For personal property appraisals, how far back must the appraiser analyze prior sales of the subject?

The correct answer is based on the principle of relevance in appraisal practice. In personal property appraisals, the appraiser must analyze prior sales in a timeframe that is reasonable and applicable to the market conditions at the time of the appraisal. This means taking into account various factors such as the type of property being appraised, the characteristics of the item, and market trends, rather than adhering to a strict timeframe like one year, five years, or going back as far as possible without consideration of context.

This approach ensures that the data analyzed is reflective of the current market dynamics and helps the appraiser to make a well-informed estimate of value. Often, the most impactful sales data will be recent, but historical sales can still be relevant if they align closely with the characteristics and conditions of the current market for the subject property. Thus, appraisers use their professional judgment to determine what constitutes a reasonable period for their analysis based on the specific situation.