Property Valuation
What is 'value in use' versus 'value in exchange' in Delaware real estate?
AValue in use is the assessed value; value in exchange is the market value
BValue in use is the value to the current occupant for their specific purpose; value in exchange (market value) is the most probable sale price to any buyer✓ Correct
CValue in use applies to commercial property; value in exchange applies to residential
DBoth terms describe market value differently
Explanation
Value in use is the value of a property for a specific use by a specific user — it may exceed or be less than market value. Value in exchange (market value) is the most probable price in a typical market transaction between typical buyers and sellers.
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