Daily Real Estate Exam Questions Here!!!
Today our query has to do with depreciation.
Depreciation is any loss within the worth of a property over time from any trigger. There are three important types of depreciation.
The first one is Functional Obsolescence which is outlined as a type of depreciation leading to a loss in worth because of circumstances throughout the property. Like poor design, shaggy carpet, and many others.
The second is Economic Obsolescence which is brought on by elements that aren’t on the property. Like flight patterns above your own home, or your property being subsequent to a freeway.
And lastly the third is Physical Deterioration which is a lack of worth from all causes of age
and motion of the weather. Like roof repairs, damaged tiles, peeled siding and extra.
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