Property Valuation
Effective age in real estate appraisal refers to:
AThe chronological age of the improvements
BThe age suggested by the property's condition and utility, regardless of actual age✓ Correct
CThe remaining economic life of the land
DThe age at which the building permit was issued
Explanation
Effective age is the age that a property appears to be, based on its condition, maintenance, and updates. A well-maintained older home may have an effective age much less than its chronological age.
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