Business and Personal Finance Dictionary

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• EFFECTIVE AGE
  
  An appraisal term for the age of improvements to a property based on an assessment of their current condition (i.e. a well-maintained 100-year-old house could have an effective age of 10 years while a ramshackle, unmaintained 20-year-old house could have an effective age of 50 years). Opposite of "actual age".
  
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