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Unit 11: The Cost ApproachPart II: Depreciation

1. 1. What is depreciation, and how does it affect property value?
   2. What are the three main categories of depreciation, and how do they differ?
   3. What is external obsolescence, and why is it always considered incurable?
   4. Using the Age-Life Method, how would you calculate depreciation?
      Definitions:
      • Actual Age: The number of years since a building was constructed.
      • Effective Age: The age the property appears to be based on its condition, updates, and market perception, which may be different from its actual age.

      Example: A house was built in 1920 and has a total economic life of 75 years. The appraiser determines that its effective age is 40 years. Using the formula:$$What is the depreciation percentage for this property?

   5. What does the Americans with Disabilities Act (ADA) Title III require in terms of building accessibility?
   6. Why is the cost approach most useful when valuing buildings for which other approaches are impractical? Give an example of a property where the cost approach would be the best valuation method.
   7. 
      

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