Property Valuation
The 'effective age' of a Mississippi building in appraisal refers to:
AThe actual number of years since construction
BThe age indicated by the building's condition and utility, which may differ from actual age✓ Correct
CThe age used for tax assessment purposes
DThe number of years remaining before the building must be demolished
Explanation
Effective age reflects the property's condition and remaining utility rather than its chronological age. A well-maintained 30-year-old building may have an effective age of 15, while a poorly maintained 10-year-old building may have an effective age of 20.
Related Mississippi Property Valuation Questions
- In the cost approach, the appraiser estimates land value separately from building value because:
- A Mississippi appraiser is valuing a new custom home in a flood zone near the Gulf Coast. The cost approach would include all of the following EXCEPT:
- Which of the following best defines 'market rent' in a Mississippi appraisal?
- The 'principle of change' in Mississippi real estate valuation acknowledges that:
- When comparable sales are adjusted in the sales comparison approach, adjustments are made to the:
- Which of the following does NOT affect the market value of a Mississippi residential property?
- When appraising agricultural land in Mississippi's delta region, which factor is MOST important?
- A Mississippi appraiser discovers that a comparable sale was influenced by non-market conditions (e.g., tax deferred exchange requiring a quick close). The appraiser should:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →