These are some commonly used definitions as defined by the American Society of Appraisers Machinery and Technical Specialties Discipline.
Scrap Value
Defined as the amount expressed in terms of money that could be realized for the property if it were sold for its material content, not for a productive purpose. (Assumed to be removed)
Forced Liquidation Value
The estimated gross amount expressed in terms of money which could be typically realized from a properly advertised and conducted public sale with the seller being compelled to sell with a sense of immediacy on an as is-where is basis. (Assumed to be removed)
Orderly Liquidation Value
The estimated gross amount expressed in terms of money which could be typically realized from a sale, given a reasonable period of time to find a purchaser(s), the seller being compelled to sell on an as is-where is basis. (Assumed to be removed)
Fair Market Value
The amount expressed in terms of money that may reasonably be expected for a property in exchange between a willing buyer and a willing seller with equity to both, neither under any compulsion to buy or sell and both fully aware of all relevant facts. (In the valuation of personal property, this definition must be further defined based on the function and purpose of the appraisal.) (Assumed to be removed)
Fair Market Value in Continued Use
Is the estimated amount expressed in terms of money that may reasonably be expected for a property in exchange between a willing buyer and a willing seller with equity to both, neither under any compulsion to buy or sell and both fully aware of all relevant facts and including installation and assuming that the earnings support the value reported.
Fair Market Value Installed
Is the estimated amount of an installed property expressed in terms of money that may reasonably be expected in exchange between a willing buyer and a willing seller with equity to both, neither under any compulsion to buy or sell and both fully aware of all the relevant facts.