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

The three primary approaches to value in appraisal are the income approach, the sales comparison approach, and the cost approach. Each of these methods serves a distinct purpose in valuation.

The income approach focuses on the potential revenue that a property or asset can generate. It is particularly useful for income-producing properties like commercial real estate, where the appraiser estimates the present value of future cash flows.

The sales comparison approach involves comparing the subject property to similar properties that have recently sold in order to derive its value based on actual market transactions. This method is commonly used for residential properties, where comparable sales provide a good indicator of value.

The cost approach evaluates the value of a property based on the costs associated with creating or replacing it. This approach assesses the cost to construct a similar property, subtracting depreciation, to arrive at a current value estimate.

The term "market value approach" is not a standard term in valuation practice; rather, market value is a concept that may be derived from the other approaches mentioned. Therefore, it does not stand alone as one of the primary methods of appraising property. Understanding these distinctions is essential for accurately identifying and applying the appropriate appraisal techniques.