The correct answer is Option B.
The cost approach is most commonly used in public buildings like schools and churches.
What is appraisal approach?
- The cost, market comparison, and income approaches are the three different approaches or methods for conducting an appraisal. These approaches are economic models that represent various methods of estimating property value.
- All types of improved property can be appraised using the cost approach. It is the most dependable method for valuing one-of-a-kind properties.
- The cost approach provides a value insight that is the sum of the estimated land value plus the dropped in value cost of the building and other developments.
- When determining the Market Value of a property, appraisers use three approaches to value in Appraisal Practice: The Sales Comparison Method. The Cost Method. The Income Strategy.
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