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The Appraisal Institute of Canada defines the term highest and best use as: The reasonably probable and legal use of property, that is physically possible, appropriately supported, and financially feasible, and that results in the highest value.
It is defined as "the reasonably probable use of property that results in the highest value." [13] The determination of the highest and best use for the condemned property is the guidepost for an appraiser's determination of its value, dictating what methodologies they use in their appraisal. [1]
If the appraiser's opinion is based on market value, then it must also be based on the highest and best use of the real property. In the United States, mortgage valuations of improved residential properties are generally reported on a standardized form like the Uniform Residential Appraisal Report. [24]
The Uniform Standards of Professional Appraisal Practice requires that when market value is the applicable definition, the appraisal must also contain an analysis of the highest and best use as well as an estimation of exposure time. All states require mandatory licensure of appraisers.
Current use is a program in which New Hampshire properties are assessed at their current use (such as unproductive forest) rather than its "highest and best use" (such as a resort development). If a scenic view augments the property's highest and best use, while being irrelevant to its current use, this increases the value of putting the ...
Fear not, friends: We got the full scoop on how to prep for a home appraisal, so you can do all the right things in advance and secure the best possible outcome. 1.
To secure the highest possible refinance appraisal, it’s important to take steps to get your home ready to show off. Most people — appraisers included — look favorably on a clean and well ...
TAF carries out its work through two divisions – the Appraisal Standards Board (ASB) and the Appraiser Qualifications Board (AQB). The latter group sets forth minimum qualifications for appraisal licensure, and its work has been adopted by all states and territories. The ASB maintains USPAP, and issues updates in January of even numbered years.