Property Valuation
Functional obsolescence in property valuation refers to:
APhysical deterioration caused by wear and tear
BA loss in value due to outmoded features or poor design relative to market preferences✓ Correct
CValue loss from external factors like a nearby highway
DDepreciation of personal property inside the home
Explanation
Functional obsolescence is a loss in value resulting from outmoded features, poor floor plan, or design deficiencies relative to current market preferences—not physical wear or external factors.
Related Utah Property Valuation Questions
- When using the income approach to value a rental property in Ogden, Utah, the appraiser needs to determine the market rent by:
- Agricultural land in Utah used for farming may qualify for reduced assessment under:
- In Utah, property is assessed at what percentage of its fair market value for property tax purposes?
- Reconciliation in the appraisal process refers to:
- The market value of a Utah residential property is best described as:
- The principle of highest and best use in real estate valuation means:
- When appraising a single-family home in Provo, Utah, the appraiser discovers the property has a dated kitchen. This would be classified as:
- When appraising a ski resort vacation property in Park City or Brian Head, Utah, the appraiser may give extra weight to the:
Practice More Utah Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Utah Quiz →