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cost approach Real Estate License Exam Study Guide AgentExamPass.com

cost approach appraisal method based on cost of rebuilding structure The cost approach of estimating uses the replacement cost of structures (called improvements) to arrive at a fair market value. The method takes the cost of replacing the improvement and adds it to the land value. The method is called cost approach because the cost of replacement is the unique aspect of the appraisal method. Related Words: improvements, appraisal Multiple Choice Question cost approach A budget which uses costs to keep profits in line B appraisal method based on cost of rebuilding structure C principal’s signature as to type of agency chosen D appraisal by comparing sales of recently sold properties Correct Answer: b If you would like to suggest corrections to this word, email us at [email protected]. Thank you. This word appears in the book Vocab-U-Bee California CA Real Estate License Exam Top Pass Words Find links to all our playlists at VocabUBee.com Vocab-U-Bee Values: Consistency First, One Small Step Each Day and the 42 Bee March Thank You! and Good Luck!