Developing and Reporting Exposure Time
Did you know that the 2012 USPAP has a new development and reporting requirement? Effective January 1, 2012; when exposure time is a component of the definition for the value opinion being developed, the appraiser must also develop and state in the report an opinion of reasonable exposure time linked to that value opinion. The following is the exact language in the USPAP; DEFINITIONS 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...
