The type of value of most importance to real estate licensees is Market Value. The concept of market value or fair market value, as it is sometimes called, is based on a theory that in any open market there will be a number of buyers and sellers. Some will pay too much and some will pay too little, but the majority of buyers and sellers will meet in the range of market value. Fannie Mae and Freddie Mac's definition of market value for the appraisal of real property securing a mortgage to be sold on the secondary market is;     The most probable price that 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 and knowledgeable, and assuming the price is not affected by undue stimulus. This inform... 06/12/2011