In market value appraisal terminology, what distinguishes "exposure time" from "marketing period"?

The distinction between "exposure time" and "marketing period" lies in their temporal perspectives, which makes the correct answer accurate. Exposure time refers to the length of time a property is expected to be exposed to the market before it goes under contract. This concept is typically assessed after the fact, allowing for a retrospective analysis of how quickly properties like the one being appraised typically sell under given market conditions.

On the other hand, the marketing period refers to the duration required to sell a property, starting from the time it is listed until it is sold. This period is more prospective, as it encompasses the anticipated timeframe based on current market conditions and marketing strategies.

Understanding these differences is crucial for appraisers, as they reflect differing aspects of the sales process and help in determining market value. The other options do not accurately capture the relationship and timing between these two important concepts in appraisal.