FAIRMARKETVALUE

Fair market value

Fair market value is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market. An estimate of fair market value may be founded either on precedent or extrapolation. Fair market value differs from the intrinsic value that an individual may place on the same asset based on their own preferences and circumstances.

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fair market value

Noun

  1. The price at which the buyer and seller are willing to do business.


The above text is a snippet from Wiktionary: fair market value
and as such is available under the Creative Commons Attribution/Share-Alike License.

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