Property Valuation
Market value in real estate appraisal is defined as:
AThe price the owner wants for the property
BThe most probable price a property would bring in a competitive open market under all conditions requisite to a fair sale✓ Correct
CThe assessed value for tax purposes
DThe insurance replacement cost
Explanation
Market value is the most probable price a property would sell for in a competitive and open market, with both buyer and seller acting knowledgeably, prudently, and without duress. It is the standard used in most Oklahoma appraisals.
Related Oklahoma Property Valuation Questions
- When comparing comparable sales for a single-family home in Oklahoma, an appraiser makes adjustments for differences. Which statement about adjustments is correct?
- In Oklahoma oil country, mineral rights can significantly affect property value. A property with an active oil and gas lease producing royalty income would be valued:
- When an Oklahoma appraiser determines that a neighborhood is in the 'declining' phase of the neighborhood life cycle, this observation affects value estimates by:
- An Oklahoma appraiser must comply with USPAP's Competency Rule if they are asked to appraise a type of property they have not previously appraised. This means they must:
- Functional obsolescence in an Oklahoma property refers to:
- In Oklahoma's residential market, comparable sales are typically chosen within what timeframe to best reflect current market conditions?
- In Oklahoma, a county assessor values property for ad valorem tax purposes. Residential property is typically assessed at:
- When an appraiser in Oklahoma uses the sales comparison approach for a single-family residence, adjustments are made for differences between the subject property and comparables. A positive adjustment means:
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