Property Valuation
Market value is defined as:
AThe price the seller paid for the property plus improvements
BThe most probable price a property will sell for in a competitive and open market under normal conditions✓ Correct
CThe assessed value times the local tax multiplier
DThe average of three comparable sales
Explanation
Market value is the most probable price a property will achieve in a competitive, open market between knowledgeable, willing parties dealing at arm's length with adequate exposure time.
Related New Jersey Property Valuation Questions
- In NJ, a 'floor area ratio' (FAR) is a zoning measure that regulates:
- Depreciation in the cost approach to value includes which THREE categories?
- The NJ property tax assessment process involves determining the ratio of assessed value to market value, known as the:
- A NJ appraiser preparing a Uniform Residential Appraisal Report (URAR, Form 1004) for a single-family home is completing what type of appraisal?
- In New Jersey's active suburban real estate market, which valuation approach is most commonly used for single-family residential appraisals?
- In New Jersey's competitive suburban markets near NYC, the primary driver of residential property values is often:
- Assemblage in real estate refers to:
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