Property Valuation
A Mississippi appraiser determines a property has a remaining economic life of 25 years and a total economic life of 50 years. Using age-life depreciation, the depreciation percentage is:
A25%
B50%✓ Correct
C75%
D30%
Explanation
Age-life depreciation percentage = Effective Age ÷ Total Economic Life. Effective age = Total economic life - Remaining economic life = 50 - 25 = 25 years. Depreciation % = 25 ÷ 50 = 50%. The property has used 50% of its total economic life.
Related Mississippi Property Valuation Questions
- A Mississippi appraiser's 'reconciliation' of value at the end of an appraisal involves:
- External obsolescence affecting a Mississippi property located next to a new industrial facility is best described as:
- The principle of conformity in real estate appraisal holds that:
- A Mississippi property had gross rents of $24,000 per year. Expenses were $9,600. At a 7% cap rate, the value is approximately:
- An 'as-is' appraisal of a Mississippi property reflects:
- In the sales comparison approach, an appraiser found a comparable that recently sold for $285,000 but lacks a swimming pool that the subject property has, valued at $12,000. What is the adjusted sale price of the comparable?
- A Mississippi appraiser completes an appraisal and 'reconciles' the three approaches to value. Reconciliation means:
- A Mississippi appraiser's 'market conditions adjustment' (also called a 'time adjustment') in the sales comparison approach accounts for:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →