How is market value determined?

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Prepare for the Keller Williams Ignite Exam. Utilize multiple choice questions and in-depth explanations to challenge your knowledge and boost confidence. Be ready for your test!

Multiple Choice

How is market value determined?

Explanation:
Market value is the price a property would bring in an open, competitive market under normal conditions, with informed, willing buyers and sellers. The best representation of that value is the price agreed upon by a willing seller and a willing buyer in a transaction. Appraisals and lender opinions provide estimates based on methods and data, but they are not the actual transaction price; government-set prices do not determine market value in a private market. So, market value emerges from the negotiated price between willing participants reflecting current market conditions.

Market value is the price a property would bring in an open, competitive market under normal conditions, with informed, willing buyers and sellers. The best representation of that value is the price agreed upon by a willing seller and a willing buyer in a transaction. Appraisals and lender opinions provide estimates based on methods and data, but they are not the actual transaction price; government-set prices do not determine market value in a private market. So, market value emerges from the negotiated price between willing participants reflecting current market conditions.

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