Property Valuation
In Maine, 'effective age' in appraisal refers to:
AThe actual chronological age of the building
BThe age implied by the building's condition and utility✓ Correct
CThe age at which the building must be demolished
DThe year the building permit was issued
Explanation
Effective age reflects how old a building appears to be based on its condition, maintenance, and functional utility, which may differ significantly from its actual chronological age.
Related Maine Property Valuation Questions
- In Maine, a 'drive-by' or 'exterior-only' appraisal provides what level of reliability compared to a full interior appraisal?
- In Maine, 'gross rent multiplier' (GRM) is used to estimate value by:
- The sales comparison approach to value is MOST appropriate for appraising:
- In Maine, the market data (sales comparison) approach is most useful when:
- A Maine appraiser is asked to determine the 'as improved' vs. the 'as if vacant' value. This distinction is important for:
- In Maine, the 'principle of progression' in real estate valuation means a lower-value home in a neighborhood of higher-value homes will:
- A Maine appraisal uses the income capitalization approach. A property generates $36,000 net operating income annually. Using a 6% cap rate, the indicated value is:
- A Maine appraiser adjusts a comparable sale upward by $5,000 for a feature the subject property has that the comparable lacks. This is a:
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