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FAQ’s

General

Exams

Requirements

Preparation

If you have additional questions that are not posed here, please contact CRI directly

General Questions
When was the CRI Society formed and why?
The CRI Society was formed in 1999 by numerous industry leaders to develop a rigorous, multi-disciplined and ethics based commercial real estate certification program.  The Society’s objective was to provide individual and institutional investors a means to identify professionals who possess the knowledge, practical experience, education, and ethical conduct necessary to transact and advise in today’s marketplace.BACK TO TOP

How do I become a CRI Charter Holder?
You can become a Charter Holder after successfully passing both the Associate and Charter examinations and satisfying a minimum of three (3) years of qualified real estate experience.  Additionally, the designation will only be awarded to successful applicants who meet the Society’s standards for ethical professional conduct.  A Disclosure Statement is included during the application process.BACK TO TOP

How do I become a candidate for either the CRI Associate or CRI Charter Exams?
Click here for a CRI Associate application, or here for CRI Charter.  Completed applications are mailed to the CRI Society’s office for processing and submission for approval from the Candidacy and Designation Committee.  An acceptance letter is mailed to a candidate upon being accepted, which is typically within 4 weeks after receipt of your application.BACK TO TOP

Is the CRI designation accredited?
Currently, the certification program is not accredited by the NCCA. However, the Governors have voted to initiate the process for the program becoming accredited when the Society has met the appropriate requirements.BACK TO TOP

Exam
What is the eligibility time to take an exam?
Currently, CRI Associate and CRI Charter candidates can take the exam a maximum of two times within eighteen (18) months of being accepted as a candidate for one exam fee.  If needed, candidates can reapply for an additional year by resubmitting an application with the appropriate fees.BACK TO TOP

How do I know when and where to take an exam?
A candidate can schedule to sit for the exam by going to AMP’s website (www.goamp.com).  The computer-based exams are administered at H&R Block offices throughout the United States on Monday through Friday with the exception of holidays.  A minimum of a three-day advance registration is required.  Specific address information is provided by AMP when a candidate schedules and exam appointment.  Exams must be taken in sequential order.BACK TO TOP

What is the format of an Exam?
Both the CRI Associate and CRI Charter exam items are in a multiple-choice format.  Each item has the same weight.  Only one exam item is displayed on the monitor at a time so the candidate advances the exam to the next item when ready.  If a candidate is uncertain about an item, it can be marked either as unanswered or for later review.  A candidate can then return to these marked items if time is remaining at the end of the exam.  A digital clock on the monitor displays the remaining time to complete the exam.BACK TO TOP

How many items are on the exams?
The CRI Associate exam has 225 multiple choice items; the CRI Charter exam has 125 items.  Each Exam includes 25 randomly sequenced items that do not affect the candidate’s score and are not evident to the candidate.  This is done to preserve the validity of the exam process.BACK TO TOP

How long do I have to complete the exam?
Exams are scheduled at 9:00 am and 1:30 pm.  A candidate has four (4) hours in which to complete each exam.BACK TO TOP

When will I know my exam score?
Upon completion of the exam, the candidate receives an Exam Score Report from the Assessment Centers’ supervisor.  This report will indicate whether or not the candidate earned a passing score and the percentage of items passed in each major section of the exam.  A candidate not receiving a passing score can reapply to repeat the exam after a thirty (30) day delay.BACK TO TOP

Requirements

Beyond the application and associated costs, what other requirements must I meet before earning the CRI Charter?
Before earning the CRI Charter, and in addition to passing both Associate and Charter examinations, a candidate must submit a Charter holder application that demonstrates a minimum of three (3) years of qualified real estate experience.  Additionally, the candidate must be certified by the CRI Society to have evidenced the competency and ethical professional conduct required by a fiduciary participant in real estate investment decision making, implementation, or advisory capacities. For additional detail, please see the CRI Candidate Guide.BACK TO TOP

What are the ongoing requirements of a CRI Charter holder?
The ongoing requirements of Charter holders who wish to maintain their CRI credentials include: prompt payment of all CRI Society dues and fees; annual certification of ethical professional conduct through submission of a satisfactory Disclosure Statement; and periodic satisfaction of a continuing education requirement (currently under development by the CRI Society).  The CRI Society currently does not have a recertification requirement but one may be required in the future.BACK TO TOP

