Property Valuation
What is effective age vs. actual age in appraisal?
AThey are always the same
BActual age is the chronological age; effective age reflects condition and may be less or more than actual age✓ Correct
CEffective age is always less than actual age
DOnly actual age matters in appraisals
Explanation
Actual age is the property's true chronological age. Effective age reflects the property's condition and utility, which may differ from actual age. A well-maintained 30-year-old home may have a 15-year effective age.
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