Property Valuation
A West Virginia appraiser's effective age differs from actual age because effective age reflects:
AThe age shown on the county property records
BThe condition and utility of the improvement relative to a new improvement, regardless of chronological age✓ Correct
CThe depreciation claimed on the owner's tax return
DThe year the property was last renovated
Explanation
Effective age reflects the overall condition, utility, and appeal of the property — a well-maintained older property may have a lower effective age than its chronological age, while a poorly maintained newer property may have a higher effective age.
Related West Virginia Property Valuation Questions
- A West Virginia appraiser's 'limiting conditions' in an appraisal report state that the appraiser assumes the property does not have undisclosed environmental contamination. This is an example of a:
- A West Virginia property has an effective gross income of $80,000 and operating expenses of $35,000. What is the NOI?
- In the sales comparison approach, adjustments are made to the comparable properties because:
- The principle of conformity holds that property value is maximized when:
- A West Virginia appraiser who is pressured by a loan officer to hit a specific value that would qualify the borrower for a larger loan should:
- A West Virginia income-producing property generates a net operating income (NOI) of $60,000 annually. If the capitalization rate is 8%, the estimated value is:
- Economic obsolescence (external obsolescence) affecting a West Virginia property might be caused by:
- A West Virginia appraiser asked to determine the value of a partial interest in a property (such as a 50% tenancy in common interest) would typically find:
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →