Consequential validity (often referred to as "test fairness" in practice) is an essential aspect of educational measurement. This study evaluated the consequential validity of the Research-Based Early Mathematics Assessment (REMA). A sample of 627 children from PreK to second grade was collected using the short form of the REMA. We conducted two sets of analyses with different foci (item- or scale-level) for validation: differential item functioning (DIF) and consequential validity ratio (CVR) analyses. The analyses focused on the demographic subgroups of gender, English Language Learner status, and race/ethnicity. We found a low percentage of DIF items (less than 3%) and high CVRs (ranging from 96 to 98%). Both findings support the consequential validity and thus "fairness" of the REMA.