highest and best use real estate meaning

Application of Highest and Best Use Principles The Appraisal of Real Estate fourteenth edition. Use of a parcel of land that will produce the greatest current value.

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The highest and best use is determined by a licensed real estate appraiser.

. The reasonable probable and legal use of vacant land or an improved property which is physically possible appropriately. The definition of highest and best use of land as if vacant requires appraisers evaluate the following four criteria. The highest and best use is the uses which maximizes the NPV of your project subject to existing.

The net present value of cash flows discounted at a rate of 10 yields a property value of 1485848. Of comparable salesor does highest and best use set the criteria for the valuation methods. Highest and best use highest and best use an appraisal term meaning the legally financially and physically possible use that at the time of appraisal is.

Dictionary of Real Estate Terms. In real estate highest and best use refers to the reasonable probable and legal use of vacant land or an improved property that is physically possible appropriately supported. Of the financially feasible use or uses the highest.

Highest and Best Use is the reasonable probable and legal use of vacant land or an improved property. Highest and Best Use is the likely use selected from a number of available choices to which an area of land or a building may be put based on what is physically possible. The reasonable probable and legal use of vacant land or an improved property which is physically possible appropriately supported.

Highest and best use. Most Profitable or Maximally Productive Use. The top answer we received was Highest and Best Use.

The test of maximum productivity is applied to the uses that have passed the first three tests. The definition of highest and best use is as follows. In commercial real estate the phrase refers to a property that represents its most profitable and feasible use.

The most likely and profitable use of the site as if vacant under the requirements set forth above. A prospective use cannot be considered the highest and best use unless that use would be allowed under current building codes zoning ordinances environmental laws and other. Appraisers begin their highest and.

The definition of highest and best use is as follows. In conclusion be sure to use definition 1 when making your real estate decisions. Highest and best use analysis evaluates each potential use of the.

An analysis of highest and best use involves two considerations. Definition of Highest and best use. The reasonably probable and legal use of property that is physically possible appropriately supported and financially feasible and that results in the.

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