Property Valuation
Functional obsolescence in a property is caused by:
APhysical wear and tear from use
BEconomic decline in the surrounding neighborhood
COutdated features, poor design, or inadequate improvements✓ Correct
DRising interest rates
Explanation
Functional obsolescence results from outdated design, inadequate features, or poor floor plans — such as a one-bathroom home in a market that demands two bathrooms.
Related Georgia Property Valuation Questions
- The 'principle of conformity' in real estate valuation states that:
- The market approach to value (sales comparison) would be LEAST appropriate for:
- A Georgia appraiser is valuing a neighborhood convenience store. Which approach to value is most likely to be primary?
- Regression and progression are appraisal principles that affect value through:
- Functional obsolescence in real property refers to:
- Which type of depreciation in the cost approach is considered incurable because it comes from outside the property?
- An appraiser determines that a property's contributory value of a swimming pool is $15,000. This means:
- A 'drive-by' appraisal (exterior-only inspection) is:
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