What term refers to the number of years from the date of appraisal to when a building becomes economically valueless?

The term that refers to the number of years from the date of appraisal until a building becomes economically valueless is Remaining Economic Life. This concept is crucial in real estate appraisal because it assesses the period during which a property can generate income or maintain value in the market. By determining the Remaining Economic Life, appraisers can estimate the future income potential of a property, which is vital for investors and stakeholders.

Effective Age refers to the condition and utility of the property rather than the timeframe for its economic obsolescence. Chronological Age simply indicates how long the building has existed since its construction, without taking its economic viability into account. Total Economic Life encompasses the entire lifespan of the property from construction to when it becomes valueless, but does not specifically denote the time remaining from the appraisal date. Thus, Remaining Economic Life is the precise term that captures the economic aspect and the expected duration until the property loses its value.