ValuationDepreciationHARD
External obsolescence RI:
Correct Answer
B) Rising flood insurance costs reducing property values in coastal areas
Rapidly increasing flood insurance premiums under NFIP reform have reduced values of some RI coastal properties — external obsolescence.
Answer Options
A
CarpetB
Rising flood insurance costs reducing property values in coastal areasC
KitchenD
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Related Topics & Key Terms
Related Topics:
functional obsolescencephysical deteriorationdepreciation typesNFIP flood insuranceappraisal methods
Key Terms:
external obsolescenceeconomic obsolescenceNFIPflood insurancedepreciationincurable
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