Property Valuation
The effective age of a building refers to:
AThe number of years since the building was constructed
BThe remaining economic life of the building
CThe age the building appears to be based on its condition and maintenance✓ Correct
DThe legal age limit before a building must be demolished
Explanation
Effective age reflects the condition and utility of a building rather than its chronological age. A well-maintained older building may have a lower effective age than its actual age, while a poorly maintained newer structure may have a higher effective age.
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