Property Valuation
In Tennessee, the 'effective age' of a building for appraisal purposes refers to:
AThe actual chronological age of the building
BThe age suggested by the building's condition and utility, which may differ from chronological age✓ Correct
CThe age of the building's foundation
DThe age at which the building is fully depreciated
Explanation
Effective age reflects the condition and utility of the building as compared to other properties. A well-maintained older building may have an effective age younger than its chronological age.
Related Tennessee Property Valuation Questions
- When an appraiser makes a time adjustment to a comparable sale, they are adjusting for:
- When comparing two comparable sales in a Tennessee appraisal, which adjustment would increase the indicated value of the subject property?
- The Tennessee Certified Residential Appraiser classification allows appraisers to appraise:
- Tennessee's rapidly growing Chattanooga real estate market has seen significant investment due to:
- An appraisal is performed 'as of' a specific date. This date is called the:
- Regression in real estate valuation means that:
- In Tennessee, the 'cost-to-cure' method of calculating depreciation assumes that:
- The income approach to value is most appropriate for:
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