Which of the following best defines RMV?

Real Market Value refers to the amount in cash that a property would bring if exposed for sale in the open market, under normal conditions. This value is based on what buyers are willing to pay for a property and is determined by various factors, including location, condition, and comparable sales in the area.

This definition is crucial in property appraisal as it establishes a baseline for understanding the true worth of a property in a competitive market. Real Market Value takes into account the unique characteristics of the property and the economic conditions at the time of sale, making it a comprehensive measure for appraisers, buyers, and sellers.

The other options presented do not accurately represent the standard definition used in property appraisal contexts. Replacement Market Value, for example, relates to the cost to replace the property rather than its market worth. Regional Market Value might imply an average over a larger area without considering specific properties, and Relative Market Value suggests a comparison to values rather than defining the market value itself. Recognizing the importance of Real Market Value is essential for effective property assessment and valuation.