What is the definition of 'market value' as used in real estate appraisal?

Market value is the most probable price a property should bring in a competitive, open market under fair sale conditions, with buyer and seller acting knowledgeably and without undue pressure.

What is an appraisal in real estate?

An appraisal is an unbiased, written estimate or opinion of a property's value prepared by a licensed or certified appraiser as of a specific date.

What does the principle of substitution state in property valuation?

The principle of substitution states that a buyer will pay no more for a property than the cost of acquiring an equally desirable substitute property.

What is the principle of contribution in real estate valuation?

The principle of contribution states that the value of any component of a property is measured by how much it adds to the overall market value, not by its actual cost.

What is the principle of conformity in real estate?

The principle of conformity holds that maximum value is achieved when a property is in harmony with its surroundings; properties similar in style, size, and use maintain or increase value.

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Property Valuation – New York Real Estate Salesperson Exam

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