* Adverb: When it modifies a verb, adjective, or another adverb, it indicates a moderate degree or extent.
* Example: "The students were fairly quiet during the test."
* Adjective: When it modifies a noun, it means "just, impartial, or reasonable."
* Example: "She received a fairly good grade on the assignment."
The specific part of speech depends on the context in which it is used.