Which of the following is NOT a component required for the yield change technique?

In the yield change technique, the required components primarily focus on the overall yield rate and capitalization rates to assess the investment's performance over time. These factors are crucial for understanding how changes in income or expenses will affect the overall yield and, consequently, the value of the property.

The current market value, while important in real estate valuation, is not a fundamental component of the yield change technique itself. Rather, this technique emphasizes how yield rates and capitalization rates interact, particularly looking at their rate of change over time. This means that the current market value does not play a direct role in the calculations or evaluations involved in applying the yield change technique.

The other components involved—overall yield rate, overall capitalization rate, and the constant rate of change—are essential to determining the valuation and expected returns from the property investment. They provide the necessary framework for analyzing how the yield is affected by changes in the market or operational performance. Hence, noting that current market value is not required helps clarify the focus of the yield change technique on yield and capitalization rather than on the market value metric.