Which of the following best describes the effective date of the appraisal?

The effective date of the appraisal is best described by the term "appraisal date." This date indicates when the appraiser conducted the appraisal and assessed the property’s value. It serves as a crucial reference point, as real estate values can fluctuate over time due to market conditions, property modifications, or other external factors. Therefore, the appraisal date is essential for determining the relevance and accuracy of the appraisal report in the context of the real estate market.

In contrast, a narrative report is a comprehensive document that details the findings and analysis performed during the appraisal process but does not signify the effective date itself. Similarly, the final estimate of value represents the appraiser’s conclusion regarding the property’s market value but doesn’t address the timing of when that value was assessed. Lastly, a letter of opinion refers to a less formal assessment that may not hold the same standards as a full appraisal and is not focused on defining an effective date. Understanding these distinctions clarifies why "appraisal date" is the term that most accurately describes the effective date of the appraisal.