Property Valuation
The term 'market value' as used in appraisal is best defined as:
AThe price the seller would like to receive
BThe most probable price a property would bring in a competitive open market under normal conditions✓ Correct
CThe average of the highest and lowest offers received
DThe assessed value as determined by the tax assessor
Explanation
Market value is the most probable price a property would command in a competitive, open market under fair conditions, with both buyer and seller acting knowledgeably, prudently, and without undue compulsion.
Related New York Property Valuation Questions
- In New York appraisal practice, 'highest and best use' is defined as the legally permissible, physically possible, financially feasible, and maximally productive use that results in:
- In New York appraisal practice, a 'paired sales analysis' is used to:
- When a New York appraiser determines 'market rent' for a subject property, they are establishing:
- In New York, 'assemblage' of two or more parcels to create a development site will generally produce a value:
- When using the sales comparison approach, an appraiser makes adjustments to comparables. If a comparable has a feature the subject property lacks, the appraiser will:
- The income approach to value is most appropriate for:
- When an appraiser says a property has 'curable physical deterioration,' they mean:
- Plottage value refers to:
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