What is the term for the estimated amount for which a property should be exchanged?

The term that accurately describes the estimated amount for which a property should be exchanged is "Market value." Market value reflects the most probable price a property would bring in a competitive and open market under conditions of fair sale. This definition encompasses the idea of both supply and demand, where the market determines the value based on various factors, including location, property condition, and recent sales of comparable properties.

Other options, while related to property assessments, do not capture the full essence of a property's exchange value in the current market. For example, "Value in use" pertains to the specific value of an asset based on its ability to generate income or utility for the user, rather than its marketability. "Appraisal value" generally refers to the valuation given by a professional appraiser, which may be influenced by specific circumstances and assumptions, rather than the broader market forces at play.