Which statement is TRUE regarding appraisers and value?

• A. Market value is the only value; other values are not estimated
• B. Market value is one value among others; appraisers estimate other types as well
• C. Appraisers estimate only replacement value
• D. Appraisers estimate value but not market value

Answer: (B)

Understanding appraised value means recognizing that there are multiple value definitions, not just one. Market value is the price a property would bring in an open, competitive market under normal conditions. But depending on the assignment, there are other values that may be estimated—such as replacement cost, insurable value, investment value, or assessed value. So market value is one value among others, and appraisers estimate these other types as well when the purpose calls for it. The other statements are not correct because they assert a single value or restrict what an appraiser estimates, whereas practice uses different value definitions tailored to the assignment.