Introductions

Question 1

An interim use is the final highest and best use.

Answer 1

False

Question 2

Assemblage is a process that involves putting two or more parcels together to create a lesser use.

Answer 2

False

Question 3

Market analysis precedes highest and best use analysis.

Answer 3

True

Question 4

Legal permissibility must be the first step in highest and best use analysis.

Answer 4

False

Question 5

Obsolescence is observed when the subject property is compared to the ideal improvement.

Answer 5

True

Question 6

Highest and best use of a site as if vacant is always the same as the highest and best use of the site as improved.

Answer 6

False

Question 7

Market areas and neighborhoods are always the same.

Answer 7

False

Question 8

Highest and best use analysis is necessary for all real property appraisals.

Answer 8

False

Question 9

The four tests for highest and best use are legal permissibility, physical possibility, financial feasibility, and maximum productivity.

Answer 9

True

Question 10

Excess land can be separated and sold off from the main parcel.

Answer 10

True

Question 11

Highest and best use allows appraisers to identify comparable data.

Answer 11

True

Question 12

Surplus land always has value.

Answer 12

False

Question 13

Highest and best use must be an economic use.

Answer 13

True

Question 14

When there are three financially feasible uses, the use with the highest overall value is the highest and best use.

Answer 14

False

Question 15

A highest and best use conclusion for a property as if vacant must address the use, the timing of the use, and the most likely user and/or purchaser.

Answer 15

True