As a bases for valuation " fair market value" is appropriate and...

As a bases for valuation " fair market value" is appropriate and this differs from a market valuation or valuing on an "as is where is bases" or replacement cost valuation for insurance purposes, or on completion / hypothetical development valuation

In a fair market valuation the bases / parameters are determined by the instructing parties. Determining the parameters for valuation to instruct the "independent valuer" will need to be agreed by both parties and this not straight forward.

-