While it is often sufficient to rely on informal methods of estimating the market value of real estate assets, the complexity and large dollar value of many real estate decisions dictate that formal estimates based on methodical collection and analysis of relevant market data should be utilized. The unbiased written estimate of the market value of a property is commonly referred to as a(n): arm's length transaction. appraisal. property adjustment. reconciliation. Question 21 (4 points) Which of the following would be categorized as a cause of external obsolescence? lack of adequate insulation deterioration of indoor carpets increased traffic flow due to more intensive use in the local area outdated fixtures