The market value of a contaminated property developed under the hypothetical condition that the property is not contaminated is __________ value.

• A. Damaged value
• B. Market-adjusted value
• C. Unimpaired value
• D. Replacement value

Answer: (C)

Unimpaired value is the market value of a property under the hypothetical condition that contamination does not exist. Appraisers use this concept to isolate what the property would be worth in an unconstrained market, removing the drag of environmental issues so lenders can see the value without that factor. This differs from damaged value, which would reflect a loss due to actual harm, replacement value, which is the cost to rebuild, and market-adjusted value, which relates to current market conditions rather than the presence or absence of contamination. In short, unimpaired value answers: what is the price if the property were clean and unconstrained by contamination, all else equal.