Property Valuation
Functional obsolescence in a Wisconsin property refers to:
APhysical deterioration from age
BLoss of value due to features that are outdated or inadequate✓ Correct
CExternal factors like a new highway nearby
DDepreciation caused by deferred maintenance
Explanation
Functional obsolescence is loss of value due to features within the property that are outdated, inadequate, or no longer desirable, such as a one-car garage on a large home.
Related Wisconsin Property Valuation Questions
- A Wisconsin buyer purchased a property for $400,000 above its independently assessed value. This is most likely an example of:
- In the income approach to value, what does the capitalization rate represent?
- In Wisconsin, the 'sales ratio' study compares:
- Wisconsin's real estate market in Madison is often characterized by:
- In the sales comparison approach, a positive adjustment to a comparable sale means:
- A Wisconsin property is in a 'buyer's market.' This means:
- Under Wisconsin appraisal standards, the appraiser's scope of work determines:
- 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:
Practice More Wisconsin Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wisconsin Quiz →