Property Valuation
External obsolescence affecting a Michigan property's value could be caused by:
AA leaking roof
BOutdated kitchen fixtures
CA newly constructed highway adjacent to the property✓ Correct
DAn inadequate number of bathrooms
Explanation
External (economic) obsolescence is caused by factors outside the property, such as a new highway causing noise and traffic, neighborhood decline, or adverse zoning changes. It is generally incurable.
Related Michigan Property Valuation Questions
- In Michigan, the 'income multiplier' approach used for small income properties is limited because:
- In Michigan, the 'paired sales analysis' technique in appraisal is used to:
- In a Michigan appraisal, reconciliation is the process of:
- In Michigan, which appraisal approach is most appropriate for a special-use property like a church or school?
- A Michigan appraiser notes that a subject property's bathroom has outdated fixtures. This type of depreciation is called:
- The principle of progression in Michigan real estate valuation means:
- External obsolescence in appraisal refers to:
- The replacement cost in Michigan's cost approach represents:
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →