Property Valuation
Effective age of a building refers to its:
AActual chronological age since construction
BAge indicated by its condition and utility compared to typical properties of that type✓ Correct
CAge since the last major renovation
DThe age used for tax assessment purposes
Explanation
Effective age is the age a building appears to be based on its condition and utility, regardless of its actual (chronological) age. A well-maintained older building may have a lower effective age than its chronological age; a neglected newer building may have a higher effective age.
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