Final answer:
The statement is false; actual age is the chronological age of a property, while effective age is an appraiser's estimate of the property's condition and updates.
Step-by-step explanation:
The statement that the effective age and the actual age are the same thing for purposes of the URAR form (Uniform Residential Appraisal Report) is false. The actual age refers to the number of years that have passed since the property was constructed. On the other hand, the effective age is an appraiser's estimate of the age of the property that reflects the physical, functional, and external obsolescence as well as the maintenance and updates that have occurred over time. While the actual age is a straightforward fact, the effective age can vary greatly depending on how well the property has been cared for and updated.