New York Real Estate Institute (NYREI) Practice Exam

The market price of a property is determined by the actual amount for which the property is sold, rather than its listing price. In this scenario, although the Santiagos listed their home for $100,000, the final selling price was $99,000. This selling price reflects the market price because it represents what a buyer was willing to pay for the home at the time of the sale. Understanding that the market price is based on actual transaction amounts is fundamental in real estate, as it provides an accurate reflection of property value as perceived by buyers and sellers in that specific market.