What term is also known as value in exchange?

Market Value is defined as the price at which a property would sell under normal market conditions. It is considered the value in exchange because it reflects the typical value agreed upon by a willing buyer and a willing seller, both possessing reasonable knowledge of the relevant facts without being under any undue pressure. This term is widely used within the field of real estate and appraisal, as it captures the essence of how properties are valued in actual transactions.

In contrast, use value refers to the value of a property based on its potential utility or benefit to an owner rather than its market price, which can differ significantly. Fair Market Value, while similar, typically reflects the price that would be agreed upon by both parties in a fair and open market, and may incorporate additional considerations such as legal restrictions. Supply and Demand refers to economic principles that govern the availability of a product (in this case, properties) and the desire for that product, influencing market fluctuations rather than defining a specific term for exchange value.