Property Valuation
In South Carolina, what does the appraisal term 'exposure time' mean?
AHow long a property has been exposed to weather damage
BThe estimated time a property would be offered for sale before selling at market value under the market value definition✓ Correct
CThe time an appraisal report is valid
DThe period during which the appraisal was conducted
Explanation
Exposure time is the estimated period the property would be marketed prior to the effective date of the appraisal for a transaction at the estimated market value. It is a retrospective concept — how long the property would have needed to be on the market to achieve the estimated value.
People Also Study
Related South Carolina Questions
- What does 'market rent' mean in the context of a South Carolina property appraisal?Property Valuation
- What does the term 'extraordinary assumption' mean in a South Carolina USPAP-compliant appraisal?Property Valuation
- What does 'retrospective appraisal' mean in South Carolina appraisal practice?Property Valuation
- In South Carolina, what does 'effective age' mean in the context of property appraisal?Property Valuation
- A South Carolina property has a market value of $485,000. An appraisal came in at $470,000. The buyer's lender requires 80% LTV. What is the maximum loan amount?Real Estate Math
- In South Carolina, which type of lease has no fixed end date and renews automatically each rent period?Property Management
- Under South Carolina law, a deed must be delivered and accepted to be effective. What does 'delivery' mean in this context?Property Ownership
- A South Carolina property has an annual NOI of $55,000. Using a cap rate of 6.5%, what is the estimated value?Real Estate Math
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.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Study This Topic
Practice More South Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Carolina Quiz →