Property Valuation
A Florida appraiser identifies a property as having 'incurable physical deterioration.' This means:
AThe property has been condemned and cannot be repaired
BThe cost to cure the deterioration exceeds the value it would add✓ Correct
CThe deterioration is in the structural components and cannot be repaired
DPhysical obsolescence that has spread throughout the entire property
Explanation
Incurable physical deterioration refers to deterioration where the cost to repair exceeds the value the repair would add to the property. It is economically infeasible to cure, not necessarily physically impossible. For example, replacing a 30-year-old roof may be technically possible but economically infeasible if the repair cost exceeds the resulting value increase.
Related Florida Property Valuation Questions
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