Which of the following is NOT one of the three approaches to value in appraisal?

The market analysis approach is not considered one of the three primary approaches to value in appraisal. The three recognized approaches are the cost approach, the sales comparison approach, and the income approach.

The cost approach determines value based on the cost of reproducing or replacing a property, accounting for depreciation. The sales comparison approach evaluates similar properties that have recently sold to estimate the value of the property in question. The income approach is primarily used for investment properties and calculates value based on the income the property generates.

The market analysis approach, although an important aspect of real estate and appraisal, is more of a method of evaluating market trends and conditions rather than a specific approach to estimating value. Therefore, it does not fit within the established frameworks of property valuation utilized in appraisal practice.