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EXPOSURE TIME <br /> Exposure time is defined as: <br /> 1. The time a property remains on the market. <br /> 2. The estimated length of time the property interest being appraised would have been offered <br /> on the market prior to the hypothetical consummation of a sale at market value on the <br /> effective date of the appraisal; a retrospective estimate based on an analysis of past events <br /> assuming a competitive and open market. <br /> Source:Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago:Appraisal Institute), <br /> 2010. <br /> Several of the comparable sales utilized indicated marketing times of about 1 to over 12 months. <br /> Therefore the exposure time is estimated to be within 12 months, premised upon current market <br /> conditions. <br /> 24 <br />