What term describes the use of a property that is legal, physically possible, financially viable, and yields the greatest return?

The term that captures the concept of utilizing a property in a way that is legal, physically possible, financially viable, and ultimately yields the greatest return is known as "highest and best use." This principle is fundamental in real estate valuation and investment analysis. It assesses the most profitable use of a property, considering the legal restrictions, the physical characteristics of the property, market demand, and with a focus on maximizing potential returns.

The "highest and best use" concept implies that even if a property could be used in multiple ways, the use that provides the greatest return on investment is preferred. This includes evaluating whether the property is appropriately zoned for its proposed use and ensuring that such a use is financially sound in the current market context.

Other options represent different aspects of property utilization but do not encapsulate the full breadth of factors that "highest and best use" covers. For example, "optimal use" and "efficient use" suggest suitability or effectiveness in usage, but they lack the emphasis on profitability and market conditions intrinsic to the highest and best use concept. "Maximal use," while it may imply the most extensive application of the property, does not necessarily incorporate the legal and financial viability aspects that are crucial for determining the best investment outcomes.