Property Valuation
Effective age differs from actual age in appraisal because:
AThey always equal each other for newer homes
BEffective age reflects the property's condition and utility relative to its actual age✓ Correct
CActual age is used only in the income approach
DEffective age is determined by the county assessor
Explanation
Effective age reflects the condition, maintenance, and modernization of a property. A well-maintained older home may have a younger effective age than its actual (chronological) age, while a poorly maintained newer home may show an older effective age.
Related Washington Property Valuation Questions
- An appraiser in Spokane is using the cost approach for a 25-year-old commercial building. The building has an effective age of 20 years and an economic life of 50 years. What is the accrued depreciation percentage?
- Washington appraiser licensing levels include all of the following EXCEPT:
- The principle of substitution in real estate valuation states that:
- In Washington, the 'absorption rate' is used by appraisers and real estate professionals to measure:
- An appraiser conducting an exterior-only 'drive-by' appraisal (Form 2055) must note in the report that:
- In Washington, the effective age of a building with an actual age of 20 years but in excellent condition with many upgrades might be:
- In Washington, the 'cost to cure' in a property appraisal is always less than or equal to:
- A Washington appraiser developing the sales comparison approach must ensure that each comparable sale is:
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →