Property Valuation
Which appraisal approach is most commonly used for special-purpose properties such as churches and schools?
ASales comparison approach
BIncome approach
CCost approach✓ Correct
DGross rent multiplier approach
Explanation
The cost approach is typically used for special-purpose properties (churches, schools, government buildings) because they rarely sell and generate no income. It estimates value by calculating the land value plus the depreciated cost to replace the improvements.
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