Valuation
Market Value
Standard Definition
The most probable price a property should bring in a competitive, open market under fair sale conditions with no undue pressure.
Detailed Examination Analysis
Market value is a key concept in appraisals and sales. It represents the price a willing buyer and willing seller would agree on in an arm's-length transaction, assuming both parties are well-informed and acting in their own best interests.
Real-World Examination Scenario
"An appraiser analyzes comps and determines a home's market value is $325,000, even though the seller has it listed for $350,000."
premium exam tool
Master Market Value on Your Practice Exams
Unlock detailed flashcards, simulator questions, and pass-guaranteed study aids tailored to your state's licensing guidelines.