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The Appraisal Institute defines highest and best use as follows: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical ...
Uniform Standards of Professional Appraisal Practice ( USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories. USPAP, as it is commonly known, was first developed in the 1980s by a ...
In the UK, real estate appraisal is known as property valuation and a real estate appraiser is a land valuer or property valuer (usually a qualified chartered surveyor who specializes in property valuation). [ 18] Property valuation in the UK is regulated by the Royal Institution of Chartered Surveyors (RICS), a professional body encompassing ...
William Levitt. William Jaird Levitt (February 11, 1907 – January 28, 1994) was an American real-estate developer and housing pioneer. As president of Levitt & Sons, he is widely credited as the father of modern American suburbia. In 1998 he was named one of Time Magazine 's " 100 Most Influential People of the 20th Century ."
For decades, if you wanted a real estate agent to help you buy or sell a home, the model was static. At the close of escrow, the seller typically used their proceeds to pay a 5% to 6% commission ...
Sales comparison approach. The sales comparison approach ( SCA) is a real estate appraisal valuation method that relies on the assumption that a matrix of attributes or significant features of a property drive its value. For examples, in the case of a single family residence, such attributes might be floor area, views, location, number of ...
Property condition assessments ( PCA s) (also known as the property condition report, or PCR) are due diligence projects associated with commercial real estate. Commercial property and building inspections are important for clients seeking to know the condition of a property or real estate they may be purchasing, leasing, financing or simply ...
A building code (also building control or building regulations) is a set of rules that specify the standards for construction objects such as buildings and non-building structures. Buildings must conform to the code to obtain planning permission, usually from a local council. The main purpose of building codes is to protect public health ...