Property Valuation
In South Dakota, 'market value' is best defined as:
AThe price the seller needs to pay off their mortgage
BThe most probable price a property would sell for in an arm's-length transaction in an open market✓ Correct
CThe assessed value set by the county
DThe replacement cost of the improvements
Explanation
Market value is the most probable price a property would bring in a competitive, open market under conditions of a fair sale, with buyer and seller acting knowledgeably and without compulsion.
Related South Dakota Property Valuation Questions
- A South Dakota residential appraiser must complete how many hours of approved education to maintain their certified residential appraiser license?
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- When a South Dakota property's improvements represent 80% of the total value, the land-to-improvement ratio is:
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