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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
76% - Very Often

Fair Market Value


Synonyms:honest value, just, proper, reasonable cost, respectable worth
Acronyms &
abbreviations:
FMV
Filed Under: real-estate
Tags: appraisal, classifieds, property listing, realty
 

Definition of fair market value (FMV)

fair market value (FMV)
1. The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.

Related Terms and Acronyms:

  • actual cash value (ACV)   The replacement cost of an insured asset with depreciation accounted for.
  • appraised value   An educated opinion of how much a property is worth.
  • intangible asset   Non-physical resources or rights to other assets. Patents, goodwill, permits and computer programs are examples of intangible assets.
  • intangible property   Property that does not have value itself, but represents something else. Stocks, bonds and franchises are examples of intangible property. Business furniture and equipment are examples of tangible personal property.
  • median price   In a given area, the amount paid for a house in which half of the houses in that area sell for less and half sell for more.
  • monetary value   A property's monetary value is its worth if sold at this moment in time.
  • property value   The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
  • seller's market   Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.
  • valuation   The estimation of a property's price value through an appraisal.
  • valuation clause   A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.

More Related Terms and Acronyms

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