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ValuationSubject 8 of 19

Market value

An opinion of the most probable price a property should bring under specified competitive and open-market conditions.

Direct answer

What does Market value mean?

An opinion of the most probable price a property should bring under specified competitive and open-market conditions.

Exam cue: Market value assumes stated market conditions and is not automatically the listing price, contract price or assessed value.

What does it look like in a question?

New York example

An appraiser analyzes market evidence to estimate value as of a particular date.

Common exam trap

What should you not confuse it with?

Price is an amount paid or asked. Value is an opinion under defined conditions.

Related valuation terms

AppraisalAn opinion of value developed by a qualified appraiser for an identified use, property interest and effective date.CapitalizationThe process of converting income into an indication of value.ComparableA property used as market evidence because it is sufficiently similar to the property being analyzed.Comparative market analysisA broker's analysis of relevant market data to help a seller or buyer consider a probable price range.Cost approachA valuation approach that adds land value to the depreciated cost of the improvements.DepreciationA loss in property value from physical deterioration, functional obsolescence or external obsolescence in appraisal.
Sources used3 references with section locators

The curriculum citation confirms exam scope. Definition and rule citations support the explanation itself. Links and locators were checked on August 26, 2026.

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