Exposure Time

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An opinion of exposure time is mandated by USPAP 2012-13.  You will probably want to explain the logic behind your opinion.

 

From the USPAP 2012-13:   EXPOSURE TIME:  estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of  the appraisal.

 

Comment:  Exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market.

 

Typical comment regarding exposure time.

 

The estimated exposure time for the subject property is 4-6 months.  This opinion is based on days on market of the comparable sales and other recent sales in the subdivision.

 

Using the 1004MC

 

The estimated exposure time for the subject property is 4-6 months.  This opinion is based on the listings days on market as reported on the 1004MC.

 

Using Listings History

 

The estimated exposure time for the subject property is over six months.  This opinion is based on an analysis of the complete history of the comparable sales, pending sales, and the subject property.

 

Using Actual Exposure Time

 

The estimated exposure time for the subject property is 4-6 months.  This opinion is based on the actual exposure time of the subject property and an analysis of the complete history of the comparable sales, pending sales, and the subject property.

 

Modified:  2/4/2012

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