What term is Willy measuring when calculating how many more years a property can be used for its current purpose?

The term that Willy is measuring when calculating how many more years a property can be used for its current purpose is known as remaining economic life. This concept refers specifically to the duration for which an asset, in this case, the property, is expected to generate income or fulfill its intended use before it becomes obsolete or non-functional.

Remaining economic life is crucial for appraisals as it helps determine the value of the property based on its future utility. It takes into account both the age of the property and the condition in which it is maintained. By understanding how many more years the property is viable for its current use, appraisers can more accurately assess its current market value and potential for future income.

In contrast, economic life refers to the total period during which the property can be profitably used, not just the remaining time. Effective age measures how old a property appears based on its condition and economic life can include factors that may shorten this lifespan. Physical life describes the total physical durability of the property without considering its economic viability.