What does the term "curable physical deterioration" refer to?

The term "curable physical deterioration" specifically refers to structural issues that can be repaired. This form of deterioration typically arises from wear and tear or physical damage to a property that if addressed promptly, can restore the property to its original efficiency and condition. Examples include repairing a leaky roof, fixing a cracked foundation, or replacing broken windows. The important aspect of curable deterioration is that the cost of the repair is often less than the increase in value that the repair would likely add to the property.

In contrast, the other options relate to different concepts in real property appraisal. Devaluation from external factors involves influences from the surrounding environment that can lead to a decrease in property value, but these are not necessarily repairable issues. Obsolescence due to outdated design refers to functional obsolescence, where a property's design leads to loss of utility or desirability based on current market preferences, also not easily remedied. Lastly, value lost from wear and tear generally speaks to physical deterioration, but it does not explicitly indicate whether the deterioration can be addressed or if it is beyond repair.