Property Valuation
The economic life of an improvement in Utah appraisal refers to:
AThe number of years the improvement has been standing
BThe period over which the improvement contributes positively to the property's value✓ Correct
CThe time until the improvement must be demolished by law
DThe depreciation period set by the IRS
Explanation
Economic life is the period during which an improvement adds value to the property—it ends when the contribution to value is zero, which may be before the physical life ends.
Related Utah Property Valuation Questions
- The principle of substitution in real estate appraisal states:
- The sales comparison approach to appraisal is most reliable when:
- In Utah's appraisal industry, USPAP stands for:
- An appraisal contingency in a Utah purchase contract protects the buyer by:
- The income approach yields the highest value indication when:
- When a comparable sale used in a Utah appraisal was a foreclosure sale, the appraiser should:
- The effective age of a building refers to:
- Utah does NOT impose a state-level real estate transfer tax. This means:
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