USPAP 15-Hour Course Practice Test

The phrase "the market value of the subject property was $200,000" suggests a specific point in time when the value was established. This usage of "was" indicates that the appraisal reflects a past situation rather than the current value of the property. Such an appraisal would be referred to as a retrospective appraisal, which is used to analyze what a property was worth at a previous date, often for purposes like legal matters, estate settlements, or market analysis of historical trends.

In contrast, a current appraisal assesses the value of a property at the present moment, while a forward-looking appraisal would project future value, and a comparative appraisal focuses on comparisons with similar properties. Therefore, the phrase distinctly points to a valuation that is rooted in a past context, reinforcing that retrospective is the correct interpretation.