The value of property based on location, size, cost, replacement value, condition, and income derived from its use is called fair market value.

Name: The value of property based on location, size, cost, replacement value, condition, and income derived from its use is called fair market value.
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Question

The value of property based on location, size, cost, replacement value, condition, and income derived from its use is called fair market value.​

Quizplus · Accepted Answer

Fair market value is the price that a property would sell for in the open market, taking into account all of the factors listed in the question.

The Value of Property Based on Location, Size, Cost, Replacement