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

The correct answer is the sales comparison approach, which is commonly referred to as the market approach. The three primary approaches to valuing real estate are the cost approach, the income approach, and the sales comparison approach. Each of these methods provides a different perspective on assessing property value, catering to various types of properties and circumstances.

The cost approach estimates value based on the cost to replace or reproduce the property, minus depreciation. The income approach focuses on the potential income a property can generate, which is particularly relevant for investment properties. The sales comparison approach, also known as the market approach, involves analyzing the prices of recently sold comparable properties to determine the value of the subject property.

In this context, it is clear that the option identified as "market approach" is synonymous with "sales comparison approach." Thus, selecting B does not adhere to the established classification of appraisal methods, where the sales comparison approach is indeed one of the three recognized approaches to value, while all the others listed are valid methods in the appraisal process.