Which of the following is calculated in the cost approach of real estate appraisal?

In the cost approach of real estate appraisal, the primary focus is on determining the value of the property based on the costs associated with replacing or reproducing the improvements on the property. This method involves calculating the current replacement cost of the property's improvements and then subtracting any depreciation that may have occurred over time.

This approach is particularly useful for new properties or unique structures where comparable sales data may be less relevant. It reflects the idea that a buyer should not pay more for a property than it would cost to build a similar one from scratch, factoring in depreciation and land value. Thus, calculating the replacement cost of the property's improvements is essential to derive an accurate and justifiable appraisal value through the cost approach.

Other options involve different appraisal methodologies. For instance, future income considerations pertain more to the income approach, while sales prices of comparable properties relate to the sales comparison approach. Current market trends can inform various appraisal methods but are not directly calculated in the cost approach itself.