5723.2 Intent to Receive Fair Market Value or Other Valuable Consideration
No penalty will be applied where the individual believed a fair market value was received, but actually transferred the property for a lesser value. It is not expected that all persons will avoid an error in judgment and a determination of intent must be made. In determining intent, the agency should first verify the fair market value of the property transferred as well as the particular circumstances surrounding the transfer:
The length of time the property was on the market.
The efforts the individual made to sell the property.
Methods of advertising and marketing the property.
Other offers received for the property and specific reasons regarding the individual’s decision to accept or reject the offer.
The fair market value of the property at the time of the transfer, as believed by the owner compared to the actual value of the property.
The recipient of the transferred property.
Other considerations the individual may have received in exchange for the property that were pertinent to the decision. Consideration is given to the receipt of other assets, objects, services, or other benefit which has a tangible or intrinsic value to the individual.