Property Valuation
External obsolescence affecting Wyoming property values might be caused by:
AA cracked foundation requiring repair
BOutdated kitchen cabinets
CNearby pipeline construction creating noise and disruption✓ Correct
DAn inefficient floor plan
Explanation
External (economic) obsolescence is caused by factors outside the property itself, such as nearby land uses, economic conditions, or infrastructure projects. It is generally incurable because the owner cannot eliminate the external cause.
Related Wyoming Property Valuation Questions
- A Wyoming oil-producing property has mineral rights with a royalty value of $80,000/year. If a 10% cap rate is applied, what is the indicated value of the mineral rights?
- The highest and best use of a Wyoming property is the use that is legally permissible, physically possible, financially feasible, and:
- A Wyoming buyer's agent presents their buyer with a CMA showing that list prices in the area are consistently 5% above final sale prices. This suggests:
- In Wyoming, an upward adjustment to a comparable sale indicates:
- The principle of contribution in Wyoming real estate appraisal states that:
- The income approach to value is most appropriate for which Wyoming property type?
- A Wyoming appraiser considers the 'principle of conformity' when valuing a residential property. This principle states:
- A Wyoming appraiser notes that the comparable sales used in the sales comparison approach are from a 'buyer's market.' This means:
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →