The value obtained when a buyer pays cash or its equivalent, the buyer and seller are unrelated, the buyer and seller are informed consumers, and the property has been on the market for a reasonable amount of time is called:

Answers

Answer 1

Answer:

Answer:

Appraisal

Explanation:

Appraisal in real estate is the sales value of an asset derived towards potential sales in an arm length transaction. This involves a unique appraising process pertaining to the affected property considering the fact that different homes are not of the same features and properties , and moreover , sales of home does not occur regularly as in the common market.

The appraising process involved in forming an appraisal value are

Buyer pays cash or its equivalent
Buyer and seller are not related
Buyer and seller are informed consumer
Property has been on the market for a reasonable time

Answer 2

Answer:

Final answer:

The value obtained in the aforementioned conditions is referred to as the fair market value. It represents the price at which an informed buyer and seller would agree upon, where neither party is under duress and the property has been listed for a reasonable duration.

Explanation:

The value obtained under the conditions described in the question is called the fair market value. The fair market value is a measure used in the free market economy, it represents the price at which property, in this case, would change hands between a willing buyer and a willing seller, neither of whom is under any compulsion to buy or sell, both parties having reasonable knowledge of the necessary facts pertinent to the transaction. For example, if you were selling your car, the fair market value would be the price a buyer who knows about cars and has other options would be willing to pay for it, after your car had been listed for sale for an appropriate amount of time.

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