13-27.The approach based on the idea that a buyer will not pay more for a property than the amount it would take to build it from scratch is:

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The approach based on the idea that a buyer will not pay more for a property than the amount it would take to build it from scratch is the cost approach. This approach involves analyzing the cost of the land, materials, and labor required to construct a similar property, and adjusting for factors such as depreciation or obsolescence. The cost approach is often used in conjunction with other approaches, such as the income approach and the market approach, to arrive at a more accurate appraisal value for a property.

13-27The Approach Based on the Idea That a Buyer Will