Humber Real Estate - Course 4, Module 14 Midterm Exam Correctly Solved 2024.

- Zoning - the highest and best use should conform with the zoning, unless there is a probable and imminent prospect that the zoning will change or be amended to accommodate the highest or best use estimate not currently legal - Physical possibility of the proposed use in relation to factors such as the size or shape of the lot, soil condition, water drainage, etc. - The demand for the proposed use along with its economic and financial feasibility - Answer What are 3 key factors that an appraiser considers when estimating the highest and best use of an undeveloped vacant site? - Either conform to the zoning or be legal non-conforming - Conform to the other buildings in the area - Add value to the land - Answer To estimate highest and best use for an improved site, the improvements must: Plottage - Answer Land assembly is more commonly known as what? A process that involves acquiring multiple parcels of property and combining them, thereby increasing the total land's overall value (vs. their worth separately). A larger parcel of land may have greater utility and potential for development. A land developer may find one larger parcel of land more appealing than several small ones. - Answer What is Land Assembly? - Raw land (in its natural state), with no services - Vacant land with services - Unoccupied property up to 5 acres with improvements - Large tracts of land (5 acres or more) ready for a change in use