Which term describes a value opinion that is prepared as of a date in the past?

Which term describes a value opinion that is prepared as of a date in the past?

• A. Prospective value opinion
• B. Retrospective value opinion
• C. Current market value
• D. Immediate value conclusion

Answer: (B)

A retrospective value opinion is a value opinion prepared as of a date in the past. It reconstructs what the property would have been worth on a specific prior date using market data and conditions that existed then, not what they are now. This is used in situations like historical analyses, settlements, or litigation where the value needs to reflect a known past moment. It’s different from a prospective value opinion, which looks forward to a future date or scenario, and from current market value, which reflects the value as of today. Immediate value conclusion isn’t a standard term in appraisal practice.

A retrospective value opinion is a value opinion prepared as of a date in the past. It reconstructs what the property would have been worth on a specific prior date using market data and conditions that existed then, not what they are now. This is used in situations like historical analyses, settlements, or litigation where the value needs to reflect a known past moment.

It’s different from a prospective value opinion, which looks forward to a future date or scenario, and from current market value, which reflects the value as of today. Immediate value conclusion isn’t a standard term in appraisal practice.