Property Valuation
Which of the following best defines 'market rent' in a Mississippi appraisal?
AThe rent currently being paid by a tenant under an existing lease
BThe most probable rent a property would command if available in the open market✓ Correct
CThe maximum rent allowed by local rent regulations
DThe average rent in the metropolitan statistical area
Explanation
Market rent (economic rent) is the most probable rent a property would achieve in the open, competitive market under current conditions. It may differ from contract rent (the actual rent being paid under a current lease).
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