1. a. 

   The current market value (CMV) of a resource is the going price for which it can reasonably be expected to sell on the open market in the particular geographic area involved.

2. b. 

   Equity value (EV) is the CMV of a resource minus any encumbrance on it.

3. c. 

   An encumbrance is a legally binding debt against a specific property. Such a debt reduces the value of the encumbered property but does not have to prevent the property owner from transferring ownership (selling) to a third party. However, if the owner of encumbered property does sell it,the creditor will nearly always require debt satisfaction from the proceeds of sale.

General Rule

For SSI purposes, the value of a resource is the amount of an individual's/couple's equity in it.