Which term describes the most probable price for a property in an arm's length transaction?

The term that accurately describes the most probable price for a property in an arm's length transaction is "Market value." Market value refers to the estimated amount for which a property should exchange on the open market, assuming that both the buyer and seller are acting in their own best interests, are adequately informed, and are not under any pressure to buy or sell. This concept is essential in the real estate industry as it reflects the property's true worth based on current economic conditions and comparable sales in the area.

Understanding market value is crucial for various stakeholders in real estate transactions, such as buyers, sellers, appraisers, and lenders, since it determines the price at which a property is expected to sell in a competitive market.