All market value definitions are:

The correct answer is that all market value definitions are not interchangeable. This highlights an important concept in valuation and appraisal practice. While various definitions of market value may share common elements, they often have distinct nuances tailored to specific contexts, regulations, or methodologies. This means that when appraisers are working with different definitions of market value, they must carefully consider the context and intended use of their valuation to ensure that the correct definition is applied accurately.

For example, the definition of market value might differ when dealing with a property under foreclosure, a property being sold in a competitive retail market, or a property subject to local economic conditions. Each situation may require an appraiser to utilize a different interpretation or criterion that reflects the realities of the marketplace or the objectives of the appraisal.

This understanding is critical for appraisers to communicate effectively to clients and stakeholders and ensure alignment between the valuation and the objectives for which it is being prepared. Thus, the non-interchangeable nature of market value definitions is foundational for a precise and appropriate application.