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Article: Market value: the elusive standard. (Under the Microscope: Winter 1992)
- Article from:
- Appraisal Journal
- Article date:
- July 1, 1992
- Author:
CopyrightCOPYRIGHT 1992 The Appraisal Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The concept of market value has been defined and discussed by the courts, by government regulators, and throughout appraisal literature. Despite this widespread attention, however, adoption of an industry standard has remained an elusive goal. The authors trace the history of market value and offer a definition that applies to all real estate activity.
First presented at the Appraisal Institute's "Under the Microscope" program at the January 1992 national meeting in Palm Desert, California, this article introduces a new, ongoing feature in The Appraisal Journal. Two other articles on market value will appear in the October 1992 issue. Papers on the cost ...