Question

When an appraiser uses the phrase "effective age," he is referring to:

a) The actual age of the property
b) The perceived age of the property
c) The age of comparable properties
d) The age of the neighborhood

Answer 1

Effective age refers to the perceived age of the property.

Step-by-step explanation:

When an appraiser uses the phrase "effective age," they are referring to the perceived age of the property.

Effective age takes into account factors such as wear and tear, renovations, and overall condition of the property.

It is different from the actual age of the property, which refers to the number of years since it was built.

The appraiser may compare the effective age of the property to the ages of comparable properties in the neighborhood to determine its value.