Property Valuation
Functional obsolescence is a loss in value caused by:
APhysical deterioration of the structure
BNegative factors external to the property
COutdated features or design deficiencies within the property✓ Correct
DChanges in zoning regulations
Explanation
Functional obsolescence results from deficiencies or superadequacies within the property itself, such as outdated floor plans, inadequate plumbing, or poor layout.
Related Indiana Property Valuation Questions
- In Indiana, an appraisal for a federally related mortgage transaction must be performed by:
- The principle of conformity states that property value is maximized when:
- An appraisal conducted for mortgage lending purposes is typically ordered by:
- The 'land to building value' ratio is important in Indiana commercial appraisal because:
- In Indiana, 'market value' as used in appraisal is best defined as:
- The 'as improved' value of an Indiana property assumes:
- An Indiana appraiser who determines the highest and best use 'as if vacant' is asking:
- The cost approach to value estimates property value by:
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