What does 'Range Value' indicate in appraisal?

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'Range Value' in appraisal refers to the appraiser's estimate of a value range that is likely to be achieved for a property based on various factors such as market conditions, property features, and comparable sales. It provides a more nuanced view of a property's worth by allowing for fluctuations and variances rather than asserting a single definitive value.

By indicating an estimated range, appraisers can reflect the uncertainties of the market and the specific characteristics of the property being evaluated. This method is particularly useful in dynamic markets where property values can shift frequently and unpredictably.

The other options do not capture the essence of 'Range Value.' For instance, stating that it identifies the maximum value attainable would be overly simplistic, as it ignores the broader range of possibilities. Similarly, suggesting it reflects only the minimum value fails to acknowledge the appraiser’s ability to provide a spectrum of estimates. Finally, defining it as the final selling price overlooks the fact that 'Range Value' is about potential estimates rather than a concluded transaction value.

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