Property Valuation
In Maine, 'superadequacy' (a type of functional obsolescence) in appraisal refers to:
AThe property being in excellent condition
BAn over-improvement that adds excessive cost but not proportional value✓ Correct
CThe property being too large for the lot
DHaving too many bathrooms relative to bedrooms
Explanation
Superadequacy is a type of functional obsolescence where the cost of a feature or component exceeds the value it adds to the property. For example, a $150,000 elevator in a two-story home may only add $10,000 in market value.
People Also Study
Related Maine Questions
- In Maine real estate appraisal, 'market value' is best defined as:Property Valuation
- In Maine real estate appraisal, 'functional obsolescence' refers to:Property Valuation
- A Maine home depreciates $8,000 per year for tax purposes. If the original cost basis was $280,000 (land value $40,000), in how many years will the building be fully depreciated?Real Estate Math
- A Maine appraiser values a single-family home using three approaches: sales comparison ($315,000), cost approach ($320,000), and income approach ($305,000). The appraiser's final reconciled value is typically:Property Valuation
- A Maine appraiser estimates a home's value at $310,000 using the cost approach, $325,000 using the sales comparison approach, and $290,000 using the income approach. For a primary residence, the appraiser would most likely weight which approach most heavily?Property Valuation
- A Maine home that sold for $180,000 ten years ago now sells for $270,000. The percentage increase in value is:Real Estate Math
- A Maine home buyer uses a USDA Rural Development loan. This loan type is available for properties located in:Finance
- A Maine agent lists a home for $289,000. It sells for $279,500 after 45 days on market. What percentage of list price did the seller receive?Real Estate Math
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Study This Topic
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →