This study investigated whether or not the validity of the Scholastic Aptitude Test (SAT) is both higher and less variable across colleges than it appears to be. Data from 99 validity studies conducted by the Validity Study Service of the College Board were used. In addition to test validities based on first-year college averages, which were calculated using institutional data, validities for each college were also estimated for two other groups--applicants for admission to the colleges, and all SAT takers. These last two estimates were based on range restriction theory. The results revealed that the average validity of both the SAT-V and SAT-M was estimated to be higher both for all test takers and for groups of applicants than for test takers on whom validity studies were based. A hypothesis that validities for SAT-V and SAT-M might differ across institutions but have the same ratio was also tested. It was thought that departures from this second assumption might lead to the detection of institutional types. Significant departures from the equal-ratio hypothesis tested at the 5 percent level occurred for about 5 percent of the institutions, so no detection of institutional types occurred. (Author/JAZ)