Property Valuation
Vermont's market value is defined as:
AThe assessed value determined by the municipality
BThe most probable price a property would sell for in an open market between a willing buyer and seller, neither under compulsion✓ Correct
CThe replacement cost of all improvements
DThe price the seller needs to net after commission
Explanation
Market value is the most probable price a property would sell for in a competitive, open market under fair conditions — a willing buyer and willing seller, both knowledgeable, acting in their own interests, and neither under compulsion.
Related Vermont Property Valuation Questions
- In Vermont's rural market, which appraisal approach is typically given the most weight for single-family residential properties?
- Which of the following best describes 'economic life' versus 'physical life' of a Vermont building?
- Vermont's listers assess property values for:
- Vermont appraisers are required to hold which license or certification under federal law?
- A Vermont property with contamination from a prior use (stigmatized property) may suffer:
- Vermont's Uniform Standards of Professional Appraisal Practice (USPAP) require appraisers to:
- Vermont's 'land residual technique' in appraisal is used when:
- Vermont's Killington Peak area properties may have seasonal fluctuations in value — the appraisal principle this reflects is:
Practice More Vermont Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Vermont Quiz →