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Land value determination

Which method of determining land value is described by the steps below?
1. Estimate the value of the land at its highest and best use (the reasonably probable use that produces the highest property value)
2. Calculate the cost to replace the building or add improvements.
3. Calculate the estimated accrued depreciation and subtract this from the replacement cost or cost of the improvements.
4. Add the adjusted amount to the land value to render the total value of the property.
Answer
ARE 4.0 exam study: PPP

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