What is the price a property would be expected to sell for after suitable exposure to the market, assuming no exceptional factors are influencing the parties' decisions or financing availability?

Market value is defined as the price a property would likely sell for under typical conditions, representing what a knowledgeable buyer would pay and a willing seller would accept after adequate exposure to the market. This concept assumes that both parties are motivated, the property has been properly marketed, and there are no extraordinary circumstances affecting the sale.

In this context, other terms do not align with the conditions described. Insured value typically pertains to the amount a property is insured for and may not reflect market conditions directly. Investment value reflects the worth of a property to a specific investor based on their own criteria, which could differ from market consensus. Mortgage value refers to the value that lenders place on a property to determine lending limits or risk, which can also be different from its market value. Market value stands out as the most fitting answer because it directly encapsulates the conditions under which a property is bought and sold in an open market scenario.