Property Valuation
External obsolescence that reduces a New Mexico property's value would be exemplified by:
AA cracked foundation
BOutdated kitchen appliances
CA new landfill opening near the neighborhood✓ Correct
DDeferred maintenance on the roof
Explanation
External (or economic) obsolescence is caused by factors outside the property and its site—such as a nearby nuisance, zoning changes, or economic decline. It is generally incurable.
Related New Mexico Property Valuation Questions
- Which type of depreciation is considered incurable because the cost to fix it exceeds the value it would add?
- In New Mexico, when an appraiser selects 'comparable sales,' the most important factors are:
- In New Mexico, which type of appraisal approach would be most applicable for a special purpose property like a church or school?
- Plottage value in real estate refers to:
- In New Mexico, an appraiser's 'scope of work' under USPAP must include, at minimum:
- In New Mexico, the 'cost to cure' method for functional obsolescence calculates:
- In New Mexico, a property's 'economic life' refers to:
- In New Mexico, a 'drive-by appraisal' (exterior-only inspection) may be acceptable for:
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →