Useful Life
Definition of "Useful life"
Usual operating service life of property for the purpose it was acquired. The useful life used for depreciation accounting does not necessarily coincide with the actual physical life or any commonly recognized economic life. An example is a building that can be used for 30 years.
Popular Real Estate Terms
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Expected period that property will provide benefits. It is typically less than physical life of the property because the property continues to have physical life regardless of inefficiency ...
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