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TeachMeFinance.com - explain Fair market value (FMV) Fair market value (FMV) The term 'Fair market value (FMV) ' as it applies to the area of agriculture can be defined as ' The amount in cash, or on terms reasonably equivalent to cash, for which in all probability something might be sold by a knowledgeable owner to a knowledgeable purchaser. Several federal statutes state that the federal government should receive fair market value when exchanging or selling federal lands and resources'. Previous 5 Terms: Failure or hazard Failure potential assessment Fair FAIR Act of 1996 Fair information practices Next 5 Terms: fair sharing fairway falanouc falciform falconet About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.