Property Valuation
Functional obsolescence in a Wyoming property is best illustrated by:
APhysical deterioration of the roof due to heavy snow loads
BA three-bedroom home with only one bathroom✓ Correct
CLocation near an industrial facility that lowers value
DDeclining property values due to economic recession
Explanation
Functional obsolescence refers to a loss of value due to outdated design, poor floor plan, or features that do not meet current market standards. A three-bedroom home with only one bathroom has functional obsolescence because modern buyers expect more bathrooms.
Related Wyoming Property Valuation Questions
- For Wyoming income-producing properties, the capitalization rate (cap rate) is calculated as:
- A Wyoming property sold for $500,000 with a net operating income of $35,000. What is the cap rate?
- A Wyoming appraisal uses a 'cost-to-cure' approach for depreciation. This method is used when:
- In Wyoming, an upward adjustment to a comparable sale indicates:
- The principle of contribution in Wyoming real estate appraisal states that:
- External (economic) obsolescence that affects a Wyoming property due to a decline in oil prices impacting the local economy is considered:
- The sales comparison approach to value is most reliable when appraising which type of Wyoming property?
- In Wyoming, the sales comparison approach relies on:
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →