Property Valuation
The 'effective age' of a building in appraisal refers to:
AA. The actual number of years since construction
BB. The age indicated by the building's condition relative to similar properties✓ Correct
CC. The depreciated book value of the building
DD. The age used for property tax purposes
Explanation
Effective age reflects the condition and utility of a building compared to others of similar type. A well-maintained 30-year-old building might have an effective age of 15 years; a neglected 10-year-old building might have an effective age of 25 years.
Related Georgia Property Valuation Questions
- A Georgia appraiser is valuing a neighborhood convenience store. Which approach to value is most likely to be primary?
- Under the income approach, 'market rent' differs from 'contract rent' in that:
- External (economic) obsolescence differs from functional obsolescence in that it is:
- Highest and best use in real estate appraisal means the use that is:
- Reconciliation in the appraisal process involves:
- The gross income multiplier (GIM) for annual rents is calculated as:
- A property with a 'stigma' (such as a murder having occurred there) may experience what type of depreciation?
- The cost approach to value is most reliable for appraising:
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