Exposure Time

&nbsp EXPOSURE TIME: (USPAP 2012-13) The 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.

While USPAP has always required that appraisers develop an opinion of "reasonable exposure time" whenever it was relevant to the value definition (i.e. market value), appraisers were not necessarily required to report the opinion of EXPOSURE TIME.

The new requirement effective 01/01/2012 is that appraisers report the EXPOSURE TIME in the appraisal, anytime it is developed (and it MUST be developed when it is relevant to the definition of value).