understanding todays market: Do your Buyers and Sellers understand the true definition of Market Value?
- 12/14/08 02:40 PM
Definition of Market Value Here's the definition of market value used by the International Association of Assessing Officers (IAAO). Market value is the major focus of most real property appraisal assignments. Both economic and legal definitions of market value have been developed and refined. A current economic definition agreed upon by agencies that regulate federal financial institutions in the United States of America is: The most probable price (in terms of money) which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming … (7 comments)
Definition of Market Value
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