What is the term for a measure of time that can be higher or lower than the chronological age of a property?

The term that refers to a measure of time that can be higher or lower than the chronological age of a property is effective age. Effective age takes into account the condition of the property, the level of maintenance, and updates or renovations that have occurred, allowing it to differ from the actual chronological age. For instance, a property that has been recently renovated may have an effective age that is significantly less than its chronological age, reflecting its improved condition and functionality. Conversely, a property that has not been well maintained may have an effective age greater than its chronological age, indicating higher wear and tear.

Other terms listed, such as apparent age and perceived age, might be used in a more subjective context, often regarding the impressions presented to an observer rather than a standardized measure used in appraisal. Structural age is not a commonly used term in appraisal practice, nor does it carry the same connotation of reflecting a property’s quality or condition in relation to its actual age.