Property Valuation
What is the difference between 'value in use' and 'market value'?
AThey are the same; just different terminology
BValue in use is the value to a specific user; market value is the price a typical buyer in the open market would pay✓ Correct
CMarket value is always higher than value in use
DValue in use applies only to commercial properties
Explanation
Value in use reflects the worth of a property to a specific owner based on their particular use or needs. Market value is the price a property would sell for in an arm's length transaction between a knowledgeable buyer and seller with neither being under duress.
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