Which of the following options is most closely related to the term “estimated value” in appraisal?

The term "estimated value" in appraisal is most closely related to market value. Market value refers to the most probable price that a property would bring in a competitive and open market under all conditions requisite for a fair sale. It incorporates factors such as buyer and seller motivations, market conditions, and property characteristics, providing a realistic estimate of what the property could sell for.

This concept is critical in appraisal practices as it helps appraisers ascertain a value that is grounded in actual market activity rather than speculation or arbitrary figures. While other terms may seem relevant, they do not specifically capture the essence of a value derived from market interactions between buyers and sellers. Assumed value, reference value, and null value do not hold the same significance in the context of valuations derived from market conditions, which is the core of what "estimated value" represents in appraisal.