Property Valuation
What is 'site value' in the cost approach to appraisal?
AThe value of all improvements on the site
BThe value of the land as if it were vacant and available for its highest and best use✓ Correct
CThe assessed value of the land
DThe purchase price of the land
Explanation
In the cost approach, site value is estimated as if the land were vacant and available for its highest and best use. This forms the land component of the cost approach value calculation.
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