Property Valuation
What is a 'as-improved' versus 'as-if-vacant' appraisal analysis?
ABoth analyses produce the same value for all properties
B'As-improved' values the property with existing improvements; 'as-if-vacant' values only the land as though unimproved, used to analyze highest and best use✓ Correct
C'As-improved' requires a Phase I ESA; 'as-if-vacant' does not
D'As-if-vacant' is only used for commercial properties
Explanation
Appraisers analyze properties both 'as improved' (with current buildings/improvements) and 'as if vacant' (land only) to determine highest and best use. For example, if a Bend, Oregon commercial lot is improved with a small older building, the land 'as if vacant' might be worth more than the improved property, suggesting the improvement should be demolished and the site redeveloped.
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