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In real estate, a home’s fair market value is the price that a willing buyer would pay a willing seller for the home in an open market, without current supply and demand conditions being present ...
The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the Internal Revenue Code , as well as in bankruptcy laws, in many state laws, and by several regulatory bodies.
The Encino oak was the most magnificent of the community's oaks, so large that Louise Avenue was split to accommodate its enormous 150-foot (46 m) canopy, 8-foot (2.4 m) diameter, and 24-foot (7.3 m) circumference. [3] [2] It has been said that the Encino oak "creates a woodsy atmosphere more resembling a whole forest than just a single tree". [2]
Market value is the most commonly used type of value in real estate appraisal in the United States because it is required for all federally regulated mortgage transactions, and because it has been accepted by US courts as valid. However, real estate appraisers use many other definitions of value in other situations. [5]
IFRS 13, Fair Value Measurement, was adopted by the International Accounting Standards Board on May 12, 2011. [17] IFRS 13 provides guidance for how to perform fair value measurement under International Financial Reporting Standards and took effect on January 1, 2013. [17] It does not provide guidance as to when fair value should be used. [18]
There are several types and definitions of value sought by a real estate appraisal. Some of the most common are: Market value – the price at which an asset would trade in a competitive Walrasian auction setting. Market value is usually interchangeable with open market value or fair value. International Valuation Standards (IVS) define:
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