Market value is defined as the most probable price of a property assuming which of the following?

The concept of market value is fundamentally rooted in the conditions under which a property is bought or sold. It is defined as the most probable price that a property would bring in a competitive and open market, given certain assumptions.

The first assumption, that the buyer and seller are typically motivated, means that both parties are eager to complete a transaction without any undue hesitation, leading to a dynamic where a fair price can be established.

The second assumption, that both parties are well-informed, is critical as it ensures that both the buyer and seller have adequate knowledge about the property, its market, and relevant factors influencing value. This information enables fair negotiation and pricing based on comparable properties and market conditions.

The third assumption regarding the absence of external pressures indicates that the transaction occurs under normal conditions. External pressures might include factors like desperation to sell, extreme market conditions, or time constraints, which could skew the price away from true market value.

Since all three assumptions are vital for accurately determining market value, selecting the option that encompasses all these points captures the essence of what market value entails. Thus, the correct answer is that market value is defined as the most probable price of a property assuming all these assumptions are satisfied.