The property's "highest and best use" is when it is used in a way that creates the most value and income.
These are questions that the above text answers:
1. What is the definition of "highest and best use" in real estate?
2. What does it mean for a property to have a "highest and best use"?
3. What factors determine the "highest and best use" of a property?
4. How does the concept of "highest and best use" relate to real estate appraisal?
5. What is the goal of determining the "highest and best use" of a property?
6. How does the "highest and best use" of a property impact its value?
7. Can the "highest and best use" of a property change over time?
8. Is the "highest and best use" of a property subjective or objective?
9. How does the concept of "highest and best use" affect the decision-making process in real estate development?