Which of the following would be a basic principle of value?

Price is the amount of money exchanged for a property and can fluctuate based on market conditions, demand, and buyer perceptions. While price is related to value, it is not a principle that defines how value is determined; rather, it is an outcome of the interplay between value and market dynamics.

Reconciliation is a process used in property valuation to reconcile different approaches to value (such as the cost, sales comparison, and income approaches) into a single value estimate. It is a method rather than a principle of value, focusing on aligning various data points rather than establishing foundational concepts that govern value.

Obsolescence refers to a reduction in property value due to external factors, such as changes in market preferences or technological advancements. While it can affect a property's value, it does not serve as a foundational principle in determining value; instead, it is typically a consequence of other principles, including the principle of substitution.