What is defined as an appraiser's estimate of a building's physical condition?

The term that best defines an appraiser's estimate of a building's physical condition is "Effective Age." Effective age refers to the age of a property based on its condition, utility, and desirability, rather than its chronological age. It reflects how well the building has been maintained and whether it has had any renovations or updates that could affect its current state. This concept is crucial in real estate appraisal because it helps determine the property's value based on its current condition and functionality, rather than just how many years it has existed.

Understanding effective age allows appraisers to provide a more accurate assessment of a property’s value in the context of the real estate market. It plays a vital role in the overall property evaluation process, particularly when considering factors like depreciation and future maintenance needs.