"Surplus utility" is an example of something called "functional obsolescence". This means that the property has features that are either outdated or have been improved too much. In contrast, "economic obsolescence" refers to conditions outside the property.
These are questions that the above text answers:
1. What is an example of functional obsolescence?
2. How is functional obsolescence defined?
3. What does economic obsolescence refer to?
4. How are functional and economic obsolescence different?
5. What are the features of a property with surplus utility?
7. Can economic obsolescence be caused by factors within the property?
8. What is the impact of functional obsolescence on property values?
9. How does surplus utility affect property values?