Which of the following is not one of the three approaches to value in real estate appraisal?

In real estate appraisal, the methodologies used to determine a property's value are often categorized into three main approaches: the cost approach, the income approach, and the sales comparison approach. The cost approach calculates the value based on the cost of constructing a similar property minus any depreciation. The income approach focuses on the potential income generated by the property, making it particularly useful for investment properties. The sales comparison approach, on the other hand, compares the property in question to similar properties that have recently sold in the area to establish a value based on market conditions.

While there is no formal "comparative approach" recognized in these three primary methods, the sales comparison approach and the term "comparative" might sound similar, but they are not interchangeable. Thus, identifying the comparative approach as not being one of the main valuation methodologies clarifies the core practices used in real estate appraisal.