Which option best describes a valuation study?

A valuation study is primarily focused on determining the value of a property, which aligns with a market value appraisal. A market value appraisal specifically seeks to estimate what a property would sell for in a competitive market under normal conditions. It takes into account various factors such as current market trends, comparable sales, and the specific characteristics of the subject property.

While other options encompass related analyses, they do not directly align with the primary intent behind a valuation study. For instance, a market and marketability study incorporates aspects of market analysis beyond just valuation, examining how well a property is likely to sell considering the demand in the market. Absorption analysis focuses on the rate at which available properties are sold in relation to a specific timeframe, providing insight into supply and demand dynamics rather than establishing distinct property values. A feasibility study assesses the potential success of a project or investment, considering costs, benefits, and risks, which is broader than merely appraising the value of a property.

Therefore, a market value appraisal is the best choice to describe a valuation study, as it concentrates specifically on determining a property's value based on market data.