Property Valuation
A Florida appraiser determines a property's 'economic life' is 50 years and its chronological age is 10 years. The remaining economic life is:
A40 years✓ Correct
B60 years
C50 years
D10 years
Explanation
Remaining economic life = Total economic life − Chronological age = 50 − 10 = 40 years. This is used in the cost approach to calculate depreciation.
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