50. What is the term for the loss of value of an improvement due to functional...

50. What is the term for the loss of value of an improvement due to functional inadequacies, often caused by age or poor design?

Chronological obsolescence

Economic obsolescence

Environmental obsolescence

Functional obsolescence

Expert Solution

Functional obsolescence is the loss of value of an improvement due to functional inadequacies, often cased by age of an asset or its design.

It can be said that it is deterioration of an asset's usefulness due to its outdated or obsolete design or feature which can not be modified easily. A good can prove to be unattractive to a consumer if it does not get upgraded.

Functional obsolescence can be both curable and non-curable.

So, the correct option is Functional obsolescence.

Rahul Sunny answered 2 years ago

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