National Real Estate Exam Quiz
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PROPERTY VALUE AND APPRAISAL
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A property appraised for $450,000 but sold for $465,000 in a bidding war. What do these figures represent?
A
Both figures represent market value since they occurred within the same competitive market timeframe
B
The $450,000 represents market value while the $465,000 represents market price paid by the buyer
C
The $450,000 represents market price while the $465,000 represents market value in current conditions
D
Both figures are invalid since market value and market price must always be identical amounts
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