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Section 3: Unit 13: Factors Affecting Value; CMAs Exam Questions with Correct Answers 2025/2026Difference between Value, Price, and Cost - CORRECT ANSWER-Value is the amount brought in an open market under the above assumptions. Price is the amount the buyer will actually pay, sometimes with unusual circumstances. Cost is how much cash it takes to build and improve property. Cost may also be historical - for example, what one paid for something is not necessarily what the item is worth tod...

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