What is the difference between market value and price?

Market value is an opinion of the most probable price a property should sell for in a competitive and open market, assuming a willing buyer and seller, both acting knowledgeably and without undue pressure, and a reasonable exposure time. Price is simply the amount actually paid in a particular sale. Price can be above or below market value because of motivated parties, special financing, family relationships, or lack of market exposure. Cost (what it took to create or build the property) is yet another concept and may not equal value. The national exam stresses that value, price, and cost are distinct ideas.