Kiki is trying to determine the age of a small apartment complex. What's she measuring?

When determining the age of a small apartment complex, Kiki is measuring effective age. Effective age refers to the age of a property as perceived by the market, which can differ from its actual chronological age. This concept takes into account the condition of the property, updates, and renovations that could affect how old or new the property feels to potential buyers and tenants.

In the context of appraisal, effective age is significant because it reflects how market conditions and property maintenance impact the property’s value beyond just its physical age. If Kiki discovers that the apartment complex has been well-maintained or updated, its effective age might be less than the actual age, leading to a more favorable appraisal outcome. Thus, focusing on effective age allows her to gain a comprehensive understanding of the property’s market position.