Property Valuation
In Minnesota, the term 'market area' in a real estate appraisal refers to:
AThe entire state of Minnesota
BThe geographic area in which the subject property competes for buyers or renters✓ Correct
CThe county in which the property is located
DAny area within 10 miles of the subject property
Explanation
The market area is the geographic area within which buyers are likely to look for properties similar to the subject. For a single-family home in a Minneapolis suburb, the market area might be a few specific neighborhoods or cities.
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