Which standard states that "the owner is entitled to receive 'what a willing buyer would pay in cash to a willing seller' at the time of the taking"?
A) the comparable sales method
B) just compensation
C) fair market value
D) the equitable transactions cost method

Question

Quizplus · Accepted Answer

This standard is defined by the concept of "fair market value," which is a legal and economic principle stating that the owner should receive an amount equivalent to what a willing buyer would pay to a willing seller in a transaction, assuming both parties are informed, willing, and under no undue pressure. This concept is often applied in situations involving eminent domain, property taxation, and real estate transactions to ensure fairness and equity in the valuation of property.

Which Standard States That "The Owner Is Entitled to Receive