Which statement correctly differentiates exposure time from marketing period?

Exposure time refers to the duration it takes for a property to be exposed to the market before it is sold and is estimated based on actual data from comparable sales. It is a retrospective measure, often based on previous transactions and can involve the time leading up to the sale, including the time the property was actively marketed.

The correct statement highlights that exposure time occurs prior to the effective date—effectively indicating the timeframe during which a property is made available to potential buyers before it is officially sold, which is a crucial aspect of property valuation. This concept helps appraisers assess market conditions and demand, allowing for a more accurate valuation based on how long properties typically take to sell in a given market.

The other statements either confuse the definition of these terms or provide inaccurate contexts. For example, marketing period specifically refers to the time frame during which a property is actively marketed for sale and can extend from the beginning of marketing efforts through to the eventual sale date, rather than being strictly limited or defined in the same way as exposure time.