Property Valuation
In Wyoming, the 'effective age' of a property for depreciation purposes may differ from its actual age because:
AThey are always identical
BEffective age reflects the apparent age based on condition and maintenance, not the number of years since construction✓ Correct
CEffective age is always higher than actual age
DEffective age is determined by the tax assessor
Explanation
Effective age is determined by the property's condition and maintenance level, not its chronological age. A well-maintained 30-year-old home may have an effective age of 15 years (younger than chronological), while a poorly maintained 10-year-old home may have an effective age of 20 years.
Related Wyoming Property Valuation Questions
- Depreciation in the cost approach to value includes all of the following EXCEPT:
- In Wyoming, an appraiser performing a drive-by (limited scope) appraisal for a lender is providing a:
- In the income approach, Net Operating Income (NOI) is calculated as:
- The principle of contribution in Wyoming real estate appraisal states that:
- Market value in Wyoming real estate appraisal is defined as:
- A Wyoming residential appraisal using the sales comparison approach typically requires a minimum of:
- When reconciling values from the three approaches to value, an appraiser gives the most weight to the approach that:
- A Wyoming appraiser performing a 'drive-by' (exterior-only) appraisal is conducting a:
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