Definitions

Question 1

Define Market Value

Answer 1

The estimated amount in which an asset or liability should exchange on the valuation date between a willing bueyr and a willing seller in arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion

As referred to in VPS 2 item 4 which incorporate IVS 102 of the current Red Book

Question 2

Define Market Rent

Answer 2

The estimted amount ofr which an interest in real property should be leased on the valuation date between a willing lessor and willing lessee on appropriate lease terms in an arm’s length trasnsaction, after proper marketing and where the aprties had each ected knowledgeably, prudently and without compulsion

As referred to in VPS 2 item 5 id defined in IVS 102 in Red Book