Cory was commissioned to appraise a house in a tax dispute on July 11, 2006. The dispute was over how much property tax the owner should have paid in November, 1999. The completed report was submitted to the tax authority on August 1, 2006 and used in a court proceeding on August 16, 2006. Which of the following is the effective date of the appraisal?
a. July 11, 2006
b. November, 1999
c. August 1, 2006
d. August 16, 2006
(b) In most instances, the effective date of an appraisal is the date of inspection. In some instances however, the date of value is at some point in the past, which makes it a retrospective appraisal. Page 200