Property Law

Fair Market Value

/ fair MAR-ket VAL-yoo /

Definition

The price a willing buyer and seller would agree upon in an open market.

Used in Context

“Fair market value was determined by an independent certified appraiser.”

Etymology

◈ Latin: forum, marketplace

Learn a new legal term every day

Lex gives you one legal term daily with flashcards, quizzes, and essays — completely free.