Property Valuation
In New Mexico, which of the following is an example of 'external (economic) obsolescence'?
AOutdated kitchen cabinets
BA crumbling driveway
CA new highway constructed 50 feet from the property✓ Correct
DAn undersized garage
Explanation
External (economic) obsolescence results from factors outside the property—like a new noisy highway nearby. It is typically incurable by the property owner and reduces value regardless of the property's condition.
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