Property Valuation
What is 'external obsolescence' (economic obsolescence) in Kansas property appraisal?
ADeterioration caused by deferred maintenance
BLoss of value caused by factors outside the property, such as a nearby industrial facility, freeway, or declining neighborhood✓ Correct
CLoss of value from an outdated kitchen design
DDepreciation caused by foundation cracks
Explanation
External (economic) obsolescence is a loss in value caused by factors outside the property's boundaries — neighborhood decline, nearby nuisances (landfill, factory), or unfavorable economic conditions — and is generally incurable.
Related Kansas Property Valuation Questions
- The Kansas 'cost to cure' approach in appraisal is used when:
- In Kansas, the 'highest and best use' of a property is defined as the use that is:
- In the cost approach, the formula for value is:
- When using the cost approach, functional obsolescence refers to:
- Physical deterioration in a Kansas property appraisal refers to:
- The principle of conformity in Kansas real estate appraisal holds that:
- When using the sales comparison approach, a Kansas appraiser adjusts the value of comparable sales by:
- In Kansas, the income approach to value is most commonly used for:
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