Property Valuation (alternative)
The highest and best use in Maryland appraisal is defined as the use that is:
AThe current use of the property
BLegally permissible, physically possible, financially feasible, and maximally productive✓ Correct
CThe most expensive possible development
DThe use designated by current zoning only
Explanation
Highest and best use is the reasonably probable use of property that is legally permissible, physically possible, financially feasible, and that results in the highest value.
Related Maryland Property Valuation (alternative) Questions
- Maryland's Property Tax Assessment Appeals Board (PTAAB) hears appeals from:
- A Maryland appraiser preparing a residential appraisal for a federally regulated transaction must complete a report on a form approved by:
- In Maryland, the state's required minimum education for becoming a licensed residential appraiser includes (as established by federal requirements):
- The 'economic rent' of a property exceeds the 'contract rent' when:
- In Maryland, the difference between market value and investment value is that:
- The principle of substitution in Maryland appraisal theory states that:
- For a Maryland property near the Washington DC suburbs with high demand, a 'market rent' analysis would use:
- Functional obsolescence in a Maryland home appraisal refers to:
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