What is Rhonda measuring when she examines how much longer a building can be expected to remain standing?

When Rhonda examines how much longer a building can be expected to remain standing, she is focusing on the concept of physical life. Physical life refers to the duration of time that a structure can physically exist, considering its construction quality, materials used, and the effects of environmental factors over time. It is concerned with the tangible aspects of the building, such as wear and tear, but does not take into account the economic implications or market conditions.

In this context, understanding the physical life is essential for appraisers and real estate professionals because it helps assess the longevity and durability of a property, which can affect its overall value.

Remaining economic life, on the other hand, pertains to the time a property can generate income or be economically viable before it needs significant repairs or renovations, while effective age considers the condition of the property in relation to its chronological age. Economic life specifically addresses the period during which the property is profitable and does not directly relate to how long the building itself can stand.