Final answer:
Market value is the amount a property should sell for on the open market, and is estimated by appraisers but not always equal to the final sale price.
Step-by-step explanation:
The market value of a property is (c) the amount of money a property should sell for on the open market. An appraiser can report an estimated market value, but it is not always precisely equal to the sale price, which can fluctuate due to various factors such as negotiation and demand.
The length of time a property is exposed to the market does not solely determine its market value; it is more about when a willing buyer and a willing seller agree upon a price without undue pressure. Equity, in the context of real estate, is the difference between the market value of the home and what is owed to the bank on the mortgage.