Property Valuation
In Missouri, the term 'market value' as used in appraisal means:
AThe highest price ever offered for a property
BThe most probable price a knowledgeable, willing buyer would pay a willing seller in an arm's-length transaction✓ Correct
CThe assessed value set by the county
DThe listing price set by the seller
Explanation
Market value is defined as the most probable price a property would bring in an arm's-length transaction between informed, willing, and unpressured parties.
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