An appraiser's first step when assessing vacant land is to decide its "highest and best use". This is necessary before they can figure out which properties to compare it to.
These are questions that the above text answers:
1. What is the first step an appraiser takes when assessing vacant land?
2. Why is it important for an appraiser to determine the "highest and best use" of vacant land?
3. What information does an appraiser need to determine the "highest and best use" of vacant land?
4. How does determining the "highest and best use" of vacant land help an appraiser in comparing properties?
5. What factors does an appraiser consider when deciding the "highest and best use" of vacant land?
6. How does the concept of "highest and best use" impact the valuation of vacant land?
7. What role does the appraiser play in identifying the "highest and best use" of vacant land?
8. Can an appraiser assess the value of vacant land without determining its "highest and best use"?
9. Are there any legal requirements for appraisers to determine the "highest and best use" of vacant land?
10. How does the determination of "highest and best use" affect the overall appraisal process for vacant land?