Property Valuation
What does 'effective age' mean in an appraisal?
AThe actual number of years since construction
BThe age a structure appears to be based on its condition and maintenance, which may differ from its actual age✓ Correct
CThe year the first building permit was issued
DThe age based on the most recent remodel
Explanation
Effective age is the estimated age of a structure based on its apparent condition and utility, taking into account maintenance, renovations, and wear. A well-maintained 40-year-old home may have an effective age of 20 years.
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