Property Valuation
The 'effective age' of a building used in appraisal is best defined as:
AAlways equal to the actual chronological age of the structure
BThe age indicated by the building's condition and utility, which may differ from its chronological age✓ Correct
CThe number of years remaining in the building's economic life
DDetermined solely by the year the original building permit was issued
Explanation
Effective age reflects a building's actual condition and functional utility. A well-maintained older home may have a lower effective age than its chronological age, while a poorly maintained newer building may have a higher effective age.
Related California Property Valuation Questions
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