Valuation & AppraisalQuestion 53 of 120
The legally permissible and most profitable use that produces the greatest value for a parcel is its:
a.Highest and best use
b.Assessed use
c.Deferred use
d.Nonconforming use
Explanation
Highest and best use is the reasonably probable, legal, physically possible, and financially feasible use that yields the highest value. Appraisers analyze it before applying valuation approaches. A property is valued according to this optimal use, not necessarily its current use.
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