Which term refers to the price at which a property is highly likely to sell in the open market?

The term that refers to the price at which a property is highly likely to sell in the open market is known as market value. Market value is determined by various factors, including the property's location, condition, and the prices of comparable properties in the area. It reflects what a typical buyer would be willing to pay for the property under normal market conditions and assumes that both the buyer and seller are acting rationally and are not under undue pressure.

In contrast, investment value pertains to the value of a property based on an individual investor's specific circumstances or criteria, which can differ significantly from market value. Going-concern value refers to the value of a property as part of an ongoing business operation rather than its standalone worth. Insured value often reflects the amount of coverage a property has for insurance purposes, which may not directly relate to its market worth. Understanding these distinctions is crucial for real estate investors and professionals when assessing properties and making informed investment decisions.