Property Valuation
In Minnesota, 'market value' as used in appraisal practice is best defined as:
AThe price a seller will accept under any circumstances
BThe most probable price a property would bring in a competitive and open market under all conditions requisite to a fair sale✓ Correct
CThe assessed value set by the county
DThe average of the three most recent comparable sales
Explanation
Market value is the most probable price a property would bring in a competitive, open market with a willing, knowledgeable buyer and seller, neither under compulsion, with reasonable exposure time, and with payment in cash or equivalent. This is the standard definition used in Minnesota appraisal practice and lending.
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