Property Valuation
Functional obsolescence in real estate refers to:
APhysical deterioration from wear and tear
BLoss of value due to factors outside the property such as a nearby landfill
CLoss of value from outdated design, layout, or features within the property✓ Correct
DDepreciation caused by deferred maintenance
Explanation
Functional obsolescence is value loss caused by deficiencies or super-adequacies within the property itself, such as an outdated floor plan, inadequate electrical capacity, or only one bathroom in a large home.
Related Wisconsin Property Valuation Questions
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- In the sales comparison approach, a positive adjustment to a comparable sale means:
- Under Wisconsin law, the Uniform Standards of Professional Appraisal Practice (USPAP) requires appraisers to:
- Under USPAP, a Wisconsin appraiser who accepts an assignment with a predetermined conclusion ('bring it in at $X') is:
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- When comparable sales in a Wisconsin CMA are from 18 months ago, the appraiser should:
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