Which approach is NOT typically used in real estate appraisal?

The income approach, cost approach, and comparable sale approach are established methods used in real estate appraisal to determine the value of a property. The income approach is primarily for investment properties, where expected income generation is analyzed to estimate value. The cost approach assesses the cost to replace or reproduce the property minus depreciation. The comparable sale approach involves analyzing recent sales of similar properties to establish value.

In contrast, the market research approach is not a standard appraisal method. While market research can provide useful insights into trends and conditions affecting property values, it does not serve as a direct appraisal method to assess individual property value. Instead, it can complement the traditional approaches by providing context about market trends and demand but does not adhere to the formal processes involved in property appraisal.