Property Valuation
In a NJ appraisal, 'market value' is most accurately defined as:
AThe price the seller wants for the property
BThe most probable price a property would bring in a competitive and open market under arm's-length conditions✓ Correct
CThe county tax assessed value
DThe replacement cost of the improvements
Explanation
Market value is the most probable price a property would command in a competitive, open market between a knowledgeable, willing buyer and a willing seller, both acting prudently and not under duress.
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