- An estimation of a building's physical condition as determined by an appraiser. The actual age of a building may be more or less than the estimated effective age.
equivalent, proportionate, synonymous
Related Terms and Acronyms
- Actual Age — Definition,
- The years since a structure was built. Differs from effective age.
- Appraised Value — Definition,
- An educated opinion of how much a property is worth.
- Assessed Value (ast, AV) — Acronym & Abbreviation,
- A municipal or provincial government's determination of a property's worth for tax purposes.
- 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.
- Market Value (MV) — Acronym, Important,
- Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.
- Property Value — Definition,
- The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
- Resale Value — Definition,
- The sales price that would be negotiated by a willing seller and buyer for an existing home or property.
- Valuation — Definition,
- The process of finding the worth of an asset or business.
- The estimation of a property's price value through an appraisal.