Property Valuation
What is an appraisal's 'effective date' and why is it important in Nevada?
AThe date the appraiser first visited the property
BThe date to which the appraiser's value opinion applies, reflecting market conditions on that date✓ Correct
CThe date the lender receives the appraisal
DThe expiration date of the appraisal for lending purposes
Explanation
The effective date is the specific date to which the appraiser's value opinion applies. Market conditions (especially in volatile Nevada markets like Las Vegas) change over time, so the value may be different on a different date. Lenders typically require appraisals to be recent.
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