Which of the following is NOT one of the three approaches to property valuation?

The correct answer is the market analysis approach, as it is not traditionally considered one of the three primary approaches to property valuation. The three recognized methods used in property valuation are the sales comparison approach, the cost approach, and the income approach.

The sales comparison approach focuses on comparing the property being valued to similar properties that have sold recently, assessing differences in features, location, and sale conditions to arrive at an appropriate value.

The cost approach estimates the value of a property by determining the cost to replace or reproduce the asset, less any depreciation. This approach is particularly useful for new constructions or unique properties where comparable sales data may not be available.

The income approach is often applied to investment properties and is based on the potential income generation of the property, capitalizing future income into a present value.

The market analysis approach, while valuable in assessing overall market trends and conditions, does not directly serve as a formal valuation method, which is why it is not considered one of the three main approaches.