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<br />ESTIMATED EXPOSURE TIME <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 />The overall concept of reasonable exposure encompasses not only adequate, sufficient and <br />reasonable time but also adequate, sufficient and reasonable effort. <br /> <br />In estimating a reasonable exposure time for the subject property, the appraisers have taken the <br />following steps: <br /> <br />Discussion with buyers, sellers, brokers and/or a review of multiple listings of <br />vacant sites in the area related to historic marketing periods. <br /> <br />Based on the above sources, exposure time is estimated to have been twelve months for the subject <br />property, <br /> <br />ESTIMATED MARKETING PERIOD <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. Irnplicit in this definition are the <br />following assumptions: <br /> <br />(A) The property will be actively exposed and aggressively <br />marketed to potential purchasers through marketing channels <br />commonly used by sellers and buyers of similar type properties, <br /> <br />(B) The property will be offered at a price reflecting the most <br />probable markup over market value used by sellers of similar <br />type properties, <br /> <br />(C) A sale will be consummated under the terms and conditions of <br />the definition of Market Value required by the regulation, <br /> <br />In order to estimate the rnarketability of this property, the sales activity in this market area was <br />reviewed over the past three years, multiple listings were reviewed and real estate brokers who <br />operate in this area were interviewed, <br /> <br />Based on the above sources, the subject property could be sold within a twelve month time period, <br /> <br />QUINLIVAN APPRAISAL <br /> <br />7 <br />