Property Valuation
A Florida home's value would most likely decrease due to 'functional obsolescence' if it has:
AA new roof installed last year
BA one-car garage on a street where all comparable homes have two-car garages✓ Correct
CA well-maintained HVAC system
DFresh interior paint
Explanation
Functional obsolescence occurs when a property has features that are outdated or inadequate for current market standards. A one-car garage in a neighborhood where two-car garages are the norm is a classic example of functional obsolescence.
Related Florida Property Valuation Questions
- When an appraiser reconciles the three approaches to value, they assign weight to each approach based on:
- In Florida real estate, 'functional obsolescence' is defined as a loss in value due to:
- The 'gross rent multiplier' (GRM) is calculated by:
- An appraiser determines that a Florida property has an economic life of 40 years, was built 8 years ago, and has no deferred maintenance. Using straight-line depreciation, what percentage of the cost represents accrued depreciation?
- When an appraiser considers 'physical depreciation' that is 'curable,' this means:
- When using the sales comparison approach in a Florida appraisal, adjustments are made to the:
- A Florida appraiser calculates a 'gross rent multiplier' of 10. If the subject property's annual gross rent is $36,000, the estimated value is:
- In a Florida appraisal, 'land residual technique' is used to:
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