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

Which of the following BEST defines 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 conditions requisite to a fair sale The cost to reproduce the improvements plus the land value The assessed value assigned by the local tax authority

Correct Answer:

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

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