Which of the following is NOT one of the three approaches to value used by appraisers?

The Market Price Approach is not considered one of the three primary approaches to value that appraisers utilize. The established methods used for appraisals are the Cost Approach, Sales Comparison Approach, and Income Approach.

The Cost Approach assesses the value of a property based on the cost to replace or reproduce it, minus depreciation. This approach is particularly useful for new construction or special-use properties where comparable sales data may be limited.

The Sales Comparison Approach involves comparing the subject property to similar properties that have recently sold in the same area. Adjustments are made for differences between these properties to arrive at a value estimate.

The Income Approach is primarily used for investment properties and estimates a property's value based on the income it generates, considering factors such as rental income and operating expenses.

The Market Price Approach, while it may reflect what buyers are willing to pay in the current market, is not formally recognized in appraisal practices as a method to establish value. Instead, it can be seen more as an outcome of the market rather than a calculation method employed by appraisers.