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REE 4103 Final Review CH. 29 Questions with 100% correct answers | verified | latest update 2024
REE 4103 Final Review CH. 29 Questions with 100% correct answers | verified | latest update 2024
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REE 4103 Final Review CH. 29The 3 Methods Used to Estimate Depreciation are: - ANS-1) Market Extraction Method
2) Economic Age-Life Method
3) Breakdown Method
Short-Lived Item - ANS-A building component with an expected remaining economic life
that is shorter than the remaining economic life of the entire structure.
Long-Lived Item - ANS-A building component with an expected remaining economic life
that is the same as the remaining economic life of the entire structure.
In estimating the total depreciation of an improvement, the concepts most important to
market extraction are: - ANS-- Actual age
- Total Depreciation
- Annual rate of depreciation
- The implied total economic life that can be estimated
In estimating the total depreciation of an improvement, the concepts most important to
the economic age-life method are: - ANS-- Total economic life
- Effective age
- Remaining economic life
Economic Life - ANS-The period over which improvements to real property contribute to
property value.
Useful Life - ANS-The period of time over which a structure or a component of a
property may reasonably be expected to perform the function for which it was designed.
Actual Age ("Historical Age") - ANS-Is the number of years that have elapsed since
building construction was completed.
Effective Age - ANS-Is the age indicated by the condition and the utility of a structure;
based on the appraiser's judgement and interpretation of market perceptions.
Physical Considerations - ANS-The rate at which the physical components of an
improvement wear out.
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