Property Valuation
In Hawaii, effective age of a property in the cost approach refers to:
AA. The actual chronological age of the property
BB. The age indicated by the property's condition and utility relative to newer properties✓ Correct
CC. The age stated on the building permit
DD. The age required by the county for permit renewal
Explanation
Effective age reflects the property's condition and functional utility rather than chronological age. A well-maintained older home may have a lower effective age than its actual age.
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