Exposure time is:

• A. The time it takes to complete the appraisal.
• B. The length of time to market the property.
• C. An opinion developed by an appraiser.
• D. The date when the property first became available.

Answer: (C)

Exposure time is the estimated length of time that a property would be exposed to the market and sold under current market conditions. It’s an opinion the appraiser develops based on market data, property features, and how price and marketing would influence how long it would take to find a buyer. It isn’t a fixed calendar date, nor a measure of how long the appraisal process takes, and it isn’t simply the day the property became available. The appraiser analyzes comparable sales, marketing times, and market conditions to form a reasoned estimate of how long the property would need to be on the market to sell.