Property Valuation
Functional obsolescence in an Oklahoma property refers to:
APhysical deterioration from deferred maintenance
BLoss in value due to deficiencies or superadequacies in the property's design or function, such as an outdated floor plan, inadequate electrical capacity, or poor traffic flow✓ Correct
CExternal factors like a nearby landfill
DDepreciation only from age
Explanation
Functional obsolescence is a loss in value caused by internal design flaws: outdated features (old kitchen layout), inadequate systems (insufficient electrical for modern use), or superadequacies (overly expensive features that don't add proportional value).
Related Oklahoma Property Valuation Questions
- The gross rent multiplier (GRM) method estimates value by:
- In Oklahoma's residential market, comparable sales are typically chosen within what timeframe to best reflect current market conditions?
- The principle of anticipation in appraisal holds that value is:
- An Oklahoma appraiser performing a retrospective appraisal for a date in the past must:
- An Oklahoma appraisal performed using the 'as-is' market value standard reflects:
- Capitalization rate (cap rate) is calculated as:
- An Oklahoma appraiser completing a full URAR (Uniform Residential Appraisal Report) for a single-family home mortgage loan must comply with:
- Which type of depreciation is generally considered incurable?
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