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<br />, ., <br /> <br />c J <br /> <br />. ) <br /> <br />ESTIMATED MARKETING PERIOD <br /> <br />, , <br /> <br />, , <br /> <br />The estimated value of the subject is predicated upon a normal marketing period. A normal <br />marketing period is generally defined as the most probable amount of time necessary to expose and <br />actively market a property on the open market to achieve a sale. Implicit in this definition are the <br />following assumptions: <br /> <br />"J <br /> <br />,.J <br /> <br />~ , <br /> <br />(A) The property will be actively exposed and aggressively marketed to <br />potential purchasers through marketing channels commonly used by <br />sellers and buyers of similar type properties. <br /> <br />,~ <br /> <br />" <br /> <br />L~ <br /> <br />(B) The property will be offered at a price reflecting the most probable <br />markup over market value used by sellers of similar type properties. <br /> <br />, , <br /> <br />,~ <br /> <br />(C) A sale will be consummated under the terms and conditions of the <br />definition of Market Value required by the regulation. <br /> <br />" <br /> <br />, -) <br /> <br />In order to estimate the marketability of this property, the sales activity in this market area is <br />reviewed over the past three years, multiple listings are reviewed and real estate brokers who operate <br />in this area are interviewed. <br /> <br />, ) <br /> <br />" <br /> <br />Based on the above sources, the subject property could be sold within a twelve-month time period. <br /> <br />,j <br /> <br />, -, <br /> <br />ESTIMATED EXPOSURE TIME <br /> <br />,---1 <br /> <br />Exposure time is defined as the estimated length of time the property interest being appraised would <br />have been offered on the market prior to the hypothetical consummation of a sale at market value <br />on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events <br />assuming a competitive and open market. <br /> <br />"J <br /> <br />, '\ <br /> <br />,~ <br /> <br />The overall concept of reasonable exposure encompasses not only adequate, sufficient and <br />reasonable time but also adequate, sufficient and reasonable effort. <br /> <br />, , <br /> <br />,-.J <br /> <br />In estimating a reasonable exposure time for the subject property, the following steps have been <br />taken: <br /> <br />C', <br /> <br />, ., <br /> <br />Discussion with buyers, sellers and brokers of properties in the area related to <br />historic marketing periods. <br /> <br />, ,) <br /> <br />,~~ <br /> <br />Based on the above sources, exposure time is estimated to have been 12 months for the subject <br />property, <br /> <br />r-, <br /> <br />,__J <br /> <br />,_-1 <br /> <br />QUINLIVAN APPRAISAL <br /> <br />" <br /> <br />7 <br /> <br />,-~ <br />