Property Valuation
A Wyoming appraiser notes that a residence is 'over-improved' for its neighborhood. This represents:
AA positive adjustment in the sales comparison approach
BFunctional obsolescence due to super-adequacy that may not be fully recovered in the sale price✓ Correct
CPhysical deterioration of the improvements
DExternal obsolescence due to neighborhood factors
Explanation
Over-improvement (super-adequacy) is a form of functional obsolescence. An over-improved property (e.
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Key Terms to Know
Depreciation
A reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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