+12 Fair Market Value Of Home Definition References. It is defined by a legal or regulatory jurisdiction and varies with individual jurisdictions. Market value is the likely price a property would bring in a fair sale on a competitive and open market, according to the national residential appraisers institute.

It is the property price based on. The fair value of an asset is the price it’ll sell for in an open,. Market value is the price at which a particular house, in its current condition, will sell within 30.