medium · National Real Estate Exam
If an appraiser determines that a property's current use is a 'non-conforming use' (grandfathered) but its Highest and Best Use would be a different commercial use, how does this affect the reconciliation?
- The appraiser will likely weight the cost approach most heavily.
- The appraiser is required by USPAP to report a value of zero for the improvements.
- The property must be valued based on its current use only.
- The land value is determined by the highest and best use, and the existing structure may be considered an interim use.
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