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Fair market value is an appraisal term referring to the value of a piece of real estate. The value is usually estimated by a certified appraiser, based on the values of comparable pieces of real estate that have been sold recently in the same area. This is known as a comparable market analysis (CMA). It is the price upon which a hypothetical buyer and seller would willingly agree to pay for a certain piece of real estate if both parties were aware of the pertinent facts about the property and were operating in an open and unrestricted market.
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