Property Valuation (alternative)
A Maryland appraiser who finds that the subject property's neighborhood has been declining due to nearby industrial development would note this as:
APhysical deterioration
BExternal obsolescence from neighborhood decline✓ Correct
CFunctional obsolescence
DA positive adjustment to comparables
Explanation
Neighborhood decline due to external factors (like industrial development nearby) represents external obsolescence — a loss in value from outside the property's control.
Related Maryland Property Valuation (alternative) Questions
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