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The Test of Highest and Best Use is applied to an improved property both as improved and as if vacant. Vacant properties are generally only given the as vacant test. The Highest and Best Use as vacant may be the same or different as the Highest and Best use as improved.
Market value is the prevailing, but not exclusive measure of determining the just compensation owed to a landowner under the Fifth Amendment. Fair Market Value is defined by appraisers as the most probable price, in terms of cash that would be paid by a willing buyer to a willing seller, each being fully informed of the property's good and bad features, with the property being exposed on the ...
A "fee simple" is real property held without limit of time (i.e., permanently) under common law, whereas the highest possible form of ownership is a "fee simple absolute", which is without limitations on the land's use (such as qualifiers or conditions that disallow certain uses of the land or subject the vested interest to termination). [1]
This is commonly applied to property used for farming, forestry, or other uses common in the jurisdiction. Some jurisdictions value property at its "highest and best use", with some of these providing exceptions for homes or agricultural land. [33] Special valuation issues vary widely among jurisdictions.
This use of the word should not be confused with its sense of a declaration that property is uninhabitable due to defects. Condemnation via eminent domain indicates the government is taking ownership of the property or some lesser interest in it, such as an easement, and must pay just compensation for it. After the condemnation action is filed ...
For Chavez Ravine families, restitution could come in the form of land, cash payments or access to city programs such as affordable-housing assistance, said Alfred Fraijo, an L.A. real estate and ...
A multiple listing service (MLS, also multiple listing system or multiple listings service) is an organization with a suite of services that real estate brokers use to establish contractual offers of cooperation and compensation (among brokers) and accumulate and disseminate information to enable appraisals.
California has now conserved 25.2% of its lands and 16.2% of its coastal waters with a little more than five years left to conserve 30% of each, officials say. With 25% of state land protected ...