Both the statistical and interpretational shortcomings of the three-parameter logistic (3PL) model in accommodating guessing effects on multiple-choice items are well documented. We consider the use of a residual heteroscedasticity (RH) model as an alternative, and compare its performance to the 3PL with real test data sets and through simulation analyses. Our results suggest advantages to the RH approach, including closer fit to real data, more interpretable parameter estimates, and greater psychological plausibility.