Property Valuation
Which of the following best describes 'market value' in Arizona real estate?
AThe price the owner believes the property is worth
BThe assessed value set by the county assessor
CThe most probable price a property would sell for in an arm's-length transaction between informed, willing parties✓ Correct
DThe replacement cost of the improvements
Explanation
Market value is defined as the most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale — an arm's-length transaction between a willing buyer and a willing seller, both reasonably knowledgeable.
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