Which statement about value definitions is accurate?

• A. Fair market value
• B. Cost of replacing property
• C. All of the above
• D. Value of documents

Answer: (C)

Value definitions in property handling include fair market value, which is the price a willing buyer would pay a willing seller in an open market with informed parties. Replacement cost value is what it would cost to replace the item with a comparable one today, reflecting current prices. The value of documents recognizes that certain papers—like titles, licenses, or official records—have value as replaceable items or for the information they contain, affecting restitution, recovery, or evidence handling. Because each of these definitions captures a legitimate way to assign worth in different but real-world contexts, both fair market value and replacement cost, along with the value assigned to documents, form a complete understanding of an item's value. So, all of the above is the accurate choice.