Property Valuation
What is 'arm's length transaction' in Oregon appraisal and why is it important?
AA transaction where the parties are physically distant from each other
BA transaction between informed, willing, unrelated parties acting in their own self-interest without undue pressure — the gold standard for market data✓ Correct
CA transaction that takes at least 60 days to close
DA commercial transaction involving multiple properties
Explanation
An arm's length transaction involves unrelated parties acting in their own self-interest, each with full knowledge of relevant facts, without undue pressure. Appraisers seek arm's length sales as comparable data because they best reflect true market value.
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