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The Student Handbook toTHE APPRAISAL OF REAL ESTATE

Chapter 12

Highest and Best Use Analysis

Chapter 12 2Student Handbook to THE APPRAISAL OF REAL ESTATE

Fundamentals of Highest and Best Use Highest and Best Use as Improved Highest and Best Use as Though Vacant

Testing Criteria in Highest and Best Use Physically Possible Legally Permissible Financially Feasible Maximally Productive

Chapter 12 3Student Handbook to THE APPRAISAL OF REAL ESTATE

Highest and Best Use of Land as Though Vacant The Ideal Improvement Test of Legal Permissibility of Land as Though

Vacant Test of Physical Possibility of Land as Though

Vacant Test of Financial Feasibility of Land as Though

Vacant Test of Maximum Productivity of Land as

Though Vacant

Chapter 12 4Student Handbook to THE APPRAISAL OF REAL ESTATE

Highest and Best Use of Property as Improved Test of Legal Permissibility of Property as

Improved Test of Physical Possibility of Property as

Improved Test of Financial Feasibility of Property as

Improved Test of Maximum Productivity of Property as

Improved

Chapter 12 5Student Handbook to THE APPRAISAL OF REAL ESTATE

Chapter 12 6Student Handbook to THE APPRAISAL OF REAL ESTATE

Special Situations in Highest and Best Use Analysis Single Uses Legally Nonconforming Uses Interim Uses Speculative Uses Uses That Are Not the Highest and Best Use (of

Site as Though Vacant) Multiple Uses

Chapter 12 7Student Handbook to THE APPRAISAL OF REAL ESTATE

Problems

Suggested solutions begin on page 365.