Question

The price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts, is known as the:

a. Appraised Market Value
b. Fair Market Value
c. Book Value
d. Intrinsic Value

Answer 1

The price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts, is known as the Fair Market Value.

Step-by-step explanation:

The price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts, is known as the Fair Market Value. It represents the actual value of the property based on the current market conditions. For example, if a house is listed for $300,000 but sells for $250,000, the Fair Market Value would be $250,000.