Property Valuation
In West Virginia real estate appraisal, 'market value' is defined as:
AThe price the owner wants to receive
BThe most probable price a property would bring in an arm's-length transaction between informed parties✓ Correct
CThe county assessed value for tax purposes
DThe average of the list price and the last sale price
Explanation
Market value is the most probable price a property would sell for in a competitive, open market under fair sale conditions, with both buyer and seller acting prudently and knowledgeably, with neither under undue pressure — an arm's-length transaction.
Related West Virginia Property Valuation Questions
- A West Virginia appraiser is asked to estimate the value of a historic Charleston building. The cost approach may be less reliable because:
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- In West Virginia, under which condition would an appraiser NOT use the income approach to value?
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