Property Valuation
In Idaho, what is 'market value' in the context of real estate appraisal?
AThe price a seller wants for their property
BThe most probable price a property would sell for in a competitive, open market under normal conditions✓ Correct
CThe property's assessed value for tax purposes
DThe replacement cost of the structure
Explanation
Market value is defined as the most probable price a property would sell for in a competitive and open market under all conditions requisite to a fair sale, with buyer and seller acting prudently and without undue pressure.
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