http://en.wikipedia.org/wiki/Market_value#Market_Value_in_Re...
Appraisals are usually performed under some set of assumptions about transactional markets, and those assumptions are captured in the definition of value used for the appraisal. The most common definition of value used for real estate appraisals in the U.S. is referred to as market value, fair market value, or sometimes true market value. Commonly, the definition set forth for U.S. Federally regulated lending institutions is used, although other definitions may also be used under some circumstances:[3]

http://www.hud.gov/offices/hsg/sfh/buying/glossary.cfm
Appraisal: a document that gives an estimate of a property's fair market value; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.





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Note added at 20 mins (2008-06-24 19:33:26 GMT)
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(fair) samo 'optional' jer je to onda = fer/pravična tržišna vrijednost; provjerite prema vašem kontesktu i primjerima!

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Note added at 25 mins (2008-06-24 19:37:58 GMT)
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http://en.wikipedia.org/wiki/Real_estate_appraisal

http://www.answers.com/topic/fair-market-value?cat=biz-fin
Fair Market Value
The price that a given property or asset would fetch in the marketplace, subject to the following conditions:
1. Prospective buyers and sellers are reasonably knowledgeable about the asset; they are behaving in their own best interests and are free of undue pressure to trade.
2. A reasonable time period is given for the transaction to be completed.
Given these conditions, an asset's fair market value should represent an accurate valuation or assessment of its worth.