Property Valuation
In the cost approach, the 'effective age' of a building is:
AThe same as the chronological (actual) age
BThe age indicated by the building's physical condition and utility, which may be more or less than its actual age✓ Correct
CThe remaining economic life of the building
DThe age from the date of the first major renovation
Explanation
Effective age reflects the property's apparent age based on its physical condition and maintenance. A well-maintained building may have an effective age much less than its chronological age, while a neglected building may appear older.
Related Florida Property Valuation Questions
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