Property Valuation
Effective age in an appraisal refers to:
AThe actual chronological age of the improvements
BThe age indicated by the property's condition and utility, which may differ from actual age✓ Correct
CThe age of the oldest component of the building
DThe number of years remaining on the property's economic life
Explanation
Effective age reflects the property's condition and functionality; a well-maintained building may have an effective age less than its chronological age.
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