Property Valuation
When an Arizona appraiser says a property has 'deferred maintenance,' this means:
AFuture maintenance not yet needed
BNeeded repairs and maintenance that have been postponed, reducing the property's condition and value✓ Correct
CMaintenance performed in advance
DMaintenance costs deferred to future owners by contract
Explanation
Deferred maintenance refers to needed repairs and routine maintenance that have been neglected or postponed. It is a form of curable physical deterioration—items that should be corrected and whose cost of repair is less than the resulting value increase.
Related Arizona Property Valuation Questions
- In Arizona, an appraisal that is completed 'retrospectively' (for a date in the past) is called:
- In an appraisal, 'paired sales analysis' is used to:
- In the income approach, 'effective gross income' (EGI) is calculated as:
- In Arizona, when a buyer pays more than the appraised value for a property, the difference is called:
- When an appraiser adjusts a comparable sale upward by $5,000 for a feature the subject has but the comparable lacks, the adjustment means:
- Which of the following best describes 'market value' in Arizona real estate?
- A 'reconciliation' in a final appraisal report involves the appraiser:
- In the sales comparison approach, an appraiser makes 'adjustments' to comparable sales. If a comparable sale has a pool and the subject property does NOT, the appraiser would:
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