Property Valuation
Effective age in appraisal refers to:
AThe number of years since the property was built
BThe age the property appears to be based on its condition and maintenance✓ Correct
CThe age at which the property is fully depreciated
DThe average age of comparable properties
Explanation
Effective age is the age a property appears to be based on its condition and maintenance, as opposed to chronological age. A well-maintained older building may have a lower effective age than its actual age.
Related New York Property Valuation Questions
- The term 'market value' as used in appraisal is best defined as:
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