Property Valuation
Effective age in real estate appraisal refers to:
AThe actual chronological age of the improvements
BThe age the building appears to be based on its condition and maintenance✓ Correct
CThe age from the date of the most recent renovation
DThe remaining useful life of the structure
Explanation
Effective age is the age a property appears to be based on its physical condition and maintenance, which may differ from its chronological age. A well-maintained older home may have a younger effective age.
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