Property Valuation
Which type of depreciation is generally considered incurable?
ADeferred maintenance on the exterior of a building
BA worn carpet that needs replacement
CExternal obsolescence caused by an adjacent industrial facility✓ Correct
DA leaking roof that can be repaired cost-effectively
Explanation
External (economic) obsolescence caused by factors outside the property — such as a nearby nuisance, industry, or economic decline — is generally incurable because the property owner cannot remedy the external condition.
Related Oklahoma Property Valuation Questions
- In Oklahoma, the sales comparison approach requires an appraiser to identify recent, comparable sales. Which of the following would be the BEST comparable for a 3-bedroom, 2-bath ranch home in Edmond?
- An Oklahoma appraiser must comply with USPAP's Competency Rule if they are asked to appraise a type of property they have not previously appraised. This means they must:
- When an Oklahoma appraiser reconciles the three approaches to value, they:
- Economic (external) obsolescence in an Oklahoma property is caused by:
- In Oklahoma's rural areas, the land residual technique for valuing agricultural land separates:
- An Oklahoma oil and gas royalty income stream would most likely be valued using which appraisal approach?
- When an Oklahoma appraiser determines the effective age of a building, this refers to:
- When an Oklahoma appraiser adjusts for gross living area (GLA) in the sales comparison approach, the adjustment is based on:
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