Fair Market Value (FMV) is the most probable amount expressed in terms of money, as of a specific date, that should reasonably be expected in exchange for a property, sold “as is” and “where is”, between a willing buyer and willing seller, in an arms length transaction, with equity to both, neither being under any compulsion to buy or sell, and both being fully aware of all relevant facts.

Fair Market Value In Continued Use (FMVICU) is the most probable amount expressed in terms of money, as of a specific date, that should reasonably be expected in exchange for a property, sold “as is” and “where is”, between a willing buyer and a willing seller, in an arms length transaction, with equity to both, neither being under any compulsion to buy or sell, and both being fully aware of all relevant facts.  The amount includes the value of all normal direct and indirect cost necessary for installation and presumes that each individual item appraised contributes to an added value relative to the economically viable, operational facility and that there is adequate earnings to support the indicated value.  If this presumption is found to be incorrect, the indicated value must be reduced to reflect the economic penalty relative to the External (Economic) Obsolescence.

Fair Market Value Installed (FMVI) is the most probable amount expressed in terms of money, as of a specific date, that should reasonably be expected in exchange for an installed property, sold “as is” and “where is”, between a willing buyer and willing seller, in an arms length transaction, with equity to both, neither being under any compulsion to buy or sell, and both being fully aware of all relevant facts, and includes the value of the installation.

Fair Market Value Removal (FMVR) is the most probable amount expressed in terms of money, as of a specific date, that should reasonably be expected in exchange for a property, sold “as is” and “where is”, between a willing buyer and willing seller, in an arms length transaction, with equity to both, neither being under any compulsion to buy or sell, and both being fully aware of all relevant facts.  Note:  This definition must be further expanded to qualify if the indicated value does or does not include the cost of removal and if there is a cost of removal whether the cost will be the responsibility of the buyer or the seller.

Orderly Liquidation Value In Place (OLVIP) is the most probable gross amount expressed in terms of money, as of a specific date, which should be obtainable from the compelled sale of a facility, assuming that the supporting business entity has failed and that the entire facility would be sold intact within a limited time frame.

Orderly Liquidation Value For Removal (OLVFR) is the most probable gross amount expressed in terms of money, as of a specific date, which should be expected from the sale of the assets, the seller being compelled to sell, given a short, specific, period of time to sell in an orderly manner, “as is” and “where is” with the buyer(s) being responsible for removal cost.

Forced Liquidation Value (FLV) is the most probable gross amount expressed in terms of money, as of a specific date, which should be obtained from the sale of the subject assets sold at a properly advertised and conducted (“unreserved”) absolute public auction, the seller being compelled to sell, with a sense of immediacy, on an “as is” and “where is” basis with no warranty implied or expressed, and the buyer(s) being responsible for removal cost.

Replacement Cost New is the current estimated cost in terms of money, as of a specific date, incurred in acquiring a similar new asset having the newest equivalent utility to the asset being appraised.

Reproduction Cost is the current estimated cost in terms of money, as of a specific date, incurred in reproducing a new replica of the property being appraised using the same, or closely similar, materials.

Salvage Value is the most probable gross amount expressed in terms of money, as of a specific date, which should be obtained from the sale of the subject asset(s) after retired from its original intended purpose, for an alternate use that it may be adaptable to or for its serviceable components.

Scrap Value is most probable gross amount expressed in terms of money, as of a specific date, which should be obtained from the sale of the subject asset(s) after it is no longer useful and sold for its material content only.

Insurance Replacement Cost is defined as the replacement cost new as defined in the insurance policy less the cost new of the items specifically excluded in the policy, if any.

Insurable Value Depreciation is defined as the insurance replacement cost less occurred depreciation considered for insurance purposes.