The cost to replace or replicate property at today's prices is described by________.
A)real property
B)personal property
C)replacement value of property
D)actual cash value

Question

Quizplus · Accepted Answer

The replacement value of property is the cost to replace or replicate the property at today's prices. This includes the cost of labor, materials, and any other expenses that would be incurred to replace the property. Real property refers to land and any structures permanently attached to the land, while personal property refers to movable items such as furniture and clothing. Actual cash value is the cost to replace the property minus any depreciation.

The Cost to Replace or Replicate Property at Today's Prices