Wear and tear on property is called?

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Prepare for the Real Estate Ownership Exam with multiple choice questions, flashcards, and detailed explanations. Master land use controls and financing to excel on your test.

Multiple Choice

Wear and tear on property is called?

Explanation:
Wear and tear on property is called physical deterioration. It refers to the actual aging and decline of the structure and its components from use—things like a leaky roof, cracked walls, or worn plumbing. This is about the property's physical condition, not its design or market dynamics. Functional obsolescence, by contrast, arises when the layout or features no longer meet current needs, while regression and progression describe how nearby property values affect a property's value.

Wear and tear on property is called physical deterioration. It refers to the actual aging and decline of the structure and its components from use—things like a leaky roof, cracked walls, or worn plumbing. This is about the property's physical condition, not its design or market dynamics. Functional obsolescence, by contrast, arises when the layout or features no longer meet current needs, while regression and progression describe how nearby property values affect a property's value.

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