7 - What Is Highest & Best Use

Question 1

These forces create market value

Answer 1

Market forces

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Question 2

These forces determine HABU

Answer 2

Market forces

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Question 3

__________ & ______ _____ is the reasonably probable use of property that results in the highest value

Answer 3

Highest & Best Use

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Question 4

Key words for HABU are reasonably _________ and appropriately __________

Answer 4

Probable
Supported

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Question 5

Consistent ____ is the concept that land cannot be valued on the basis of one use while improvements are valued on the basis of another

Answer 5

Use

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Question 6

The _______ Improvement is the improvement that represents the highest and best use of the land as though vacant

Answer 6

Ideal

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Question 7

__________ Use is the temporary use to which a site or improved property is put until a different use becomes manually productive

Answer 7

Interim

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Question 8

Legal __________ Use is a use that was lawfully established and maintained, but no longer conforms to the use regulations of its current zoning, aka grandfathered use

Answer 8

Nonconforming

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Question 9

________ land is land that is not needed to serve or support the existing use. It can have its own highest and best use

Answer 9

Excess

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Question 10

________ Land is land that is currently needed to support the existing use but can’t be separated from the property and sold off for another use

Answer 10

Surplus

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Question 11

4 factors that create maximum value are
D______
U______
E________ __________ _____
S______

Answer 11

Desire
Utility
Effective Purchasing Power
Scarcity

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