Property Valuation
In Kansas, the 'economic life' of a building used in the cost approach is:
AThe actual chronological age of the building
BThe period over which improvements contribute positively to the property's value✓ Correct
CThe remaining loan amortization period
DThe time until the building must be demolished
Explanation
Economic life is the estimated period during which improvements contribute value to the property — when the improvements no longer contribute positively, their economic life has ended.
Related Kansas Property Valuation Questions
- Economic obsolescence (external obsolescence) is caused by:
- In Kansas, the 'reconciliation' step in the appraisal process involves the appraiser:
- What is 'value in use' versus 'value in exchange' in Kansas appraisal theory?
- In Kansas, when appraising land with oil and gas production, the appraiser must:
- In Kansas, when an appraiser analyzes a market 'in decline' or 'transitional neighborhood,' they must be particularly careful to:
- A Kansas appraiser identifies a comparable sale at $220,000. Compared to the subject, the comparable lacks a two-car garage worth $12,000. The adjusted value of the comparable is:
- What is 'condition of the market' and how does it affect Kansas property appraisals?
- In Kansas, when an appraiser states 'subject to' in their appraisal report, it means:
Practice More Kansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kansas Quiz →