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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Effective Age

Function: noun

Definition 1:
An estimate made by an appraiser of what actual age a property's condition would make it similar to. For example, a new property that was damaged and had many broken components might have a larger numerical value for its effective age than an old building that was meticulously maintained.