Arizona Low Voltage Contractor Practice Exam

Which principle states that an appraiser must consider the highest and best use of a property?

Principle of Substitution Principle of Contribution Principle of Highest and Best Use Principle of Conformity

Correct Answer:

Principle of Highest and Best Use

Explanation:

The Principle of Highest and Best Use dictates that the value of a property is based on its most profitable, legally permitted, physically possible, and financially feasible use.

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