Which of the following factors is NOT included in determining market value?

Determining market value involves an understanding of several critical factors that influence how properties are valued in a given market. The correct choice here is based on recognizing that interest rates, which reflect the cost of borrowing money to finance a property purchase, do not directly factor into the market value of a property itself. While interest rates can influence market conditions and buyer behavior, they are not a specific characteristic of the property being evaluated.

Market value is more directly related to factors such as buyer and seller motivation, which indicates how eager each party is to transact. Time allowed for market exposure is significant because it affects how long a property might be listed before a sale is made; the longer a property is on the market without selling, the more it might suggest issues that could impact its value. Additionally, payment terms—whether cash or other financial arrangements—are critical in market value assessments, as they directly affect the attractiveness of a deal from both buyers' and sellers' perspectives.

In summary, while interest rates impact the broader market dynamics and can influence purchasing decisions, they are not inherent characteristics of the property that affect its market value directly. Thus, the identification of interest rates as the factor not included in determining market value is accurate and reflects a clear understanding of the nuances in