Property Valuation
Functional obsolescence in Virginia real estate appraisal refers to:
ADeterioration caused by weather and time
BLoss of value from external factors like a nearby landfill
CLoss of value due to outdated design or features within the property✓ Correct
DDepreciation from deferred maintenance
Explanation
Functional obsolescence is a loss in value due to outdated or poor design features within the property itself, such as a one-car garage in a market where buyers expect two cars.
Related Virginia Property Valuation Questions
- When appraising a special-use property like a church in Virginia, the appraiser would most likely use which approach?
- An appraiser in Virginia is required to report any pressure from a client to change a value conclusion. Under USPAP, this is called:
- In Virginia, the assessed value of real property for tax purposes is typically:
- In Virginia, the appraisal approach most commonly used for single-family residential properties is the:
- Plottage value in Virginia appraisal refers to:
- In a Hampton Roads residential market, a property has 3 bedrooms, 2 baths, and a garage. If paired sales show the market values a garage at $12,000, and the comparable has no garage, the appraiser should make what adjustment to the comparable?
- In Virginia, an appraiser uses the 'income approach' for a shopping center. The most important step is determining the:
- An appraiser in Virginia's Hampton Roads market is appraising a waterfront home with a boat dock. The dock's contributory value to the property is best determined by:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →