An appraisal report omits the definition of value relied upon. What is the consequence?

Option B: Nothing, since market value is always implied

Market value is not implied by default, and appraisers regularly develop opinions of investment value, use value, liquidation value, and others depending on the intended use. Even within market value, different regulatory and professional definitions exist with meaningfully different terms about financing and exposure. Assuming a default would let the reader guess at the standard the appraiser applied.

Option C: The report becomes a Restricted Appraisal Report

Report type is determined by the intended use and intended users and by which reporting option the appraiser elects, not by which elements were accidentally omitted. A Restricted Appraisal Report has its own requirements, including stating the type and definition of value and restricting use to the client. An omission does not convert one report type into another; it simply makes the report deficient.

Option D: The effective date is treated as the report date

The effective date and the definition of value are separate required elements addressing different questions, when the opinion applies and what kind of value it is. Omitting one has no effect on the other. The option pairs two unrelated requirements to see whether the candidate knows they are distinct.