Property Valuation
A Kansas neighborhood is experiencing 'gentrification.' From an appraisal standpoint, this suggests:
AProperty values are declining
BProperty values are increasing as more affluent buyers move in and renovate properties✓ Correct
CThe neighborhood is approaching external obsolescence
DThe neighborhood is transitioning from commercial to residential use
Explanation
Gentrification is a process of neighborhood transformation where investment, renovation, and demographic change lead to rising property values and sometimes displacement of lower-income residents.
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