California Real Estate Practice Exam

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Prepare effectively for the California Real Estate Exam with comprehensive quizzes, flashcards, and detailed explanations. Enhance your knowledge of real estate principles, laws, and regulations essential for passing the exam.

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What is the definition of market value of a property?

  1. Highest price in terms of money

  2. Price a seller hopes to attain

  3. Most probable price

  4. Assessed value for tax purposes

The correct answer is: Most probable price

Market value of a property refers to the most probable price a property would receive in the current market. Option A is not correct because it implies that market value is always the highest possible price, which is not always the case. Option B is incorrect because it is subjective and based on the seller's hopes rather than the actual market value. Option D is also not correct because assessed value for tax purposes may not reflect the true market value of a property.

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