Property Valuation
Market value is best defined as:
AThe price a seller paid for the property
BThe assessed value for tax purposes
CThe most probable price a property would bring in an arm's-length transaction✓ Correct
DThe replacement cost of the improvements
Explanation
Market value is the most probable price a property would sell for in a competitive and open market under all conditions requisite to a fair sale — where both buyer and seller are knowledgeable and acting in their own best interests.
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