Property Valuation
What is 'economic life' in Rhode Island appraisal?
AThe actual age of the improvements
BThe period over which improvements are expected to contribute positively to the value of the property✓ Correct
CThe number of years remaining on the mortgage
DThe time it takes for a property to sell at market value
Explanation
Economic life is the period during which improvements contribute positively to the property's value. Once improvements no longer add value (their remaining economic life is zero), the land value alone determines property value.
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