Below is the definition of market value defined by USPAP.  This is the definition that is utilized by Fanelli Real Estate, LLC on all real estate appraisal assignments.

Definition of Market Value

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

(1) buyer and seller are typically motivated

(2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest

(3) a reasonable time is allowed for exposure in the open market

(4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto

(5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. 
 

Fanelli Real Estate, LLC
151 Fries Mill Road, Suite 306B
Turnersville, NJ 08012
Phone:  (609) 313-1721
Fax:  (856) 227-7226
Email:  fanelliappraisals@gmail.com