Format Painter is a multi-step process. You select the text whose format you want to use, then click the Format Painter button. That copies the format to the clipboard and your mouse cursor changes into a vertical line with a paint brush symbol. Swipe your mouse across the text you want to apply the format to, and when you release the mouse, the copied format is applied.

Follow the steps below to simulate these steps with keyboard shortcuts in Word 2002, 2003, and 2007:

1. Select the text whose format you want to copy.
    
2. Press Ctrl + Shift + C.
    
3. Select the text whose format you want to change to the format from step 1.
    
4. Use the keyboard arrow keys to move to the beginning or end of the text you want to change, then use the arrow keys in conjunction with the Shift key to make the actual selection.
    
5. Press Ctrl + Shift + V.

In Word 2007 after you press the keyboard combination in step 2, the mouse changes to the Format Painter icon. You can swipe the text you want to change with the mouse at then and skip the other steps.

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