Principles of Real EstatePregunta 9 de 100
A physical feature of a property that reduces its value, such as an outdated floor plan, is an example of:
a.Functional obsolescence
b.Economic obsolescence
c.Physical accretion
d.Highest and best use
Explicación
Functional obsolescence is a loss in value caused by outdated or poorly designed features within the property itself, like a bad floor plan. Economic (external) obsolescence comes from factors outside the property, such as a nearby nuisance. Both are forms of depreciation considered in the cost approach.
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