California Real Estate Practice Exam

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What is a good definition of total depreciation from all sources?

Accumulated wear and tear
Accrued depreciation
Functional obsolescence
Economic obsolescence

The correct answer is: Accrued depreciation

Total depreciation from all sources refers to the combined loss in value of an asset due to factors such as accumulated wear and tear (option A), functional obsolescence (option C), and economic obsolescence (option D). While these are all sources of depreciation, only accrued depreciation (option B) encompasses the total loss in value of an asset from all sources. Therefore, option B is the best definition of total depreciation.