### Question
How is the term fair market value defined?


### Answer
The term **fair market value** is defined in *16 U.S.C. § 459b* as the following:

> the fair market value as determined by the Secretary, who may in his discretion base his determination on an independent appraisal obtained by him.

#### Citation:
  - *16 U.S.C. § 459b*
  - Heading: **CHAPTER 1-NATIONAL PARKS, MILITARY PARKS, MONUMENTS, AND SEASHORES > SUBCHAPTER LXIII-NATIONAL SEASHORE RECREATIONAL AREAS**

