Property Valuation
In South Carolina, 'market value' is best defined as:
AThe price a property last sold for
BThe most probable price a property would sell for in a competitive market under normal conditions✓ Correct
CThe property's assessed value as determined by the county
DThe replacement cost of the improvements
Explanation
Market value is the most probable price a knowledgeable, willing, and unpressured buyer and seller would agree upon in an open competitive market. It is the foundation of real estate appraisal and differs from cost, assessed value, or actual sale price.
Related South Carolina Property Valuation Questions
- In South Carolina, what is 'depreciated cost' in the cost approach to appraisal?
- In the income approach to value, a South Carolina appraiser uses the capitalization rate to:
- A South Carolina appraiser uses 'regression analysis' in their appraisal to:
- In South Carolina, which of the following is an example of 'external obsolescence'?
- A comparable sale in the South Carolina sales comparison approach is adjusted upward when the comparable has a feature that:
- A South Carolina resort condo at Kiawah Island has high seasonal variability in income. The appraiser should:
- A South Carolina appraiser identifies a comparable sale that closed 18 months ago. The appraiser should:
- A South Carolina property's value tends to decrease when it is significantly larger and more expensive than surrounding properties. This is the principle of:
Practice More South Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Carolina Quiz →