Property Valuation
In Louisiana, 'exposure time' in an appraisal means:
AHow long the property has been listed
BThe retrospective period an appraiser determines the property should have been marketed before the effective appraisal date to sell at the appraised value✓ Correct
CThe time the appraiser spent examining the property
DThe period during which the title is exposed to adverse claims
Explanation
Exposure time (per USPAP) is a retrospective estimate of the reasonable marketing period before the effective date of appraisal that would have been required for the property to sell at the appraised value — it must be stated in appraisal reports.
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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.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market 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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