Property Valuation
External obsolescence in a Massachusetts property appraisal is caused by:
AA poorly designed floor plan
BDeferred maintenance on the roof
CAn airport being built nearby creating noise nuisance✓ Correct
DOutdated kitchen appliances
Explanation
External obsolescence (economic obsolescence) is a loss in value caused by factors outside the property boundaries, such as nearby industrial facilities, major road construction, or neighborhood decline.
Related Massachusetts Property Valuation Questions
- Which appraisal approach is most appropriate for valuing a single-family residence in a neighborhood with many recent sales?
- The cost approach to value is most useful for appraising:
- A Massachusetts property has a replacement cost of $350,000, land value of $150,000, and accrued depreciation of $75,000. What is the indicated value using the cost approach?
- The income approach to value is most appropriate for which Massachusetts property type?
- The principle of substitution states that:
- The principle of contribution in appraisal states that:
- A Massachusetts commercial appraiser calculates a capitalization rate by:
- In Massachusetts, the 'assessed value' is used primarily to calculate:
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