Property Valuation
Market value in a Wisconsin appraisal is defined as the most probable price that a property would bring in a competitive open market assuming:
AThe buyer and seller are under extreme duress
BAn arm's-length transaction between informed, willing parties with reasonable exposure time✓ Correct
CThe highest possible price the market can support
DA price set by the Wisconsin Department of Revenue
Explanation
Market value assumes an arm's-length transaction between a willing, knowledgeable buyer and a willing, knowledgeable seller, with reasonable market exposure time and neither party under undue pressure.
Related Wisconsin Property Valuation Questions
- The principle of conformity in Wisconsin real estate states that:
- In Wisconsin, an 'as-is' appraisal reflects the value of the property:
- A Wisconsin 'drive-by appraisal' (exterior-only appraisal) is limited in scope because the appraiser:
- A Wisconsin appraiser who finds that the comparable sales indicate a lower value than the cost approach should generally:
- The income capitalization approach to value is most appropriate for:
- When reconciling values in a Wisconsin appraisal, the appraiser:
- Regression in Wisconsin appraisal theory means a property's value is:
- A Wisconsin foreclosure sale price is generally NOT used as a comparable sale in an appraisal because:
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