Valuation: A radio station valuation is expressed as Fair Market Value ("FMV"). FMV is generally defined as the cash, or cash equivilant, price for which a property would change hands between a willing buyer and a willing seller in an arms length transaction, both being adequately informed of the relevant facts, and neither being compelled to buy or sell. In the absense fo an actual sale, Fair Market Value may be estimated using industry accepted guidelines.Appraisal: An Appraisal is an estimate of the market value of property, usually real estate. It does not consider the value of operating income from the property. Physical assets such as buildings or land rarely comprice a significant portion of a radio station's fair market value.