For how many years prior to the date of appraisal must appraisers report prior sales of comparable properties?

The correct response is that appraisers must report prior sales of comparable properties for 1 year prior to the date of the appraisal. This requirement is in place because using recent sales data provides a more accurate assessment of current market conditions and property values. The 1-year timeframe allows appraisers to analyze the most relevant and timely information regarding sales that would impact the property being appraised.

By focusing on transactions within this one-year period, appraisers can identify trends, adjust for any fluctuations in the market, and ensure that the valuation reflects the property's current worth in a dynamic real estate environment. This practice aligns with industry standards and regulatory requirements, facilitating a more precise and fair appraisal process.