Property Valuation
Obsolescence caused by a zoning change that allows an incompatible use adjacent to a residential property in Alaska is an example of:
APhysical deterioration
BExternal obsolescence✓ Correct
CFunctional obsolescence
DCurable depreciation
Explanation
External (economic) obsolescence results from conditions outside the property — a nearby incompatible land use, economic decline, or zoning change — that reduce the property's value. It is generally incurable by the owner.
Related Alaska Property Valuation Questions
- An Alaska residential lot comparable to the subject sold 18 months ago for $80,000. The market has appreciated 3% per year since then. What is the time-adjusted value of the comparable?
- Market value in an appraisal is defined as:
- The appraisal approach most commonly used to value single-family residential properties in Alaska is the:
- An Alaska appraiser is appraising a property 'subject to completion' of proposed improvements. This is considered a:
- An appraisal report prepared for a federally related transaction in Alaska must comply with:
- A 'restricted use appraisal report' in Alaska is distinguished from a 'summary appraisal report' because it:
- Functional obsolescence in a property is caused by:
- The principle of highest and best use in Alaska appraisal requires that the use be:
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