Property Valuation
In Wisconsin, 'effective age' of a building refers to:
AThe actual number of years since construction
BThe age indicated by the building's condition and utility, which may differ from actual age✓ Correct
CThe age at which the building can be demolished under local code
DThe age required for historical designation
Explanation
Effective age is the apparent age of the structure based on its condition and utility, not its calendar age. A well-maintained older building may have a lower effective age than its actual age, while a poorly maintained new building may have a higher effective age.
Related Wisconsin Property Valuation Questions
- In the sales comparison approach, a positive adjustment to a comparable sale means:
- An appraiser determines a Wisconsin property's value using the income approach. The property has an annual NOI of $45,000 and a cap rate of 9%. What is the indicated value?
- A Wisconsin appraiser performing an appraisal for a federally related transaction must be:
- The income capitalization approach to value is most appropriate for:
- An 'economic life' of a Wisconsin building refers to:
- In Wisconsin, the assessed value is used for:
- Market value in a Wisconsin appraisal is defined as the most probable price that a property would bring in a competitive open market assuming:
- The Wisconsin sales comparison approach to value is most appropriate for:
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