Property Valuation
The economic life of a West Virginia building is the period over which improvements:
AThe building is physically capable of standing
BContribute positively to the overall property value (exceed land value alone)✓ Correct
CThe owner depreciates it for tax purposes
DThe building is covered by the original builder's warranty
Explanation
Economic life is the period during which improvements contribute to the value of the property. When a building no longer adds value above the land's value alone, its economic life has ended even if it is still physically standing.
Related West Virginia Property Valuation Questions
- What is the principle of conformity in real estate valuation?
- In West Virginia, an appraiser who uses the sales comparison approach and makes adjustments for financing terms is accounting for which factor?
- In the income approach for a West Virginia apartment building, 'potential gross income' minus 'vacancy and credit losses' equals:
- In West Virginia, a property appraised for a federally related transaction must be appraised by:
- In West Virginia real estate appraisal, 'market value' is defined as:
- What is the principle of substitution as applied in real estate valuation?
- In West Virginia appraisal, 'effective age' is defined as:
- In West Virginia, the principle of anticipation states that value is created by:
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 →