Which of the following accurately defines "value" in appraisal practice?

In appraisal practice, "value" is primarily defined as the result of buyer demand and market conditions. This concept reflects the idea that value is not a fixed number but is influenced by how much buyers are willing to pay for a property in relation to the current market dynamics. These dynamics include factors such as economic conditions, supply and demand, and local market trends.

Understanding value in this context allows appraisers to assess properties based on real-time market analyses rather than just historical or static figures. By considering buyer demand and market conditions, appraisers can derive a more accurate and realistic estimation of a property's market value, which is essential for real estate transactions, financing, and investment decisions.

The other options, while related to property considerations, do not capture the complete essence of "value" as defined in appraisal practice. The cost to rebuild a property refers to replacement cost rather than market value. The price of similar properties addresses comparative analysis but does not fully encompass market fluctuations. Lastly, the estimated future rental income pertains to an investment valuation perspective, focusing on cash flow rather than the broader market value of the property itself.