Property Valuation
In Nevada real estate, 'market value' is best defined as:
AThe price a seller demands for a property
BThe assessed value for tax purposes
CThe most probable price a property would sell for in a competitive, open market under normal conditions✓ Correct
DThe replacement cost of the improvements
Explanation
Market value is the most probable price (not the highest or lowest possible price) that a property would bring in a competitive, open market transaction between a willing buyer and willing seller, both having reasonable knowledge and neither under duress.
Related Nevada Property Valuation Questions
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