Practice question
What characterizes the market-value transaction in the LGC definition?
- A seller compelled to sell at any price
- Only a foreclosure minimum
- Only the original purchase price
- A seller not compelled to sell and a buyer not compelled to buy
- Only the owner’s sentimental valuation
Legal references
- Local Government Code, RA 7160, Sections 196, 198-199 and 234: https://lawphil.net/statutes/repacts/ra1991/ra_7160_1991.html
- RA 12001, Sections 3-4, 14-19 and 29: https://lawphil.net/statutes/repacts/ra2024/ra_12001_2024.html
Answer this question in flashcards to review your response and continue practicing.