Mr. Williams has maintained his home in excellent condition for 15 years. The appraiser's determination exemplifies which concept?

The appraiser's determination exemplifies the concept of effective age. Effective age reflects how well a property has been maintained or updated over time, which can differ significantly from its chronological age. In this case, despite Mr. Williams' home being 15 years old, the fact that he has maintained it in excellent condition suggests that its effective age may be substantially less than its chronological age. This indicates that the property may still be in a desirable state, positively influencing its market value.

Physical age refers to the actual time that has passed since the property's construction, which is not necessarily indicative of its current condition or value. Chronological age is synonymous with physical age, simply reflecting the number of years since construction, without accounting for maintenance or upgrades. A depreciation table typically involves calculations related to value loss over time that are not relevant in assessing the condition or effective age of a well-maintained property like Mr. Williams' home. Therefore, the focus on the property's strong maintenance drives home the importance of effective age in real estate appraisal.