Property Valuation
The concept of 'market value' as used in Rhode Island appraisal refers to:
AThe price the owner needs to sell the property to pay off their mortgage
BThe most probable price a property would bring in an arm's-length transaction between knowledgeable, willing buyers and sellers✓ Correct
CThe assessed value as determined by the local tax assessor
DThe price the lender is willing to lend against the property
Explanation
Market value is the most probable price a property would sell for in an arm's-length, open market transaction between a knowledgeable, willing buyer and a willing seller, neither under duress.
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