Property Valuation
Which of the following best defines 'market value' as used in Mississippi real estate appraisal?
AThe price at which a distressed seller accepts the first offer
BThe most probable price a property should bring in a competitive and open market under fair conditions✓ Correct
CThe assessed value assigned by the county tax assessor
DThe replacement cost of all improvements on the property
Explanation
Market value is the most probable price a property would bring in a competitive and open market under all conditions requisite to a fair sale, with both buyer and seller acting prudently and knowledgeably.
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