Property Valuation
Market rent is defined as:
AThe rent currently being paid under an existing lease
BThe rent a property would command in the open market as of a specific date✓ Correct
CThe average rent in the surrounding neighborhood
DThe maximum rent allowed under rent control
Explanation
Market rent is the rent a property would likely command in a competitive, open market as of a specific date, assuming a knowledgeable landlord and tenant. Contract rent is the actual rent being paid under an existing lease.
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