California Real Estate Practice Exam

What is termed as the date of the value estimate in an appraisal?

1. Effective date

2. Appraisal date

3. Market analysis date

4. Conclusion date

The correct answer is: Effective date

The effective date of a value estimate in an appraisal refers to the point in time when the estimated value of a property is established. This date is determined by the appraiser and is typically the date that the appraisal report is completed and delivered to the client. Option B, Appraisal date, is incorrect because it is a more general term and does not specifically refer to the date of the value estimate. Option C, Market analysis date, is incorrect because it only refers to the date when the market analysis portion of the appraisal is conducted, not the value estimate itself. Option D, Conclusion date, is incorrect because it is a vague term and does not specify what type of conclusion is being referred to. Therefore, option A, Effective date, is the most accurate and appropriate term for the date of the value estimate in an appraisal.