Which term describes a specific depreciation rate applied to improvements?

The correct term that describes a specific depreciation rate applied to improvements is the flat depreciation rate. This term refers to a uniform rate of depreciation that is applied consistently across all improvements over a specified period. This method assumes that the asset loses value at a constant rate, enabling property valuers and investors to calculate depreciation more straightforwardly.

While other terms listed are related to the concept of depreciation, they do not specifically refer to a rate applied to improvements. Effective age refers to how old a property appears based on its condition and usefulness rather than a calculated depreciation rate. Economic life describes the period during which a property is expected to be economically viable, but it does not quantify depreciation directly. The comparative square metre/foot method is a valuation approach that looks at market examples to determine property values, not specifically focused on depreciation rates for improvements.