Value concepts
Market value
The most probable price a property should bring in a fair, open sale
An opinion, and a conditional one: it assumes a willing buyer and a willing seller, both informed, neither under duress, and a reasonable exposure to the market. Change any of those assumptions and the figure changes with it.
How the exam asks about it
Set against market price, which is a historical fact — what a property actually sold for. A distressed sale produces a market price that is not market value.
Related terms
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