Property Valuation
Market value in Utah real estate appraisal is typically defined as the most probable price a property would sell for:
AUnder distressed conditions with a motivated seller
BIn an open, competitive market with knowledgeable buyers and sellers acting in their own interests✓ Correct
CAfter all repairs and renovations are completed
DAs determined by the county assessor
Explanation
Market value assumes an open, competitive market, knowledgeable and prudent buyers and sellers, adequate time on the market, and an arm's-length transaction—not forced or distressed sales.
People Also Study
Related Utah Questions
- In a declining Utah real estate market, a property listed and sold quickly at a competitive price is called:Property Valuation
- A Utah seller-financed transaction may be appraised at a price higher than market value if the financing terms are below market. An appraiser should:Property Valuation
- In Utah, property is assessed at what percentage of its fair market value for property tax purposes?Property Valuation
- A Salt Lake City property has an assessed value of $550,000. Utah assesses at 55% of market value. What is the estimated market value?Real Estate Math
- The market value of a Utah residential property is best described as:Property Valuation
- A property has an assessed value of $385,000. Utah's assessment rate is 55% of market value. What is the estimated market value?Real Estate Math
- A property has a market value of $490,000. Utah assesses at 55%. The tax rate is 0.009. What are the annual property taxes?Real Estate Math
- A Utah buyer's agent who writes an offer significantly below market value on behalf of their buyer must:Agency
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Study This Topic
Practice More Utah Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Utah Quiz →