Property Valuation
An appraiser states that a Connecticut property has a 'remaining economic life' of 35 years. This means:
AThe property will physically exist for 35 more years
BThe improvements are expected to contribute positively to the property's value for the next 35 years✓ Correct
CThe property will be demolished in 35 years
DThe property's land lease expires in 35 years
Explanation
Remaining economic life is the estimated number of years that improvements will continue to contribute value to the property. It is the difference between total economic life and effective age and represents the period during which the improvements remain economically viable.
Related Connecticut Property Valuation Questions
- A Connecticut appraiser determines that the subject property has a swimming pool that adds $15,000 to value. A comparable sold for $450,000 without a pool. What is the adjusted comparable value?
- An appraiser using the cost approach to value a property would:
- A building has a reproduction cost of $800,000 and 15% total depreciation. What is the depreciated value of the improvements?
- A Connecticut appraiser identifies a property's highest and best use as residential development. However, the property currently has a commercial building. This means:
- The principle that value is created and maintained when a property's use is consistent with surrounding uses is called:
- The 'economic life' of a building is best defined as:
- Which type of depreciation in the cost approach is considered incurable because it arises from outside the property?
- A gross rent multiplier (GRM) is calculated by:
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