noun A word that represents a person, place, thing, or idea. In this case, 'price' is a noun that refers to the amount of money that is asked for or paid for something.
adjective A word that describes or modifies a noun. In this case, 'fair' is an adjective that describes the market price as being just, reasonable, or equitable.
In the real estate industry, fair market price is used to determine the value of a property based on current market conditions.
Fair market price is often used in legal contexts, such as in determining compensation for eminent domain cases.
Economists use fair market price to analyze supply and demand dynamics in different markets.
Insurance companies may use fair market price to determine the value of assets being insured.
Investors use fair market price to assess the value of assets before making investment decisions.
A writer may use the concept of fair market price when negotiating book deals or licensing their work to be used in various media platforms.
Psychologists may consider fair market price when setting their fees for services, such as therapy sessions or assessments, to ensure they are charging a competitive rate in line with industry standards.
Real estate agents use fair market price to determine the value of properties they are selling or helping clients purchase, ensuring fair and competitive pricing in the housing market.
Financial analysts use fair market price when evaluating the value of stocks, bonds, and other financial instruments to make informed investment recommendations for their clients.
An antiques dealer may use fair market price to assess the value of rare or collectible items in their inventory, helping them set prices that are fair and reflective of current market trends.