Depreciation
Physical deterioration
Value lost through wear, age and damage to the structure
A worn roof, peeling paint, a failing boiler. Curable where the repair costs no more than the value it restores; incurable where it does not pay for itself, as with a structural frame nearing the end of its life.
How the exam asks about it
The curable test is economic rather than technical. Almost anything can be fixed; the question is whether fixing it returns its cost.
Related terms
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