Property Valuation
In Hawaii, what is the difference between 'market value' and 'market price'?
AA. They are identical terms
BB. Market value is the estimated most probable price; market price is the actual price paid✓ Correct
CC. Market price is always higher than market value in Hawaii
DD. Market value applies only to commercial properties
Explanation
Market value is the appraiser's estimate of the most probable price under ideal conditions. Market price is the actual price paid, which may differ from market value.
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