Property Valuation
A Virginia property's value is being diminished by an adjacent property with an abandoned car lot full of junk. This is an example of:
AFunctional obsolescence
BExternal (economic) obsolescence✓ Correct
CPhysical deterioration
DCurable depreciation
Explanation
External obsolescence (also called economic obsolescence) arises from factors outside the property, such as neighboring eyesores, neighborhood decline, or adverse environmental conditions. It is generally incurable.
Related Virginia Property Valuation Questions
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