Property Valuation
Economic life of an improvement refers to:
AThe actual age of the building based on when it was constructed
BThe period during which the improvement contributes positively to property value✓ Correct
CThe number of years a building will stand before physical collapse
DThe depreciation schedule used for tax purposes
Explanation
Economic life is the period during which an improvement (building) makes a positive contribution to property value. It ends when the cost of maintaining the improvement exceeds its contribution to value, not when the building physically deteriorates.
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