What is the term for the date of the value estimate in an appraisal?

What is the term for the date of the value estimate in an appraisal?

• A. Effective date
• B. Inspection date
• C. Completion date
• D. Appraisal date

Answer: (A)

The term for the date of the value estimate in an appraisal is the effective date. This date is critical as it signifies the point in time at which the value estimate is relevant. An appraiser determines the property's value based on the conditions and market trends present on this specific date, which may differ from the date the appraisal report is completed or the inspection date. The effective date allows for consistency and provides a clear context for the valuation. It ensures that any changes in the market or the property itself after this date are not factored into the appraised value, making the appraisal a snapshot of value at a specific time. Thus, the effective date is essential for both appraisers and users of appraisal reports, facilitating informed decision-making in real estate transactions.

The term for the date of the value estimate in an appraisal is the effective date. This date is critical as it signifies the point in time at which the value estimate is relevant. An appraiser determines the property's value based on the conditions and market trends present on this specific date, which may differ from the date the appraisal report is completed or the inspection date.

The effective date allows for consistency and provides a clear context for the valuation. It ensures that any changes in the market or the property itself after this date are not factored into the appraised value, making the appraisal a snapshot of value at a specific time. Thus, the effective date is essential for both appraisers and users of appraisal reports, facilitating informed decision-making in real estate transactions.