Precision of trait estimation and determination of item exposure rates are always important considerations in conducting computerized adaptive tests (CATs). To date, simulation techniques have been used in research concerning these two considerations. Even though conducting simulation studies has some advantages over using real human subjects, the simulation resu1ts may not be accurate. The purpose of this study was to investigate the precision of CAT trait estimation and to determine item exposure rates by using an analytical approach (referred to as Tree). The results thus obtained were used to evaluate those observed from a simulation study, where three different levels of replications, 100,500, and 1,000 (referred to as S100, S500, and S1K respectively) were implemented. Based on the results observed from this study, the differences among S 1 00, S500, S1K, and Tree decreased as test length increased. For test length as long as 20 items, the differences among S500, S 1K, and Tree were negligible. In other words, a simulation study with 500 replications can provide results as accurate as the analytical approach for a 20-item test.