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<br />EXPOSURE TIME AND MARKETING PERIOD <br /> <br />According to the Uniform Standards of Professional Appraisal Practice, exposure time <br />is a historical concept and is always presnmed to have occurred prior to the effective <br />date of the appraisal. The Dictionary of Real Estate Appraisal, 4th Edition, page 105, <br />published by the Appraisal Institute, defines exposure time as: <br /> <br />. <br /> <br />The estimated length of time the property interest being appraised <br />would have been offered on the market prior to the hypothetical <br />consummation of a sale at market value on the effective date of the <br />appraisal; a retrospective estimate based upon an analysis of past <br />events assuming a competitive and open market. The overall <br />concept of reasonable exposure encompasses not only adequate, <br />sufficient and reasonable time but also adequate, sufficient and <br />reasonable effort. Exposure time is different for various types of <br />real estate and value ranges and under various market conditions. <br /> <br />The Dictionary of Real Estate Appraisal, 4th Edition, page 175, published by the <br />Appraisal Institute, defines marketing time (period) as: <br /> <br />The time it takes an interest in real property to sell on the market <br />subsequent to the date of appraisal. Reasonable marketing time is <br />an estimate of the amount of time it might take to sell an interest in <br />real property at its estimated market value during the period <br />immediately after the effective date of the appraisal; the <br />anticipated time required to expose the property to a pool of <br />prospective purchasers and to allow appropriate time for <br />negotiation, the exercise of due diligence, and the consummation of <br />a sale at a price supportable by concurrent market conditions. <br /> <br />. <br /> <br />MARKETABILITY AND ESTIMATED MARKETING TIME <br /> <br />Based on current market conditions and the subject property situation, a marketing <br />time of six to twelve months is considered appropriate for the subject property to <br />achieve the market value estimated in this appraisal. The required exposure time is <br />also estimated at six to twelve months. <br /> <br />Estimated Marketing Time: <br /> <br />6 to 12 months <br /> <br />Estimated Exposure Time: <br /> <br />6 to 12 months <br /> <br />.. <br /> <br />BRKW APPRAISALS, INC. <br /> <br />PAGE 28 <br />