Property Valuation
Reproduction cost and replacement cost differ in that:
AThey are identical concepts in appraisal
BReproduction cost is the cost to build an exact replica; replacement cost is the cost to build a functionally equivalent building using current materials and standards✓ Correct
CReplacement cost includes land; reproduction cost does not
DReproduction cost is used for commercial properties; replacement cost for residential
Explanation
Reproduction cost = cost to build an exact duplicate. Replacement cost = cost to build a functionally equivalent building using modern materials and design standards.
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