Property Valuation
The 'economic life' of a building in NC appraisal is defined as:
AThe actual physical life of the structure
BThe period over which improvements contribute positively to property value✓ Correct
CThe number of years remaining on the depreciation schedule
DThe period since the building was last renovated
Explanation
Economic life is the period during which the improvements (building) contribute positively to the property's total value — after this, the improvements may actually detract from value.
Related North Carolina Property Valuation Questions
- NC appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP requires appraisers to provide:
- In NC, a property's 'tax value' (assessed value) is used to determine property tax liability. For ad valorem tax purposes, properties should be assessed at:
- An 'as-is' appraisal value for a NC property with deferred maintenance reflects:
- The 'gross income multiplier' (GIM) using annual income for an NC commercial property is calculated as:
- When an appraiser in NC notes that a home has an 'addition' that was built without permits, this is most relevant to which form of depreciation?
- NC appraisers are required to be licensed or certified by which state body?
- In NC, a 'drive-by appraisal' using only exterior inspection and public records is most commonly used for:
- An NC appraiser who evaluates a 'going concern value' for a hotel property is valuing:
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →