Which of the following represents the three approaches to value?

The three approaches to value in real estate appraisal are the Cost Approach, the Market Approach, and the Income Approach.

In the Cost Approach, the appraiser estimates the current cost to replace or reproduce the property, subtracts any depreciation, and adds the land value. This method is particularly useful for new or unique properties where comparable sales data might be limited.

The Market Approach, also known as the Sales Comparison Approach, involves comparing the subject property to similar properties that have recently sold in the same area. This approach relies on current market data to determine value based on real-time transactions.

The Income Approach focuses on properties that produce income, such as rental properties. It analyzes the potential income generated by the property and capitalizes that income to arrive at a value. This approach is essential for appraisers working with investment properties.

The other options include terms that do not accurately represent the established appraisal methodologies. For instance, concepts like revenue or demand may play roles in broader economic discussions but do not correspond directly to the defined approaches used by appraisers to determine property value.