Certified General Appraiser Practice Questions - Certified General Appraiser National Uniform Exam

What is the definition of market value as used in most federally related transactions?

The price a property would sell for at a foreclosure auction The most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale The assessed value determined by the local tax authority The replacement cost of the improvements minus depreciation

Correct Answer:

The most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale

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