Property Valuation
A Florida home was built 20 years ago but has been renovated with new kitchen, baths, and roof. Its effective age might be estimated at:
A20 years (same as chronological age)
B5-10 years due to renovations reducing functional age✓ Correct
C25 years due to general market conditions
D1 year since the last renovation
Explanation
Renovations can significantly reduce effective age. A thoroughly renovated 20-year-old home might have an effective age of 5-10 years if the major components (kitchen, baths, roof, mechanical systems) are new or recent.
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