Property Valuation
What is the difference between market value and market price?
AThey are always the same
BMarket value is the estimated worth under ideal conditions; market price is the actual transaction amount✓ Correct
CMarket price is always higher than market value
DMarket value is set by the government
Explanation
Market value is the estimated price under typical market conditions. Market price is the actual price paid in a specific transaction, which may differ due to distressed sales, unique motivations, or other non-market factors.
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