I am in an exchange escrow now and have chosen Exeter as QI.  In filling in the Identification form with fair market value of $______________

Do I use the cash down payment amount which is part of net equity with the QI or the value of down payment and loan amount totaled ?

You would identify the actual percentage (your interest) of the property that you are acquiring, which would include the equity (down payment) and debt (loan) amount.  So, for example, if the total purchase price of the property was $10,000,000.00 and you were acquiring a 5% interest in the property you would identify $500,000.00 (5% of $10,000,000.00). 

Now I understand, thank you.