Which valuation method involves projecting a property's future cash flows and discounting them to present value using a required rate of return?
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A
The cost approach, which estimates replacement cost of improvements plus land value
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B
Discounted cash flow (DCF) analysis, which converts projected future cash flows to present value
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C
The sales comparison approach, which benchmarks against comparable recent transactions
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D
The gross income multiplier method, which applies a market-derived factor to gross rents