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This is because we use different approaches for determining fair market value and replacement value. When determining fair market value, we use the salescomparisonapproach to analyze comparable sales data (i.e., Generally, replacement value exceeds fair market value. sold prices). current asking prices).
An insurance appraisal is also used for estate planning purposes, as well as insurancepolicies and claims. On the other hand, Market Value takes into account the more specific circumstances of a sale, and is used for the intention of liquidation.
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