Property Valuation
A South Carolina property's fair market value is defined as:
AThe price the owner paid for it
BThe most probable price in a competitive open market between informed buyers and sellers✓ Correct
CThe insurance replacement cost
DThe assessed value multiplied by 10
Explanation
Fair market value is the most probable price a property would sell for in a competitive, open market between a willing and knowledgeable buyer and seller, neither under compulsion to act.
Related South Carolina Property Valuation Questions
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