Property Valuation
Market value in a real estate appraisal is defined as the most probable price a property will sell for:
AUnder distress conditions with a motivated seller
BIn a foreclosure auction on the courthouse steps
CIn an arm's-length transaction between a knowledgeable, willing buyer and seller, with reasonable time on the market✓ Correct
DAs determined by the county tax assessor
Explanation
Market value assumes an arm's-length transaction between a willing buyer and willing seller, both knowledgeable, neither under compulsion to act, with adequate market exposure time.
Related West Virginia Property Valuation Questions
- Under USPAP, a West Virginia appraiser must maintain the workfile for an appraisal for a minimum of:
- The principle of conformity holds that property value is maximized when:
- In West Virginia, a property appraised for a federally related transaction must be appraised by:
- A West Virginia appraiser who finds very few comparable sales must consider using:
- Highest and best use of a property is defined as the use that is:
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- The capitalization rate (cap rate) formula used to value income property in West Virginia is:
- A West Virginia property owner hires an appraiser to estimate value for a potential sale. The 'scope of work' in the appraisal assignment refers to:
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