Property Valuation
Market value in Arizona real estate appraisal is most accurately defined as:
AThe price the seller wants
BThe most probable price a property would bring in a competitive market under all conditions requisite to a fair sale✓ Correct
CThe assessed value set by the county
DThe price established by the listing agent
Explanation
Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, with both buyer and seller acting prudently and knowledgeably.
Related Arizona Property Valuation Questions
- The 'principle of balance' in real estate appraisal holds that:
- The principle of substitution states that:
- The principle of 'progression' in real estate valuation holds that:
- A gross rent multiplier (GRM) is calculated by dividing the:
- Functional obsolescence in an appraisal refers to:
- In a declining market, an Arizona appraiser must consider:
- In the cost approach, what does 'reproduction cost' mean?
- Regression in real estate valuation refers to:
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