What does the term value-in-use represent?

Value-in-use refers to the specific value derived from a property's use by its current owner, rather than its market value or potential sale price. This concept emphasizes how the property's utility, functionality, and value to the owner can differ substantially from what it might fetch on the open market. It takes into account the specific needs and purposes the owner has for the property, whether it's for personal use, business operations, or other forms of enjoyment.

This approach to valuation is particularly important for properties that might have unique features or fulfill particular requirements that are significant to the current owner but may not be as valuable or relevant to potential buyers. In this case, the price a property is worth to its current owner reflects its intrinsic value based on personal or operational factors, rather than just its monetary worth in a competitive marketplace.

The other options address different aspects of property value, but they do not capture the essence of value-in-use, which is centered on the current owner's perspective of the property's worth considering their unique circumstances.