Which of the following is NOT a criterion for determining Fair Market Value (FMV) of real property?

Fair Market Value (FMV) of real property is determined based on several criteria that reflect a property's value in the marketplace. Zoning, Use, and Covenants are all essential factors that directly influence the worth of real estate.

Zoning refers to the regulations that dictate how land can be used, affecting its potential for development or changes in use, which can impact value. Use pertains to how a property is currently utilized and its highest and best use potential, crucial for establishing its market value. Covenants are agreements or restrictions placed on the property that can limit or enhance its use, thereby influencing its value in the eyes of potential buyers.

While current market conditions offer vital context for value assessment, they do not serve as a definitive standalone criterion like the others do. FMV is typically assessed on broader economic principles and the attributes of the property itself, while market conditions represent transient influences that can change rapidly depending on various external factors. Therefore, while current market conditions are pertinent to valuation, their fluctuation makes them less of a concrete criterion in comparison to zoning, use, and covenants.