In property appraisal, which term describes an asset's market value?

The term that accurately describes an asset's market value is "Value." In property appraisal, "value" refers to the worth of an asset based on what it would sell for in the market at a given time. This encompasses various types of value, including market value, which is defined as the most probable price a property would bring in a competitive and open market.

The term is rooted in the principle of supply and demand and reflects the current state of the market for the asset. It takes into consideration various factors such as location, condition, and economic conditions, which can influence what buyers are willing to pay.

Understanding "value" is fundamental for appraisers, as it gives insight into how properties are assessed for purposes such as taxation, sales, and investment decisions. While the other terms mentioned relate to specific concepts within property appraisal, they do not encapsulate the broad definition of market value in the same way. For instance, "market price" usually refers to the actual sale amount of a property rather than the theoretical market value, and "economic obsolescence" specifically addresses loss of value due to external factors, while "value in exchange" relates to the concept of value derived from trade. Therefore, "Value" is the most comprehensive term