Property Valuation
Effective age of a building differs from chronological age because effective age reflects:
AThe year the building was permitted
BThe actual condition and utility of the building relative to new construction✓ Correct
CThe legal life of the mortgage on the property
DThe depreciation schedule for tax purposes
Explanation
Effective age is an appraiser's estimate of a building's age based on its actual condition and utility; a well-maintained building may have an effective age less than its chronological age.
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