Property Valuation
A Mississippi property suffers from 'economic obsolescence' caused by a new industrial facility built nearby that creates noise and odor. This type of obsolescence is:
AAlways curable through renovation
BExternal/economic obsolescence — incurable because the cause is outside the property boundaries✓ Correct
CFunctional obsolescence caused by poor design
DPhysical deterioration from age
Explanation
Economic (external) obsolescence results from factors outside the property — nearby industrial uses, traffic changes, economic decline, or other external factors. Because the cause is external to the property, it is generally incurable — the property owner cannot remedy it by improving their property.
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