Property Valuation
External (economic) obsolescence that affects a Wyoming property due to a decline in oil prices impacting the local economy is considered:
ACurable physical deterioration
BIncurable functional obsolescence
CIncurable external obsolescence✓ Correct
DCurable external obsolescence
Explanation
A decline in oil prices affecting the local economy is an external factor beyond the owner's control. The resulting loss in property value is incurable external (economic) obsolescence.
Related Wyoming Property Valuation Questions
- The value of a Wyoming mineral rights interest is primarily based on:
- A Wyoming property's 'plottage value' refers to:
- Replacement cost in the cost approach uses:
- When appraising a Jackson Hole property, the appraiser notes that the property is located in a flood zone. This would be reflected as:
- A Wyoming appraiser who adjusts a comparable sale's value upward for a superior feature of the subject property is making a:
- A Wyoming residential appraisal using the sales comparison approach typically requires a minimum of:
- A Wyoming appraiser performing a 'drive-by' (exterior-only) appraisal is conducting a:
- The income capitalization approach to value is most appropriate for appraising:
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →