An appraiser inspecting a Philadelphia brownstone notes evidence of a previous fire that was repaired. This represents which type of depreciation?

Explanation

Fire damage that has been repaired represents curable physical deterioration — the defect was identified and remedied. However, evidence of prior fire damage may still warrant consideration for any residual effects. Curable physical depreciation is deducted in the cost approach as of the effective date of the appraisal.