What is defined as the actual number of years that have passed since a structure was built?

The term that refers to the actual number of years that have passed since a structure was built is "Actual Age." This concept indicates the chronological age of a property, measuring from its date of construction to the present. Actual Age is important in real estate valuation and appraisal because it helps determine the property's condition, depreciation, and overall market value.

In contrast, Effective Age considers how the property performs relative to its actual age, taking into account renovations or repairs that may have improved its condition. Economic Life refers to the period during which a property is expected to remain economically viable, and Functional Obsolescence relates to a decrease in property value due to outdated features or design.

Understanding these definitions can help in assessing a property’s value and its appeal in the market, providing valuable insights to realtors and potential buyers.