Property Valuation
A Florida appraiser is asked to determine the 'market value' of a property. Market value is best defined as:
AThe price the seller wants for the property
BThe most probable price a property would sell for in a competitive and open market under fair sale conditions✓ Correct
CThe assessed value determined by the county property appraiser
DThe replacement cost minus depreciation
Explanation
Market value is the most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, with buyer and seller both acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.
Related Florida Property Valuation Questions
- A Florida appraiser determines a property's 'economic life' is 50 years and its chronological age is 10 years. The remaining economic life is:
- In Florida real estate, 'plottage value' refers to:
- The 'principle of substitution' in Florida real estate valuation states that:
- Functional obsolescence in a Florida property occurs due to:
- The 'gross rent multiplier' (GRM) method is best used for:
- In Florida, the principle of 'contribution' in real estate appraisal states that:
- When an appraiser applies the 'income approach' to a residential rental property, the final step is to:
- When using the sales comparison approach for a Florida home, an appraiser should use comparable sales that are generally:
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →