Which statement is true regarding exposure time?

• A. It is always equal to the market exposure period.
• B. It is a fixed duration used in all appraisals.
• C. It is an opinion developed by an appraiser.
• D. It is the time from listing to closing.

Answer: (C)

Exposure time is the estimated length of time that a property would be exposed to sale in a competitive market at a price that would attract buyers. It represents the appraiser’s professional judgment about how long it would take to sell under current market conditions, considering the property’s characteristics and marketing. It’s not a guaranteed or fixed duration, and it isn’t simply the listing-to-closing timeline or any universal standard used in all appraisals. The essential point is that exposure time is an opinion developed by the appraiser based on market data and experience.