Property Valuation
In real estate appraisal, the term 'market value' is best defined as:
AThe price the seller is asking for the property
BThe price the buyer is willing to pay
CThe most probable price a property would bring in a competitive open market under conditions of fair sale✓ Correct
DThe assessed value set by the county assessor
Explanation
Market value is defined as the most probable price a property would sell for in a competitive and open market under fair conditions, with both buyer and seller acting prudently and knowledgeably, and the price not affected by undue pressure.
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