Property Valuation
Under Ohio appraisal practice, 'market rent' is defined as:
AThe rent the current tenant is paying
BThe rent a property would command in the open market under typical lease terms✓ Correct
CThe average rent in the county
DThe HUD fair market rent for Section 8 vouchers
Explanation
Market rent is the most probable rent a property would fetch in a competitive, open market under typical lease terms — which may differ from the contract rent currently being paid.
Related Ohio Property Valuation Questions
- Which of the following BEST describes 'economic life' of a building in Ohio appraisal?
- What is reconciliation in the appraisal process?
- In Ohio, the county auditor's assessed value is used to determine:
- Which principle states that the value of an improvement is only worth the amount it adds to the total property value?
- What does 'arm's-length transaction' mean in the context of Ohio comparable sales?
- The cost approach is MOST reliable for which type of Ohio property?
- What does 'effective age' mean in an appraisal?
- Which of the following is an example of 'plottage' (assemblage value) in Ohio real estate?
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