Property Valuation
A Nebraska appraiser determines functional obsolescence in an older home because it has only one bathroom for a 4-bedroom home. This is:
AExternal obsolescence
BPhysical deterioration
CCurable functional obsolescence
DIncurable functional obsolescence✓ Correct
Explanation
A 4-bedroom home with only one bathroom has a functional deficiency (inadequate bath count) that is likely incurable because adding bathrooms may cost more than the value added. This is incurable functional obsolescence.
Related Nebraska Property Valuation Questions
- Reconciliation in the appraisal process is the step where the appraiser:
- Accrued depreciation in the cost approach refers to:
- Capitalization rate (cap rate) is calculated as:
- An automated valuation model (AVM) used by Nebraska lenders differs from a full appraisal in that an AVM:
- When appraising a new Nebraska subdivision, an appraiser establishing land values might use the:
- The income approach to value is most often used for:
- Nebraska county assessors must visit and inspect all real property at least once every how many years?
- An appraisal that uses only one approach (e.g., sales comparison) without considering others may be:
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