easy · National Real Estate Exam valuation
In appraisal terminology, how is 'Price' distinguished from 'Value'?
- Price always equals the cost of construction; Value is the sales price
- There is no distinction; they are considered synonyms in the appraisal process
- Price is an estimate of worth; Value is what was actually paid
- Price is the amount actually paid in a transaction; Value is an opinion of worth
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