Property Valuation
A building has an economic life of 50 years and an effective age of 10 years. Its remaining economic life is:
A30 years
B40 years✓ Correct
C50 years
D60 years
Explanation
Remaining Economic Life = Economic Life − Effective Age = 50 − 10 = 40 years. Appraisers in Tennessee use standardized methods to estimate property value for lending and sales.. The correct answer is 40 years.
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