medium · National Real Estate Exam valuation
At a brokerage training meeting, Harper Ellis evaluates this fact pattern: A building has an outdated floor plan that buyers discount even though the structure is well maintained.
Which response is most consistent with national real-estate principles?
- The loss is physical deterioration only.
- The loss is appreciation from conformity.
- The loss in value is functional obsolescence.
- The loss is external obsolescence caused by the neighborhood.
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