Final answer:
Property dividends are valued at d. fair value, which is the market price for non-monetary assets when they are distributed as dividends.
Step-by-step explanation:
Property dividends are valued at fair value. When a company distributes property dividends, these are typically non-monetary assets, and they should be recorded at their fair value on the date of declaration. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Book value, net present value, and net realizable value are different valuation methods that do not directly apply to valuing property dividends.