An example of special-use property is:
Correct Answer
C) A public hospital
A special-use property is built for a single purpose and cannot be converted to another use without heavy expense, so it has few potential buyers and is normally valued by the cost approach rather than by comparable sales. A public hospital qualifies: surgical suites, medical gas lines, shielded imaging rooms, and standby generator capacity carry almost no value to another type of user. Offices, apartments, and retail strips are general-purpose income properties with active sales and rental markets and interchangeable tenants.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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