What is true regarding exposure time and marketing period in a market value appraisal?

In a market value appraisal, understanding the concepts of exposure time and marketing period is key. Exposure time refers to the time it would take to sell a property under current market conditions, while the marketing period is the time it actually takes to sell the property after listing it.

The correct answer indicates that exposure time is required, while the marketing period is considered optional in the context of the appraisal process. This is because appraisers need to analyze exposure time to estimate the value of a property accurately based on how long it would realistically take to sell the property in the current market. It is an integral part of determining the property's worth.

The marketing period, although useful in some contexts, is not essential for assessing market value directly. It can provide insight into the effectiveness of the marketing strategy or market demand but does not inherently affect the value estimation as exposure time does.

Thus, in a market value appraisal, having a firm grasp of exposure time is crucial, while the marketing period serves as additional information that can enhance an appraiser's analysis but is not mandatory for the value assessment itself.