Which of the following is NOT a qualifier for determining fair market value?

Determining fair market value typically relies on certain conditions being met among the parties involved in a transaction. The correct choice indicates that having the same motivation to buy or sell is not a necessary factor in establishing fair market value.

Fair market value is primarily assessed in scenarios where the buyer and seller are both well-informed about the item’s true value and market conditions. The presence of awareness of all relevant facts ensures that neither party is misled regarding the asset's worth, which fosters a more genuine negotiation process. Additionally, when parties act in their own interest, it typically leads to a more balanced transaction where each side seeks the best deal for themselves, which is vital for a fair market value assessment. Ample time for decision-making allows for thoughtful consideration and further negotiation, contributing to a fair market valuation.

However, it isn't required that both parties possess the same motivation. Each party might have different reasons for engaging in the transaction; one may wish to sell for profit, while the other might be motivated by personal need or market opportunity. This disparity in motivation does not inherently affect the determination of fair market value, as the value should reflect an objective market perspective rather than the subjective intentions of either party. Thus, having different motivations or no shared motivation does not detr