What is the effective date in appraisal?

The effective date in appraisal refers specifically to the date on which the property value is determined. This date is critical because it establishes the context in which the appraisal value is assessed, particularly relevant to factors such as market conditions, property status, and circumstances surrounding the property at that specific time.

By having a clear effective date, appraisers ensure that their valuation reflects the most accurate and relevant data available as of that date, which might be different from when the appraisal is actually completed or submitted to the client. This distinction allows appraisers to provide a value that is meaningful and applicable to the conditions that existed at that particular time, rather than being influenced by subsequent changes in the market or property condition.

The other options do not accurately capture the essence of the effective date, as they relate to different aspects of the appraisal process or timeline.