Property Valuation
In South Dakota, 'market rent' versus 'contract rent' is important to appraisers because:
AThey are always the same amount
BMarket rent reflects what the property could command in today's market; contract rent is the actual rent paid, which may differ significantly if leases are old✓ Correct
CContract rent always exceeds market rent
DMarket rent only applies to commercial properties
Explanation
Market rent is the rent a property would command in the current market. Contract rent is the actual rent being paid under an existing lease, which may be above or below market.
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