Property Valuation
In a West Virginia appraisal, the 'principle of substitution' supports which appraisal approach?
AThe income approach exclusively
BAll three approaches — sales comparison, cost, and income✓ Correct
COnly the cost approach
DNone; substitution applies only to economics
Explanation
The principle of substitution underlies all three appraisal approaches: a buyer would not pay more for a property than the cost to acquire an equally desirable substitute.
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