Certified Floodplain Manager (CFM) Practice Exam

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Unlock your potential as a Certified Floodplain Manager (CFM) with our expertly crafted practice test. Designed to simulate the real exam, our quiz offers a comprehensive review of floodplain management principles, preparing you for success.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What does the Market Value represent?

The assessed tax value of a property.
The price agreed upon by a willing buyer and seller.
The highest price a property could sell for at auction.
The cost to rebuild a property after damage.

The correct answer is: 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.