Fair value of net assets

1. Is it correct to say that the true of company’s net assets are determined from their fair values – not from the amount of assets on SOFP because they are valued at book value which is not their real worth of those assets?

2. Another reason why there is a difference between the fair value and book value of net assets is because the assets are valued at their historical costs in the SOFP, therefore, not their real current price?

3. Is it correct to say that the fair value is the price agreed between the buyer and seller but it is not actually the market value because the price is not set by the market – so market value is different than fair value?

4. When you say the fair value of net assets then does it mean fair value of total equity of the company because according to accounting equation both mean the same thing where net assets are equal to total equity?