Property Valuation
In North Dakota, which of the following is NOT a standard method of depreciation recognized in the cost approach to appraisal?
APhysical deterioration
BFunctional obsolescence
CEconomic obsolescence
DFinancial depreciation✓ Correct
Explanation
The three recognized forms of depreciation in appraisal are physical deterioration, functional obsolescence, and economic (external) obsolescence. 'Financial depreciation' is not a recognized appraisal term.
Related North Dakota Property Valuation Questions
- What does 'highest and best use' mean in North Dakota property appraisal?
- What is 'value in use' as distinguished from 'market value' in North Dakota appraisal?
- In North Dakota, which appraiser certification level is required to appraise a non-residential property with a transaction value over $500,000 for federally related transactions?
- In North Dakota agricultural appraisals, soil productivity ratings are important because:
- In North Dakota, 'economic obsolescence' affecting a residential property near an oil field might be caused by:
- A North Dakota appraiser developing a 'restricted appraisal report' is providing:
- Market value is best defined as:
- Which appraisal approach is most commonly used for residential properties in the Fargo, North Dakota market?
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →