A value opinion reflecting the most probable price under forced-sale conditions is:

The concept of "forced-sale conditions" refers to a situation where a property must be sold quickly, often resulting in a sale price that is lower than the property's intrinsic market value. This is typically due to the urgency of the sale, which may involve factors such as financial distress or a need to liquidate assets quickly.

A value opinion that reflects the most probable price under these circumstances, therefore, is not consistent with standard market value, which is defined more by the price a willing buyer would pay a willing seller in a typical transaction, without duress. In essence, market value assumes that both parties are motivated and are acting in their own best interests. However, under forced-sale conditions, these motivations are altered, often skewing the value downward.

This distinction is crucial in appraisal practice as it highlights the difference between typical market dynamics and those that might exist in less favorable situations. Understanding this helps appraisers appropriately frame their analyses and reports, ensuring accurate communication of a property's value under varying circumstances.