Which term is associated with the highest probable sale price of a property?

Market value is the term associated with the highest probable sale price of a property. It reflects the most likely price a property would sell for in an open and competitive real estate market, assuming both the buyer and seller act prudently and knowledgeably. Market value takes into account various factors such as location, condition, comparable sales, and economic conditions at the time of sale.

This concept is fundamental in real estate appraisal because it provides a standard for assessing property value in a consistent and objective manner. Thus, it serves as a critical benchmark for buyers, sellers, appraisers, and lenders when determining the worth of a property. By focusing on the highest probable sale price, market value aligns with actual sale conditions, making it a key metric in real estate transactions.