Property Valuation
An appraiser's 'market value' definition assumes:
AThe seller is under duress and must sell immediately
BAn arm's-length transaction between knowledgeable, willing parties with reasonable exposure time✓ Correct
CThe buyer pays whatever price the seller demands
DGovernment agency pricing schedules
Explanation
Market value assumes: a willing buyer and seller (neither compelled to buy or sell), reasonable market exposure, both parties fully informed, and cash or equivalent financing terms. Distress sales, forced sales, and related-party transactions do not represent market value.
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