Property Valuation
In Maine real estate appraisal, 'functional obsolescence' refers to:
APhysical deterioration of the structure
BA loss in value due to outdated design or features✓ Correct
CEconomic decline in the surrounding neighborhood
DDamage caused by environmental hazards
Explanation
Functional obsolescence is a loss in value caused by deficiencies in design, layout, or features that are outdated compared to current market preferences, such as an old single-bathroom home in a market that expects multiple bathrooms.
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