Property Valuation
In Maine real estate appraisal, 'market value' is best defined as:
AThe assessed value placed on the property by the municipality
BThe most probable price a property will sell for in an open market under normal conditions✓ Correct
CThe replacement cost of the improvements minus depreciation
DThe price the seller originally paid for the property
Explanation
Market value is the most probable price a property will bring in a competitive and open market, assuming all conditions of a fair sale are present and both buyer and seller act prudently.
Related Maine Property Valuation Questions
- Seasonal and vacation properties in Maine are typically valued using which primary approach?
- In Maine, 'economic life' of a building means:
- The principle of 'regression' in real estate valuation states that:
- When a Maine appraiser reconciles three value approaches, they should:
- A Maine vacant lot sold for $80,000. A similar lot with a lake view recently sold for $110,000. The appraiser would make what adjustment for the lake view?
- An appraiser in Maine performing a 'retrospective appraisal' for a property that sold 3 years ago will use comparable sales that are:
- A Maine appraiser making adjustments to comparable sales adjusts:
- A Maine vacant waterfront lot sells for $120,000. A similar lot without waterfront access sells for $45,000. The 'water premium' indicated by these sales is approximately:
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →