Approach and Data

In 200 to 250 words, address the following: What are the three approaches to value and how are they used in appraisals? Describe the type of data that is needed for each approach. What is the relationship between the data collected by the appraiser and the selected approach to value? Why do you think appraisers typically choose one approach for a specific property? Guided Response:Respond to at least two of your peers and analyze the impacts that innovation has had on data collection and justify the use of all three approaches in the valuation of real estate. What ideas justify the use of all approaches for a more accurate valuation?

The three approaches to value are the sales comparison approach, cost approach, and the income approach. In our chapter, Betts &...