Property Valuation
When appraising an older historic home in a Cleveland neighborhood, the appraiser finds significant physical deterioration. This is classified as:
AExternal obsolescence
BPhysical depreciation✓ Correct
CFunctional obsolescence
DSuperadequacy
Explanation
Physical depreciation (deterioration) results from wear and tear, aging, and deferred maintenance — the physical decline of a building's components over time.
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