Certified Pennsylvania Evaluator Practice Exam

What is the actual amount paid, or to be paid, for a property in a particular transaction called?

1. Selling Price

2. Market Value

3. Selling (Market) Price

4. Transaction Amount

The correct answer is: Selling (Market) Price

The term that accurately describes the actual amount paid, or to be paid, for a property in a particular transaction is referred to as the Selling (Market) Price. This designation captures the definitive value agreed upon by both the buyer and seller during the transaction process. It reflects not just the nominal amount listed, but the real price that typically involves negotiations and reflects current market conditions. While terms like "Selling Price" and "Market Value" may seem relevant, they do not accurately encompass the specific dynamics of a particular sale. "Selling Price" might imply the initial asking price without confirmation of agreement, and "Market Value" refers to an estimated price that could be obtained in an open market situation, rather than the definite transaction price. "Transaction Amount" could suggest a broader context that doesn't specifically relate to real estate or may include fees and costs outside of just the property's price. Thus, the phrase Selling (Market) Price is the most precise in capturing the essence of the actual financial exchange taking place in a real estate transaction.