreciation results from factors outside the property, such as proximity to a nuisance?
External obsolescence is caused by factors beyond the property's boundaries — such as neighborhood decline, adverse zoning, or nearby negative land uses.
5. Which of the following best defines an intangible asset in the context of ASA appraisal practice?
Intangible assets are defined as non-physical assets that provide future economic benefits to their owner, which is the foundation of their appraisal.
6. In litigation support, an ASA appraiser serving as an expert witness must ensure that their testimony is:
Expert witnesses owe their duty to the court, not the retaining party — testimony must be grounded in sound methodology and consistent with the appraiser's own analysis.