Property Valuation
A Maine appraiser is valuing a lakefront home. The home is 30 years old with a physical life of 60 years. Using age-life depreciation, the physical depreciation percentage is:
A30%
B40%
C50%✓ Correct
D60%
Explanation
Age-life depreciation = Effective Age ÷ Total Physical Life = 30 ÷ 60 = 50%. Appraisers in Maine use standardized methods to estimate property value for lending and sales.. The correct answer is 50%.
Related Maine Property Valuation Questions
- A Maine appraiser values a single-family home using three approaches: sales comparison ($315,000), cost approach ($320,000), and income approach ($305,000). The appraiser's final reconciled value is typically:
- Functional obsolescence in a Maine residential property is caused by:
- Maine's rural properties (farms, timberland, hunting camps) present appraisal challenges because:
- In Maine, when the subject property in an appraisal is superior to a comparable sale in one feature, the adjustment is:
- A Maine waterfront home's value is primarily enhanced by 'locational value.' This is best described as value attributable to:
- A Maine appraiser is valuing a 3-unit residential property. Which approach to value would typically be given the most weight?
- A Maine appraiser is determining the value of a vacant lot for a proposed single-family home. The appraiser would primarily use which approach?
- In Maine, a property's 'plottage value' refers to:
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →