Property Valuation
The market value of a Utah residential property is best described as:
AThe price the seller hopes to receive
BThe most probable price in an arms-length transaction between knowledgeable and willing parties✓ Correct
CThe county assessed value divided by 0.55
DThe replacement cost minus depreciation
Explanation
Market value is the most probable price a property would bring in an open market between a knowledgeable buyer and seller, both acting prudently and without compulsion, in an arm's-length transaction with reasonable exposure time.
Related Utah Property Valuation Questions
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