Property Valuation
Which of the following BEST describes 'economic life' of a building in Ohio appraisal?
AThe actual number of years the building has existed
BThe period over which a building contributes positively to the property's value✓ Correct
CThe number of years remaining on the building's mortgage
DThe period required to fully depreciate the building for tax purposes
Explanation
Economic life is the period during which a building contributes to the value of the property. It may be shorter than physical life if the building becomes economically obsolete.
Related Ohio Property Valuation Questions
- A property's annual NOI is $42,000 and similar properties are selling at a 7% cap rate. What is the estimated value?
- In Ohio, the 'capitalization of income' method converts what into a value estimate?
- What is a market rent analysis for new developments?
- The cost approach is MOST reliable for which type of Ohio property?
- Which of the following is an example of 'plottage' (assemblage value) in Ohio real estate?
- When an Ohio appraiser reconciles multiple value indications, the FINAL value conclusion is:
- What is the difference between market value and market price?
- In Ohio, which type of property would MOST likely be appraised using the 'land residual technique'?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →