- The actual age (usually in years) of a structure since building was complete. This differs from effective age.
Related Terms and Acronyms
- Attained Age — Definition,
- The current age of an insured individual.
- Depreciation — Definition,
- The gradual loss of value of a building or other property because of age or natural wear.
- Distressed Property — Definition,
- Property that is in poor condition, or whose owner is in poor financial condition.
- Effective Age — Definition,
- An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
- Tear-down Condition — Definition,
- A house that is bought so it can be razed to make room for a newer house; usually located in a spectacular setting.