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I mean, it’s the very best school of witchcraft there is, I’ve heard.

In this sentence what’s the meaning of ‘there is’?

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"There is" means "that exists".

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There(usually used with is/are), in this context, is used to indicate the existing of something. For example:

There are many restaurants around here.

There's a very nice restaurant around the corner.

In business, there comes a point when everything seems simple.

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