Property Valuation
Effective age of a property refers to:
AThe number of years since the property was built
BThe age of the property as indicated by its condition and utility, which may differ from its actual age✓ Correct
CThe number of years remaining in the property's economic life
DThe age at which the property will require major renovations
Explanation
Effective age reflects a building's condition and utility relative to similar properties, regardless of its actual (chronological) age. A well-maintained 30-year-old building might have an effective age of 15 years, while a neglected 10-year-old building might have an effective age of 20 years.
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