Property Valuation
Effective age of a building refers to:
AThe calendar age since construction
BThe age as indicated by the property's condition and utility compared to other properties✓ Correct
CThe remaining economic life of the building
DThe age as listed on the building permit
Explanation
Effective age reflects the age suggested by the property's condition and usefulness, which may be younger than actual age (if well-maintained) or older (if poorly maintained or functionally obsolete).
Related Georgia Property Valuation Questions
- In a declining real estate market, an appraiser would likely apply:
- 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:
- Which type of depreciation in the cost approach is considered incurable because it comes from outside the property?
- In a 'seller's market,' home values tend to:
- In Georgia, the basis for the state's property tax assessment is typically:
- In a seller's market, cap rates for investment properties tend to:
- The subject property in an appraisal refers to:
- External obsolescence (also called economic or locational obsolescence) is:
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