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The cost of constructing a building with current materials and techniques that is identical in functional utility to the structure being appraised and that is designed in accordance with current materials, styles, and standards. Functional obsolescence is generally not considered, because replacement presumes replacing the building’s utility at current building standards.
Dearborn Real Estate Education
This "Word of the day" is excerpted from The Language of Real Estate, 6th Edition by John Reilly (published by Dearborn Real Estate Education, 2006 copyright). To purchase the complete book, with over 2800 key terms and definitions, or to browse through Dearborn's hundreds of other professional real estate titles, including Real Estate Technology Guide by Klein, Barnett, Reilly, click here.