An appraiser's opinion of exposure time should be developed from what?
Correct Answer
A) Market evidence of how long similar sales took
Why this is correct: Exposure time is an appraiser's opinion of the length of time the property interest would have been offered on the market prior to the hypothetical sale date to achieve its market value. This opinion must be based on an analysis of market evidence, such as historical days-on-market for comparable properties. Why the other choices are wrong: "The client's stated deadline for the sale" is a transactional constraint, not market evidence. "The listing period the owner has chosen" is a specific marketing decision, not a market-wide indicator. "A standard period published by the state" does not exist; it must be market-derived. Exam tip: Exposure time is market-based. Marketing time is specific to a listed property.
Why This Is the Correct Answer
Why this is correct: Exposure time is an appraiser's opinion of the length of time the property interest would have been offered on the market prior to the hypothetical sale date to achieve its market value. This opinion must be based on an analysis of market evidence, such as historical days-on-market for comparable properties. Why the other choices are wrong: "The client's stated deadline for the sale" is a transactional constraint, not market evidence. "The listing period the owner has chosen" is a specific marketing decision, not a market-wide indicator. "A standard period published by the state" does not exist; it must be market-derived. Exam tip: Exposure time is market-based. Marketing time is specific to a listed property.
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