Final answer:
The value most commonly sought in an appraisal is the market value, which represents the price at which a property would trade between a knowledgeable buyer and seller under no pressure to buy or sell.
Step-by-step explanation:
The value most often sought in an appraisal is market value. Market value is the estimated amount for which a property or a good would trade on the date of valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion. In contrast, depreciated value reflects the value of an asset after accounting for depreciation, replacement value is the cost to replace an asset with a new one of similar kind and quality, and value in use describes what an asset is worth to the owner in its current use.
The value most often sought in an appraisal is the market value. Market value is the estimated amount for which an asset or property would trade on the open market between a willing buyer and a willing seller. It represents the present value of the asset, considering factors such as supply and demand, economic conditions, and comparable sales.