The "fair market value" of a property is the amount of money a buyer would pay for it on the open market without being forced to do so. It is the amount paid and received between two people who are not related or affiliated in any way that would influence their behavior.
These are questions that the above text answers:
1. What is the definition of "fair market value" in real estate?
2. How is the fair market value of a property determined?
3. What factors influence the fair market value of a property?
4. Who are the parties involved in determining the fair market value of a property?
5. What is the significance of the fair market value in real estate transactions?
6. How does the fair market value differ from the actual sale price of a property?
8. Is the fair market value of a property fixed or can it change over time?
9. Are there any legal requirements or regulations regarding the determination of fair market value in real estate?
10. How does the fair market value affect property taxes and assessments?