Posted 11-5-08

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When valuing property in connection with an anticipated purchase or sale, the appraiser determines the item’s market value. Selling at market value ensures that the seller gets full value, and that the buyer does not pay more or less than the property is worth. Remember, though, that market value assumes an allowance for reasonable exposure time and this might vary as the conditions of sale vary. For instance, if the seller is anxious to sell, the property’s value (given the limited time to expose the property to an open market) will be lower than the value would be for a scenario in which adequate time to market the property was available. This important issue of exposure time was covered in detail in Lesson 2. See the section entitled “Liquidation Appraisals” later in this Lesson for more information regarding the subject of selling property.