Property Valuation
Deferred maintenance affects appraisal value as a form of:
AExternal (economic) obsolescence
BPhysical deterioration that is typically curable✓ Correct
CFunctional obsolescence
DIncurable functional obsolescence
Explanation
Deferred maintenance (items that should have been repaired but were not) is a form of curable physical deterioration. It is curable because the owner could repair the items and restore value — the cost to cure is less than the resulting value increase.
Related Tennessee Property Valuation Questions
- In Tennessee, an 'as-stabilized' appraisal value reflects the property's value after:
- An appraisal performed for a federally regulated mortgage transaction in Tennessee must be completed by:
- If a property has both an older home and a vacant lot and the appraiser concludes the highest and best use is to demolish the home and build condominiums, this analysis supports a:
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- When the Nashville real estate market has a 2-month supply of homes, this indicates a:
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