National Ch 3: Property Value and Appraisal

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Last updated 10:11 PM on 4/22/26
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54 Terms

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Market Value

the price a willing seller will sell for and the price a willing buyer will pay

AKA can also be defined as most probable price

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Is sells price the same as market value?

No

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What is the Appraised Value?

the appraised value is market value

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What are the 4 basic characteristics of Value? DUST

Demand- must be a demand for the item and the purchasing power to acquire it

Utility- idem must be needed or wanted

Scarcity- must be a limited supply

Transferability- item must be able to be sold-ownership must be transferable

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What is an appraisal?

it is an opinion

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