Property Valuation
What is the difference between 'market value' and 'market price' in real estate appraisal?
AA. There is no difference; the terms are interchangeable
BB. Market value is the most probable price in a competitive market; market price is the actual sale price achieved✓ Correct
CC. Market value includes personal property; market price excludes it
DD. Market value is set by the government; market price is negotiated between parties
Explanation
Market value is an appraiser's estimate of the most probable price a property would bring in a competitive market under normal conditions. Market price is the actual transaction price paid.
Related Hawaii Property Valuation Questions
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