Question

When appraising a property your goal is:

a. Establish the highest possible price that a property can sell for
b. Establish the most probable price that would be paid for a property under competitive market conditions
c. Establish the market value for a property's land without any structures (such as a house)
d. Establish the market value for a property if the property is put to its highest and best use

Answer 1

b. Establish the most probable price that would be paid for a property under competitive market conditions

Step-by-step explanation:

Property appraisal is the process by which real estate property value is estimated. It is an opinion by the appraiser of the value of a property at a particular period and in a particular market.

Real estate do not tend to be identical as such different properties will have different appraisal value.

Buyers can use property appraisal as a guide when paying for a property so that they can get get the most competitive price.