Property Valuation
Market value in Wyoming real estate appraisal is defined as:
AThe price the owner paid for the property
BThe most probable price a property would bring in an arm's-length transaction between knowledgeable, willing parties✓ Correct
CThe assessed value as determined by the county assessor
DThe replacement cost of the improvements
Explanation
Market value is the most probable price a property would sell for in an open market in an arm's-length transaction between a knowledgeable buyer and seller, neither under duress, each acting in their best interest.
Related Wyoming Property Valuation Questions
- A Wyoming property appraiser must disclose in their appraisal report all conditions that affect the value analysis. Failure to disclose a known condition that materially affects value is:
- The principle of increasing and decreasing returns in Wyoming appraisal holds that:
- A Wyoming appraiser performing a 'drive-by' (exterior-only) appraisal is conducting a:
- External (economic) obsolescence that affects a Wyoming property due to a decline in oil prices impacting the local economy is considered:
- A Wyoming appraiser must disclose which of the following in their appraisal report?
- In Wyoming, an appraiser's 'scope of work' decision requires balancing:
- A Wyoming appraiser performing a ranching property appraisal uses 'comparable ranch sales' as comparables. Key adjustment factors for ranch comparables include:
- A Wyoming property's 'as improved' highest and best use considers:
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