Property Valuation
In Maine, when an appraiser finds that the subject property's location causes a loss in value compared to interior properties (e.g., next to a busy road), this is:
AFunctional obsolescence
BLocational (external) obsolescence✓ Correct
CPhysical depreciation
DSuperadequacy
Explanation
External (economic/locational) obsolescence is a loss in value caused by factors outside the property, including location next to a busy road, highway, commercial area, or other undesirable adjacent use.
Related Maine Property Valuation Questions
- In Maine, a certified residential appraiser may appraise:
- A Maine appraiser is valuing a lakefront home. The home is 30 years old with a physical life of 60 years. Using age-life depreciation, the physical depreciation percentage is:
- When a Maine appraiser uses the cost approach, the value of the land is estimated:
- In Maine, 'economic life' of a building means:
- A Maine bank orders an appraisal for a $350,000 mortgage. The appraiser's fee is $600. Under USPAP, the fee:
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- A Maine appraiser's report is considered confidential and may be shared with:
- A Maine property has a replacement cost new of $400,000 and total accrued depreciation of $60,000. The land value is $75,000. What is the value indication using the cost approach?
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