The Cost Approach Your friend owns an old Victorian home that is considered a historical site. He tells you that he just bought fire insurance that will cover loss to replace the home in case of a fire. Hes not sure if the coverage limit will be enough, so hes asked your opinion about the situation. In 200 to 250 words, give your friend a recommendation as you tell him about the cost approach. List the five basic steps in the cost approach. Define the termsreproduction costandreplacement cost, and explain their use in appraisals. Name four methods of estimating costs and explain when each is used. List the direct and indirect costs that make up a buildings total costs. Name the important site, location, and design features that influence the construction costs of a...