Which of the following are the three approaches to value in property appraisal?

The three approaches to value in property appraisal are the Market, Cost, and Income approaches. The Market Approach, also referred to as the Sales Comparison Approach, assesses property value based on the sale prices of similar properties in the area. This method relies on the principle of substitution, which states that a buyer will not pay more for a property than the cost of acquiring a comparable property.

The Cost Approach estimates value based on the cost to replace or reproduce the property, minus any depreciation. It considers both the land and the structure's value and is particularly useful for new construction or unique properties where comparables might be limited.

The Income Approach calculates the value of a property based on its ability to generate income, commonly used for investment properties. This approach incorporates projected rental income and applies capitalization rates to estimate the value based on cash flow expectations.

The other options include terms that either do not accurately represent the standard appraisal approaches or incorporate elements that are not foundational to determining property value. While "Expense" and "Depreciation" are elements that may come into consideration in certain contexts, they do not represent the primary methodologies utilized to assess property value in appraisals. Capitalization is a technique used within the Income Approach, but it is not a standalone approach