Property Valuation
Functional obsolescence in a Maine residential property is caused by:
ADeferred maintenance of the roof and windows
BOutdated or inadequate features like a one-bedroom house in a three-bedroom market✓ Correct
CExternal factors like nearby industrial development
DNormal wear and tear over time
Explanation
Functional obsolescence results from design flaws, outdated features, or inadequacies relative to current market preferences (e.g.
Related Maine Property Valuation Questions
- In Maine, the cost approach to value begins with an estimate of the:
- When a Maine appraiser reconciles three value approaches, they should:
- In Maine, 'functional obsolescence' in a property is best described as:
- In Maine, the principle of progression in real estate value states that:
- A Maine appraiser is valuing a 3-unit residential property. Which approach to value would typically be given the most weight?
- In Maine, when the subject property in an appraisal is superior to a comparable sale in one feature, the adjustment is:
- In Maine, an 'arm's length transaction' is one where:
- Maine property taxes are based on assessed value, which municipalities typically set at:
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →