Property Valuation
An appraiser's 'exposure time' estimate in an appraisal report represents:
AA. The time the property was listed before going under contract
BB. The estimated period the property would need to be on the market prior to the appraisal date to achieve the estimated value✓ Correct
CC. The time required to complete the appraisal
DD. The property's vulnerability to environmental risks
Explanation
Exposure time is a retrospective estimate — looking backward from the appraisal date — of how long the property would have been on the market prior to the appraisal date to sell at the appraised value. It reflects typical market time for similar properties.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
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