Property Valuation
What is a 'market value' opinion in a Rhode Island appraisal?
AThe price the owner wants for the property
BThe most probable price a property should bring in a competitive, open market under all conditions requisite to a fair sale✓ Correct
CThe assessed value for tax purposes
DThe insured value for homeowner's insurance
Explanation
Market value is the most probable price a property would bring between a willing buyer and seller, both acting prudently and knowledgeably, in an arm's-length transaction, with reasonable time on the market.
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