Property Valuation
Market value is best defined as:
AThe price a seller demands for their property
BThe most probable price a property would bring in an arm's-length transaction between a willing buyer and seller✓ Correct
CThe assessed value for tax purposes
DThe replacement cost of the improvements
Explanation
Market value is the most probable price a property would sell for in an open and competitive market between a knowledgeable, willing buyer and seller, neither acting under duress.
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