Property Valuation
What is 'overimprovement' in Delaware real estate appraisal?
AImprovements that exceed safety code requirements
BImprovements that exceed the market norm for the neighborhood, resulting in the cost of improvements not being fully recovered in market value✓ Correct
CMultiple improvements made to the same property over a short period
DImprovements that technically over-qualify the property for certain loan programs
Explanation
An overimprovement is a property improvement that exceeds what the market supports for that neighborhood. The cost of the improvement is not fully recovered in market value — the principle of regression and contribution confirms that the property is worth less than the cost to improve it to that level.
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