Property Valuation
A Wisconsin appraiser notes that a property is a 'super-adequate' improvement — a very large, luxurious home in a neighborhood of modest homes. This represents:
AExternal obsolescence caused by neighbors
BFunctional obsolescence in the form of a super-adequacy✓ Correct
CPhysical deterioration
DA positive contribution to all surrounding properties
Explanation
A super-adequacy is a form of functional obsolescence where a feature exceeds what the market demands. An oversized luxury home in a modest neighborhood suffers a loss in value because buyers will not pay a premium for the excess.
Related Wisconsin Property Valuation Questions
- An 'as-improved' appraisal assumes that:
- Functional obsolescence in real estate refers to:
- Wisconsin law requires equalized assessed values to be maintained at what percentage of full market value?
- A Wisconsin broker preparing a BPO (Broker Price Opinion) should disclose that it is:
- A Wisconsin appraiser's estimate of value must always reflect:
- A Wisconsin appraiser reconciles value estimates by:
- A Wisconsin property is in a 'buyer's market.' This means:
- An appraisal performed for a Wisconsin estate (probate) purposes typically establishes value as of the:
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