Question

For purposes of the URAR form, which statement is true concerning effective age and actual age?

a. The form asks for only effective age.
b. The form asks for both.
c. The form asks for only actual age.
d. They are the same thing.

Answer 1

The URAR form requests both effective age and actual age. Effective age relates to the condition and maintenance of a property, while actual age is the chronological age since construction. Appraisers assess both to determine property value.

Step-by-step explanation:

For the URAR form, which is the Uniform Residential Appraisal Report, effective age and actual age are distinctive concepts. Effective age refers to the age of a property based on its condition and how well it has been maintained, whereas actual age is simply the number of years since the property was built. According to the URAR form, the correct answer is b. The form asks for both effective age and actual age. Appraisers need to consider both ages in order to provide an accurate assessment of the property’s value.