Texas Real Estate State Practice Exam

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Prepare for the Texas Real Estate State Exam with comprehensive study materials. Engage in multiple choice questions and gain insights with in-depth explanations and examples. Ace your exam confidently!

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What is defined as the price a willing seller will sell for, and the price a willing buyer will pay?

Market Value
Littoral Value
Replacement Cost
Functional Obsolescence

The correct answer is: Market Value

Market value is the price that a willing seller will sell for and the price that a willing buyer will pay. This is determined by the current market conditions and does not take into account any external factors like replacement cost or functional obsolescence. Littoral value, on the other hand, refers to the value of property located near a body of water. Replacement cost is the cost of replacing a property with a similar one, while functional obsolescence is the loss of value due to outdated or inefficient features. Therefore, the most suitable answer to the given question is market value.