What term describes the expected duration for which a property's improvement remains useful?

The term that accurately describes the expected duration for which a property's improvement remains useful is known as "economic life." This concept is essential in real estate and property valuation because it indicates the period during which a property is expected to generate income or provide utility. Economic life takes into account factors such as wear and tear, market trends, and potential obsolescence, which can all affect how long the improvements on a property are viable for use.

In real estate terms, understanding economic life helps investors and appraisers assess the value of a property accurately over time. It serves as a crucial factor in decisions related to valuation and investment strategies, ultimately influencing the market appeal and financial viability of the property.

The other terms listed relate to different aspects of property and real estate. Effective gross income pertains to the expected income from a property after accounting for vacancy and collection losses. Easement by condemnation involves the right to use a portion of someone else's property, typically acquired for public use through legal means. Dower and curtesy are legal terms referring to the rights a spouse has in the property of the other spouse upon death. Each of these terms plays a role in real estate, but they do not describe the concept of the duration of usefulness of property improvements as effectively as economic