Property Valuation
An appraiser notes that a property has 'curable' physical deterioration. 'Curable' means:
AThe defect can be remedied by the government
BThe cost to cure the defect is less than or equal to the value it adds to the property✓ Correct
CThe defect will naturally disappear over time
DOnly insurance companies can fix the defect
Explanation
Curable depreciation is economically feasible to repair — the cost to cure is less than or equal to the value the repair adds. For example, replacing worn carpeting or repainting is typically curable. Incurable depreciation is economically impractical to fix.
Related Oregon Property Valuation Questions
- An appraiser finds only two sales that are reasonably comparable to a unique Oregon property. How does this affect the reliability of the sales comparison approach?
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