Property Valuation
Effective age in real estate appraisal refers to:
AThe actual chronological age of the building
BThe age implied by the building's condition and functionality, which may differ from its actual age✓ Correct
CThe age at which a building must be demolished
DThe number of years remaining on the mortgage
Explanation
Effective age reflects how old a building appears to be based on its condition and utility, not its actual age. A well-maintained older building may have an effective age younger than its actual age, while a neglected newer building may have a greater effective age.
Related Oklahoma Property Valuation Questions
- Plottage (assemblage) value refers to:
- USPAP (Uniform Standards of Professional Appraisal Practice) requires Oklahoma appraisers to:
- A Comparative Market Analysis (CMA) performed by an Oklahoma real estate agent differs from a formal appraisal in that:
- Principles of value state that value is created by the interaction of supply and demand. Which principle holds that value is influenced by what a prudent buyer would pay for a similar property?
- Plottage (assemblage) value in Oklahoma refers to:
- In Oklahoma's rural areas, the land residual technique for valuing agricultural land separates:
- An Oklahoma appraisal that comes in below the contract price can result in:
- The principle of 'substitution' is the foundation of all three appraisal approaches because it states:
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