Property Valuation
Highest and best use in Maine appraisal means the use that is:
ACurrently in place regardless of alternatives
BPhysically possible, legally permissible, financially feasible, and maximally productive✓ Correct
CThe most expensive use for the property
DWhatever the owner desires to use the property for
Explanation
Highest and best use is defined as the reasonably probable and legal use of vacant land or improved property that is physically possible, legally permissible, financially feasible, and maximally productive.
Related Maine Property Valuation Questions
- A Maine appraiser is asked to provide a 'restricted use appraisal report.' This type of report is:
- In Maine, 'superadequacy' (a type of functional obsolescence) in appraisal refers to:
- In Maine, a 'drive-by' or 'exterior-only' appraisal provides what level of reliability compared to a full interior appraisal?
- In Maine, a 'contaminated site discount' in a property appraisal accounts for:
- The principle of 'regression' in real estate valuation states that:
- The income approach to value is MOST appropriate for valuing:
- When appraising a unique Maine waterfront estate with no direct comparable sales, an appraiser would most likely rely on the:
- A Maine vacant waterfront lot sells for $120,000. A similar lot without waterfront access sells for $45,000. The 'water premium' indicated by these sales is approximately:
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