Property Valuation
Which type of depreciation is associated with an outdated floor plan in a house?
APhysical deterioration
BExternal obsolescence
CFunctional obsolescence✓ Correct
DCurable physical deterioration
Explanation
An outdated floor plan (such as no open-concept layout or insufficient bathrooms for modern buyers) is an example of functional obsolescence.
Related Alabama Property Valuation Questions
- The principle of progression in real estate means that:
- Functional obsolescence caused by a feature that is considered outdated or undesirable is called:
- The principle of 'conformity' states that:
- An appraisal conducted for a federally related loan transaction must be performed by a:
- The principle of substitution states that:
- The cost approach to value in Alabama is best used for:
- Functional obsolescence in an Alabama property refers to:
- An appraisal report is considered 'as of' a specific date because:
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