Question

Tallpenny Tower was built in 1985. However, the building has been constantly maintained and remodeled. In valuation terms, the building's _________ age is greater than the building's _________ age.

a) chronological age, effective age
b) effective age, chronological age
c) depreciated age, projected age
d) projected age, depreciated age

Answer 1

a) chronological age, effective age

Step-by-step explanation:

The chronological age of a building is simply how old it is in years: E.g. a house built in year 2000 is 20 years old.

The effective age of a building depends on the condition of the building and how well it has been maintained. E.g. two houses built on year 2000, but one has never gotten any type of maintenance and is really on a bad shape will have a higher effective age than the other house that has been continuously and properly maintained and repaired.