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(a) |
analyze the current use
and alternative uses to encompass what is profitable, legal, and physically
possible, as relevant to the type and definition of value and intended
use of the appraisal;
Comment:
In the context of personal property, highest and best use may equate to
the choice of the appropriate market or market level for the type of item,
the type and definition of value, and intended use of the appraisal.
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Comment:
The appraiser must recognize that there are distinct levels of trade (measurable
marketplaces) and each may generate its own data. For example, a property
may have a different value at a wholesale level of trade, a retail level
of trade, or under various auction conditions. Therefore, the appraiser
must analyze the subject property within the correct market context.
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(c) |
analyze the relevant economic conditions
at the time of the valuation, including market acceptability of the property
and supply, demand, scarcity, or rarity. |