Property Valuation (alternative)
External (economic) obsolescence in a Maryland property appraisal is:
AAlways curable
BA loss in value from factors outside the property✓ Correct
CCaused by poor floor plan design
DPhysical wear and tear from weather
Explanation
External (economic) obsolescence is a loss in value caused by factors outside the property itself—such as a nearby industrial facility, highway, or declining neighborhood—and is generally incurable.
Related Maryland Property Valuation (alternative) Questions
- In Maryland, a broker price opinion (BPO) or comparative market analysis (CMA):
- When appraising Maryland waterfront property, the premium over a non-waterfront comparable is:
- Maryland's assessment appeals process begins with a request for a hearing with:
- Maryland's Property Tax Assessment Appeals Board (PTAAB) hears appeals from:
- The Maryland appraisal principle of 'anticipation' holds that value is created by:
- A Maryland appraiser who uses three comparable sales with adjusted values of $380,000, $385,000, and $390,000 should reconcile to a value:
- A Maryland neighborhood with predominantly aging, poorly maintained properties and declining values is said to be in a phase of the property cycle known as:
- In Maryland, the state's required minimum education for becoming a licensed residential appraiser includes (as established by federal requirements):
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