Property Valuation
In an Iowa appraisal report, the term 'market value' means:
AThe price the lender is willing to loan
BThe most probable price a property would sell for in an arm's-length transaction in a competitive market✓ Correct
CThe assessed value as determined by the county assessor
DThe replacement cost of the property
Explanation
Market value is defined as the most probable price that a property would bring in a competitive and open market under all conditions requisite to a fair sale, assuming both buyer and seller are knowledgeable and acting without duress.
Related Iowa Property Valuation Questions
- Iowa's mass appraisal system used by county assessors differs from a fee appraisal in that:
- An Iowa appraiser determines the value of a property using the income approach. The subject property has an NOI of $60,000 and comparable properties are capitalized at 6.5%. What is the value?
- The principle of anticipation in Iowa appraisal holds that:
- Iowa's property tax exemptions include which of the following?
- Iowa's mass appraisal equity studies measure which aspect of the assessment system?
- An Iowa appraiser must comply with which professional standards governing appraisal practice?
- Iowa's rollback percentage reduces the taxable value of property compared to assessed market value. This rollback benefits Iowa property owners by:
- An Iowa appraiser is asked to determine the 'as-is' value of a property with deferred maintenance. This value reflects:
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →