Property Valuation
In Montana, market value is defined as the most probable price a property would bring in a competitive and open market under all conditions requisite to a fair sale. This assumes:
AThe seller is under duress and must sell immediately
BBoth buyer and seller are knowledgeable, acting prudently, and neither under undue pressure✓ Correct
CThe property has been listed for no more than 30 days
DThe buyer is paying all cash with no financing contingency
Explanation
Market value assumes a hypothetical transaction between knowledgeable, prudent, and informed parties who are acting in their own best interests without undue pressure. This is the foundation of appraisal practice and is distinct from the actual sale price in a specific distressed or atypical transaction.
Related Montana Property Valuation Questions
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