Property Valuation
An Alaska property with a 40-year-old structure in excellent condition has an effective age of 15 years. This reflects the principle that:
AOlder structures are always worth less
BEffective age is based on condition and utility, not chronological age✓ Correct
CRenovated properties always have a 15-year effective age
DBuilding permits must be obtained every 15 years
Explanation
Effective age reflects a building's functional condition and utility rather than its chronological age. A well-maintained or renovated 40-year-old building may function like a 15-year-old building in terms of condition, remaining useful life, and market appeal.
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