Preparation

What reference materials are needed to prepare for the CRI Associate Exam?
The MBA (Mortgage Bankers Association) will publish in mid-2009 the CRI Associate – Exam Study Guide that a candidate may choose to purchase through the MBA’s website: www.campusmba.com.  The cost is $300 for MBA members, $400 for non-members.
Additionally, there are four (4) recommended textbooks that the candidate may elect to acquire.  The CRI Associate Candidate Guide includes an Appendix for each section which refers the candidate to these texts  and specific pages are identified in each section for study.  A candidate is also sent a CD with the CRI Associate Candidate Guide and several references from varied sources.   The breakdown of exam study content by page count from the four (4) main references is as follows:
60%      The Appraisal of Real Estate, Twelfth Edition
Appraisal Institute, 2001
28%     Commercial Real Estate Analysis and Investments
David M. Geltner and Norman G. Miller, South-Western Publishing, 2001
10%      Lender’s Guide to Structuring & Closing Commercial Mortgage Loans
Joshua Stein, MBA’s Real Estate Finance Press, 2004
2%      The Dictionary of Real Estate Appraisal, Fourth Edition
Appraisal Institute, Appraisal Institute, 2002
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Where can I acquire the reference materials for the CRI Associate and CRI Charter exams?
The Study Guides, prepared by the MBA (Mortgage Bankers Association), are available for purchase at www.campusmba.com or through the CRI Resources webpage.  The CRI Associate Study Guide will be made available in mid-2009 and the CRI Charter Study Guide is currently available.  Additionally, the four (4) recommended texts for Level I preparation can be ordered via the internet using the ISBN information listed in Section 5.2 of the CRI Associate Candidate Guide.  All Study Guides and additional recommended texts, however, are strictly optional an not required by the CRI Society.BACK TO TOP

How much time should I plan to prepare for the CRI Associate exam?
Preparation time for candidates will vary based on educational background, variety and length of professional experience, and degree of involvement in other professional commercial real estate certification programs.  For example, candidates with undergraduate degrees in business with 10 or more years of varied commercial real estate experience plus participation in other certification programs should target their study efforts to reviewing those content areas where they have a high degree of familiarity with more focus on those content areas where there has been limited exposure.  Total preparation time should not exceed 25 hours.  On the other hand, candidates with non-business degrees together with limited professional experience should plan considerably more preparation time.
The CRI Associate Exam covers six major commercial real estate content categories including property issues; taxation and accounting; law; real estate analysis and evaluation; underwriting mortgage loans for investment; and real estate due diligence.  Candidates are tested at three levels: Recall, Application, and Analysis.BACK TO TOP

Where can I acquire the reference materials for the CRI Charter exam?
The CRI Charter Candidate Exam Fee includes receiving a CD containing the CRI Charter Candidate Guide and the reference material to assist the candidate in preparing to sit for the exam. In addition, the MBA (Mortgage Bankers Association) has published CRI Charter – Exam Study Guide that a candidate may choose to purchase through the MBA’s website: www.campusmba.com or through the CRI Resources webpage. The cost is $300 for MBA members and $400 for non-members.BACK TO TOP

How much time should I plan to prepare for the CRI Charter exam?
The CRI Charter exam tests the candidate’s understanding of commercial real estate at the portfolio level.  It requires the candidate to be knowledgeable of portfolio theory, risk/reward trade-offs, statistical analysis, and the relationship of commercial real estate to other asset classes.
Similar to the CRI Associate exam, preparation time for CRI Charter exam will vary considerably based on the educational background and professional experience of each candidate.  Candidates are tested at three levels:  Recall, Application, and Analysis.  The candidate is responsible for 20 content categories, some of which interact with the ethics domain.  Most candidates should plan considerably more preparation time fo the CRI Charter exam.  It is recommended that candidates focus their preparation time on those content categories where they have the least experience.BACK TO TOP

Whom do I contact if I have any questions while preparing to sit for an exam?
A mentor/coach is assigned to each candidate upon acceptance.  Contact information is included in the candidate’s acceptance letter.  A candidate can also contact others as needed to resolve questions.BACK TO TOP

Are there any preparatory courses available as an aid to prepare to sit for an exam?
Currently, there are no formal courses developed for either the CRI Associate and CRI Charter exams.  The MBA (Mortgage Bankers Association) has published CRI Associate and CRI Charter – Exam Study Guides that a candidate may choose to purchase through the MBA’s website: www.campusmba.com or through the CRI Resources webpage. The cost is $300 for MBA members and $400 for non-members.BACK TO TOP

Please note that the CRI Society does not: i) Accredit, certify, endorse, offer, promote, require or warrant any service of any contributor to, or sponsor of, the CRI Society program; nor does it ii) Deliver or communicate any Exam information, including but not limited to questions and answers, to any contributor, supporter, vendor or other outside entity, except for the same information that it provides to any Candidate.