Property Valuation
In the cost approach, the term 'effective age' refers to:
AThe chronological age of the building
BThe age indicated by the condition and utility of the building✓ Correct
CThe year the building permit was issued
DThe remaining economic life of the building
Explanation
Effective age is the age of the building as indicated by its condition and utility, which may differ from its actual chronological age due to deferred maintenance or renovation.
Related Kentucky Property Valuation Questions
- In the income approach, capitalization rate (cap rate) is determined by:
- A Kentucky appraiser performing a drive-by (exterior-only) appraisal provides a report that:
- A Kentucky agricultural property's value may be primarily determined by:
- When making adjustments in the sales comparison approach, if a comparable property has a feature the subject property lacks, the appraiser should:
- Reconciliation in the appraisal process refers to:
- An appraiser is comparing two homes, one with a garage and one without. To adjust for the garage, the appraiser would:
- In Kentucky, the PVA reassesses property values:
- In Kentucky, USPAP (Uniform Standards of Professional Appraisal Practice) governs:
Practice More Kentucky Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kentucky Quiz →