Property Valuation
Which type of depreciation in an appraisal is caused by wear and tear from use and aging of a building?
AExternal obsolescence
BFunctional obsolescence
CPhysical deterioration✓ Correct
DEconomic obsolescence
Explanation
Physical deterioration refers to the loss in value due to wear and tear, aging, and deferred maintenance. It can be curable (economically feasible to repair) or incurable.
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