Property Valuation
In Kansas, what is the significance of the 'date of value' in an appraisal?
AThe date the appraisal report is submitted to the lender
BThe specific date as of which the appraisal's value conclusion applies; important because market conditions change over time✓ Correct
CThe expiration date of the appraisal
DThe date the property was last sold
Explanation
The effective date of value establishes when the value opinion applies. Because real estate markets change, an appraisal's value conclusion is specific to its date — a report dated six months ago may not reflect current market conditions.
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