Property Valuation
In Alaska, which of the following would NOT be considered a 'component' of the cost approach value estimate?
ASite (land) value
BReplacement cost new of improvements
CAccrued depreciation of improvements
DGross rent multiplier✓ Correct
Explanation
The cost approach = Land Value + Replacement Cost New − Accrued Depreciation. The GRM (Gross Rent Multiplier) is a tool used in the income approach and sales comparison approach, not in the cost approach.
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