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

In real estate appraisal, the primary approaches to determining property value are the cost approach, sales comparison approach, and income approach. The cost approach assesses the value based on the cost to replace or reproduce the property, considering land value and incurred construction costs. The sales comparison approach involves comparing the property being appraised to similar properties that have recently sold, adjusting for differences to arrive at a market value. The income approach focuses on the income-generating potential of a property, typically used for investment properties, and estimates value based on the income it produces.

The investment potential approach, while it may relate to how some investors think about the value of a property, is not an established method recognized within the standard appraisal practices. Therefore, it does not form part of the recognized approaches, which is why identifying it as the option that is NOT one of the three approaches is accurate.