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Simple English definitions for legal terms
FMV
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A quick definition of FMV:
FMV stands for fair market value. It's a term used to describe the price something would sell for if it was sold in a fair and open market. It's important to know the FMV of something when buying or selling it, so that both parties can agree on a fair price.
A more thorough explanation:
FMV stands for Fair Market Value. It is a term used to describe the price that an item or property would sell for in a fair and open market.
For example, if you were selling a used car, the FMV would be the price that a buyer would be willing to pay for it in a fair and open market. This price would be based on factors such as the car's condition, age, and mileage.
FMV is important in many areas, including real estate, taxes, and insurance. It helps to determine the value of assets and can be used to calculate taxes or insurance premiums.