Property Valuation
Effective age refers to:
AThe actual age of a building based on the year it was constructed
BThe age suggested by the building's condition and maintenance, which may differ from actual age✓ Correct
CThe remaining economic life of the building
DThe age at which a building requires major renovation
Explanation
Effective age is the appraiser's estimate of a building's age based on its condition, maintenance, and remaining economic life — not necessarily its chronological (actual) age. A well-maintained 30-year-old building may have an effective age of only 20 years.
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