California Real Estate Practice Exam

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Master the California Real Estate Exam with our comprehensive practice quiz. Get expert tips, detailed content review, and insider strategies to pass on your first try.

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What is the definition of market value of a property?

Highest price in terms of money
Price a seller hopes to attain
Most probable price
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.