Real Estate Appraiser Cheat Sheet.
The night-before summary, built like the exam.

Memorize the core rules the exam tests again and again: the cost approach equals land value plus reproduction or replacement cost new minus accrued depreciation; direct capitalization is V = I / R; adjustments in the sales comparison approach are always made to the comparable, never to the subject; and highest and best use must be legally permissible, physically possible, financially feasible, and maximally productive. Also lock in the USPAP workfile rule: retain it at least five years, or two years after final disposition of a judicial proceeding where you testified, whichever is longer.

Physical deterioration is loss in value from wear and tear, age, or the elements, and it may be curable or incurable. Functional obsolescence is a defect in the design, layout, or features of the improvement itself, like an outdated floor plan. External obsolescence comes from factors outside the property boundaries and is generally always incurable — that 'always incurable' detail is a favorite exam answer.

Watch for these classic distractors: deducting land value in the cost approach (only depreciation is deducted, never the land), adjusting the subject property instead of the comparable, and treating reconciliation as averaging the three value indications — it is a weighing of reliability, never a simple average. Another trap is forgetting that highest and best use is analyzed twice: once for the land as though vacant and once for the property as improved.

Know the Ethics Rule (you cannot accept an assignment contingent on reporting a predetermined value or a direction in value favoring the client), the Competency Rule (have the knowledge and experience for the assignment, or disclose the lack, acquire it, and describe the steps in the report), and the Scope of Work Rule (identify the problem and do the work needed for credible results). Also remember the Jurisdictional Exception Rule voids only the part of USPAP contrary to applicable law, and that you must never communicate assignment results in a misleading manner.

Use it as a final memory check, not as your primary study tool. Skim each formula and rule, cover the answer, and recite it from memory — anything you cannot recall instantly is what you review one more time before bed. Then stop; last-minute cramming of new material tends to hurt more than it helps, and the cheat sheet works best after you have already done full practice sets on every topic.

Match the approach to the property: the sales comparison approach fits properties with plenty of recent comparable sales, since it adjusts those sale prices for differences in features, location, condition, and terms. The cost approach works best for new, special-purpose, or unique properties with few comparable sales. The income approach applies to income-producing properties such as apartments and commercial buildings.