Property Valuation
Effective age in appraisal refers to:
AThe actual chronological age of the improvement
BThe age reflected by the property's condition and remaining useful life✓ Correct
CThe age of the foundation only
DThe year the property was last renovated
Explanation
Effective age is an appraiser's estimate of the age a property appears to be based on its condition, quality of maintenance, and remaining economic life — which may differ from its actual (chronological) age.
Related Georgia Property Valuation Questions
- In the sales comparison approach, adjustments are made to the comparable properties because:
- In the sales comparison approach, a 'time adjustment' is made when:
- The cost approach to value is most reliable for appraising:
- In the income approach, what formula is used to calculate property value?
- The Gross Rent Multiplier (GRM) is calculated as:
- An appraiser uses the 'Marshall Valuation Service' (or similar cost data service) to estimate:
- A Georgia appraisal shows that a comparable property sold for $315,000 with a two-car garage. The subject property has a one-car garage. The appraiser estimates that the difference in garage value is $8,000. The adjustment to the comparable is:
- 'Value in use' differs from 'market value' in that value in use is:
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