Property Valuation
Economic obsolescence (external obsolescence) affecting a West Virginia property might be caused by:
AAn outdated kitchen layout
BPhysical deterioration of the roof
CA nearby coal processing facility creating noise and dust✓ Correct
DA nonworking HVAC system
Explanation
Economic (external) obsolescence is caused by factors outside the property itself, such as nearby industrial uses, traffic changes, economic decline of the area, or environmental issues.
Related West Virginia Property Valuation Questions
- In a West Virginia comparative market analysis (CMA), a real estate agent adjusts comparable sales to account for differences with the subject property. If a comparable sold for $165,000 but lacks a deck valued at $8,000 that the subject has, the adjusted comparable value is:
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- Functional obsolescence in a West Virginia property refers to:
- In West Virginia, a 'drive-by appraisal' (exterior-only inspection) would be appropriate for which situation?
- In the sales comparison approach, adjustments are made to the comparable properties because:
- In West Virginia real estate, assemblage refers to:
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- The principle of conformity holds that property value is maximized when:
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