Property Valuation
A 'market value' definition in a appraisal context assumes:
AThe seller is under duress to sell quickly
BA willing buyer and willing seller acting without compulsion in an arm's length transaction✓ Correct
CThe property will sell above asking price
DBoth parties have unequal information
Explanation
Market value is defined as the price a property would bring in a competitive and open market with a willing buyer and willing seller, neither under compulsion, both with reasonable knowledge of the relevant facts.
Related Georgia Property Valuation Questions
- In a 'seller's market,' home values tend to:
- In Georgia, the basis for the state's property tax assessment is typically:
- An appraiser who discovers that a comparable sale was between related parties (family members) should:
- Effective age of a building refers to:
- The 'principle of progression' in real estate states that:
- The market approach to value (sales comparison) would be LEAST appropriate for:
- The principle of anticipation in real estate valuation holds that:
- In the cost approach to value, 'reproduction cost' differs from 'replacement cost' in that:
Practice More Georgia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Georgia Quiz →