Which of the following accurately describes external obsolescence?

External obsolescence refers to a loss of property value due to external factors that are not within the property's control. This can include economic shifts, changes in neighborhood characteristics, environmental issues, and the surrounding area's overall desirability. For example, the closing of a nearby factory can lead to reduced demand for properties in that area, thereby decreasing their value. Other influences might be the construction of a freeway that brings noise and pollution or a decline in the economic health of the neighborhood.

The other options provided do not align with the definition of external obsolescence. Internal property issues or flaws related to construction design would fall under other categories of depreciation, such as physical deterioration or functional obsolescence. Likewise, a decline in aesthetic appeal might reflect issues with the property's physical condition or design but does not encompass the broader external factors that characterize external obsolescence. Thus, the identification of external obsolescence accurately highlights the effects of external economic or environmental influences on a property's value.