In evaluating a house that has an actual age of 15 years, the appraiser assigned it an age of only 10 years because of the home's excellent condition. This is an example of:

Question

Quizplus · Accepted Answer

The term "effective age" refers to the perceived age of a property based on its condition and its level of maintenance, rather than its chronological age. In this scenario, the appraiser has determined that the house has an effective age of 10 years, meaning that despite being 15 years old, it appears to be in such good condition that it is equivalent in value to a 10-year-old property. Therefore, the correct answer is A) effective age.

In Evaluating a House That Has an Actual Age of 15