Property Valuation
In Wyoming, the market value definition used in appraisal assumes:
AThe seller must sell quickly due to financial distress
BA willing seller and a willing buyer acting in their own best interests with adequate market exposure✓ Correct
CThe buyer is paying cash with no financing contingencies
DThe appraiser has inspected the interior of all comparable sales
Explanation
Market value is defined as the most probable price a property would bring in a competitive market assuming a willing buyer and willing seller, both knowledgeable, neither under duress, and the property has been exposed to the market for a reasonable time.
Related Wyoming Property Valuation Questions
- Depreciation in the cost approach to value includes all of the following EXCEPT:
- The income approach to value is most appropriate for which Wyoming property type?
- An appraisal that is performed for estate purposes in Wyoming must reflect the property's fair market value as of:
- Functional obsolescence in a Wyoming property is best illustrated by:
- The principle of substitution states that a buyer will not pay more for a property than:
- A Wyoming appraiser notes that the comparable sales used in the sales comparison approach are from a 'buyer's market.' This means:
- In Wyoming, 'assemblage value' or 'plottage increment' refers to the:
- A Wyoming property sold for $500,000 with a net operating income of $35,000. What is the cap rate?
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →