Property Valuation
What does 'effective age' mean in a real estate appraisal?
AThe actual number of years since the property was built
BThe age implied by the property's condition, which may differ from chronological age✓ Correct
CThe number of years remaining in the property's useful life
DThe age of the most recent major renovation
Explanation
Effective age reflects the property's condition and maintenance relative to typical properties of the same type. A well-maintained 30-year-old home may have an effective age of 15 years, while a neglected one may have an effective age of 45.
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