Property Valuation
The difference between a property's 'chronological age' and 'effective age' reflects:
AThe property's location relative to transit
BThe impact of maintenance, updates, and condition on the building's apparent age✓ Correct
CThe appraisal fee
DThe remaining economic life only
Explanation
Effective age reflects the building's condition and functionality, not just when it was built. A well-maintained 30-year-old building may have an effective age of 15 years; a neglected 10-year-old building might have an effective age of 20 years.
Related Connecticut Property Valuation Questions
- A Connecticut appraiser uses 'paired sales analysis' to determine the value contribution of a garage. This technique involves:
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