Property Valuation
Vermont's 'interim use' in highest and best use analysis refers to:
AA use that complies with zoning
BA temporary use that is appropriate until the property is ready for its ultimate highest and best use✓ Correct
CGovernment use of private property during emergencies
DA use that generates interim income from tenant lease-up
Explanation
An interim use is a temporary use appropriate for a property during a transition period — for example, using a parcel as a parking lot while waiting for the market to support its ultimate highest and best use as a mixed-use development.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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