easy · National Real Estate Exam valuation
A 40-year-old house has been fully renovated and shows the wear of a 15-year-old house.
What term describes the 15-year condition?
- Effective age, how old a property looks based on condition, not the calendar.
- Actual age, the number of years since the property was actually built.
- Economic life, the total number of years the property is expected to remain useful.
- Remaining life, the number of years left before the property must be replaced.
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