What does the term 'market value' mean in the context of SA property valuation?
Correct Answer
B) The estimated amount for which a property should exchange between a willing buyer and willing seller in an arm's length transaction after proper marketing
Market value is defined as the estimated amount for which a property should exchange on the date of valuation between a willing buyer and seller in an arm's length transaction, after proper marketing, where each party acts knowledgeably and without compulsion.
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