Property Valuation
In Montana, when an appraiser identifies that a neighborhood is in the 'decline' phase of the neighborhood life cycle, they would expect property values to:
ABe rapidly increasing
BBe stable with minimal change
CBe declining due to deferred maintenance, changing demographics, or external factors✓ Correct
DBe irrelevant to the appraisal
Explanation
The four phases of the neighborhood life cycle are: growth, stability/equilibrium, decline, and revitalization. In the decline phase, property values decrease due to deferred maintenance, changing demographics, or adverse external factors.
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