Question

17. The market value of a property is
O a. A percent of its selling price on the open market
O b. A percent of its assessed value
O c. Its selling price on the open market.
O d. Set by the local government.

Answer 1

The correct answer would be option B, A percent of its assessed value.

The market value of a property is A percent of its assessed value.

Explanation:

Market value is basically an estimate, an opinion, about the percentage price of the fair value of the property or anything.

When estimates and opinions are made about the selling price of the property in the competitive market, actually the Market value of that property is assessed. The market value of the property is assessed on the following criteria:

• benefits and features of the property
• overall situation of the real estate market
• supply and demand of the properties
• value of the similar properties in the current situation

On the basis of the above criteria, the market value of the property is assessed.

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