Property Valuation
In South Carolina, what is 'superadequacy' in appraisal?
AA property that exceeds all building code requirements
BAn over-improvement that exceeds what is typical for the neighborhood, resulting in curable or incurable functional obsolescence✓ Correct
CA property that is superior to all comparables
DAn appraisal that exceeds the purchase price
Explanation
Superadequacy is a form of functional obsolescence where an improvement is over-built or over-designed for its location (e.g.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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