Property Valuation
In South Dakota real estate, 'economic life' of a building refers to:
AThe physical lifespan of the building's structure
BThe period during which improvements contribute to the property's value✓ Correct
CThe number of years until the mortgage is paid off
DThe time since the building was last renovated
Explanation
Economic life is the period over which improvements contribute positively to the property's value. It may be shorter than the physical life if the building becomes economically obsolete before it physically deteriorates.
Related South Dakota Property Valuation Questions
- In South Dakota, which statement about assessed value for property tax purposes is correct?
- In South Dakota, which of the following is the most reliable comparable sale for a residential appraisal?
- In South Dakota, which of the following properties would typically be appraised using the cost approach as the primary method?
- A South Dakota appraiser includes a 'certification' in an appraisal report. This certification states that:
- In South Dakota, a 'summary appraisal report' differs from a 'restricted appraisal report' in that a summary report:
- In South Dakota, a property's value is said to increase due to the principle of anticipation when:
- A South Dakota property's 'gross potential income' assumes:
- A South Dakota ranch property sells for $1.8 million. It consists of 1,500 acres of rangeland and a house/outbuildings complex. How would a commercial ranch appraiser most likely approach this valuation?
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →