What is the definition of "market price"?

Market price refers to the selling price of a property at which it changes hands between a willing buyer and a willing seller, without coercion or duress. This definition encompasses not just the transaction amount but also the broader context that may influence the sale. It reflects actual transactions in the marketplace, capturing the conditions under which the property was sold, including the specifics of the property, the motivations and circumstances of the buyer and seller, and the economic conditions present at the time of sale.

The other options do not accurately capture the concept of market price. The appraised value of a property, for example, is an estimation based on various factors, not necessarily aligned with the actual market dynamics. Similarly, the average market value of similar properties indicates a broader statistical measure rather than the specific price agreed upon in an individual sale. Lastly, the minimum acceptable price does not reflect a genuine market transaction; instead, it conveys a threshold below which a seller may not wish to go, but does not account for the actual outcome of negotiations or market conditions. Thus, B correctly defines market price by emphasizing the real-world transaction between buyer and seller.