Alabama Real Estate Practice Exam

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Master your Alabama real estate exam with our comprehensive practice test. Tailored feedback, expert tips, and up-to-date questions to ensure your success!

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What determines the assessed value of a property?

Its market value
Its investment value
Value placed on the property by the government for taxes
Appraisal by a professional appraiser

The correct answer is: Value placed on the property by the government for taxes

The assessed value of a property refers to the value placed on it by the government for taxation purposes. This value is not necessarily the same as the market value or investment value of the property. The market value is the price that the property would likely sell for in the current market, while the investment value takes into account potential returns on the property. The assessment by a professional appraiser is often used to determine market value, but it is not the same as the government's assessed value. Therefore, the government's assessment is the most accurate option for determining the assessed value of a property.