Certified Floodplain Manager (CFM) Practice Exam

Question: 1 / 400

What does the Market Value represent?

The assessed tax value of a property.

The price agreed upon by a willing buyer and seller.

Market Value represents the price agreed upon by a willing buyer and seller for a property. This is the most accurate representation of the current value of a property, rather than the assessed tax value (option A), which can be influenced by various factors such as local tax rates. The highest price a property could sell for at auction (option C) may not reflect the true market value as auctions can be affected by external factors and bidding strategies. The cost to rebuild a property after damage (option D) would only be relevant in cases of property damage and does not reflect the actual market value of the property. Thus, option B is the best choice as it reflects the current value of a property in a normal buying and selling scenario.

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The highest price a property could sell for at auction.

The cost to rebuild a property after damage.

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