NO.PZ201601050300000207
问题如下：
7. The disproportionate charges for Property C noted by Green are least likely to explicitly factor into the estimate of property value using the:
选项：
A.
cost approach.
B.
income approach.
C.
sales comparison approach.
解释：
B is correct.
Obsolescence charges reduce the value of a property using the cost approach and are factored into the sales comparison approach by adjustments, including condition and location, to the price per square foot. The cash flows to the property should reflect obsolescence; less rent is received if the property is not of an appropriate design for the intended use, is in a poor location, or if economic conditions are poor. Therefore, obsolescence is implicitly, not explicitly, factored into the estimate of property value using the income approach.
考点：obsolescence概念
解析：这里主要考察这几种方法对obsolescence的调整，obsolescence在cost method里是直接减掉的，在sales comparison的方法里是要直接调整的，但在income的方法里是隐含在CF的调整里的，所以是隐性的体现在CF里，并不是明显的体现在计算过程里，答案选income approach。
对obsolescence的调整主要会考虑这么几个方面：functional obsolescence/locational obsolescence/economic obsolescence, 题目当中提到了disproportionate charge，可以这样理解，每个房屋的状况都不一样，所以在调整obsolescence时会根据房屋实际的情况来给出调整的比例，并不是完全按照线性的规律。举个简单的例子比如说locational的调整，原来房屋在医院旁边，方便就医，但新盖的一个房子A离医院5公里，另一个B房屋周围10公里没有医院，那么假设在为A做估值的时候，会减掉5w的obsolescence, 但是给B可能会减去20w的obsolescence, 而不是5*2=10w的obsolescence。房屋的估值基本都是一单一议的。这就是这里disproportionate的意思。
sales comparison approach需要解释
