Property Valuation
When an Oklahoma appraiser determines the effective age of a building, this refers to:
AThe actual number of years since construction
BThe age the building appears to be based on its condition and utility, which may differ from its actual age due to renovation, maintenance, or neglect✓ Correct
CThe age listed in the county records
DThe age as stated on the building permit
Explanation
Effective age reflects a building's apparent age based on physical condition, maintenance level, and functional utility. A well-maintained older building may have a lower effective age than its chronological age; a neglected newer building may appear older.
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Key Terms to Know
Depreciation
A reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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