Must an appraiser report an opinion of exposure time in every assignment?
Correct Answer
B) Only where the value definition requires it
Why this is correct: An appraiser must report an opinion of exposure time only where the value definition requires it. For example, the definition of Market Value includes a reasonable exposure time, so an opinion is required. Other value definitions (e.g., Liquidation Value) may not, as the original explanation states. Why the other choices are wrong: It is not required in every appraisal without exception. It is not only when the client specifically requests it; the requirement stems from the value definition. Exposure time is sometimes reported; it is not never reported at all. Exam tip: Always check the definition of value used in the assignment. If it's Market Value, you must develop and report an opinion of exposure time.
Why This Is the Correct Answer
Why this is correct: An appraiser must report an opinion of exposure time only where the value definition requires it. For example, the definition of Market Value includes a reasonable exposure time, so an opinion is required. Other value definitions (e.g., Liquidation Value) may not, as the original explanation states. Why the other choices are wrong: It is not required in every appraisal without exception. It is not only when the client specifically requests it; the requirement stems from the value definition. Exposure time is sometimes reported; it is not never reported at all. Exam tip: Always check the definition of value used in the assignment. If it's Market Value, you must develop and report an opinion of exposure time.
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