Florida Real Estate Practice Exam

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What is the estimated value by cost approach of a property, considering the given data?

$110,000
$115,000
$140,000
$90,000

The correct answer is: $110,000

The estimated value by cost approach of a property is determined by calculating the cost to rebuild or replace a property, taking into account the cost of materials, labor, and overhead. Option B may seem like a viable answer, but it is not the most accurate estimate as it is slightly higher than the given data. Options C and D are far off from the given data and are not realistic estimates for the cost approach. Option A is the closest estimate to the given data and therefore the most reasonable answer.