ABSTRACT
The price for which a seller is willing to sell a parcel of real estate and a buyer is willing to pay is determined to be the fair market value. It can further be defined as the cash price that can be reasonably anticipated in a current sale under all conditions requisite to a fair market sale. In the establishment of fair value, itmust be determined what a prudent seller and buyer may agree upon to sell and purchase a property without any undue circumstances that would influence the sale.
