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

The Emotional Valuation Approach is not one of the three main approaches to value in real estate appraisal. The primary approaches used by appraisers to determine property value include the Cost Approach, the Sales Comparison Approach, and the Income Approach.

The Cost Approach focuses on estimating the value of a property based on the cost of constructing a similar building, minus depreciation. This method is especially useful for properties that are not frequently sold or for new constructions.

The Sales Comparison Approach determines value by comparing the property to similar properties that have recently sold in the same area. This approach utilizes market data to assess what buyers are willing to pay for similar properties, making it one of the most common methods in residential appraisals.

The Income Approach is predominantly used for investment properties and involves estimating the property's value based on the income it generates or can generate. This method takes into account factors such as rental income and operating expenses to ascertain the overall value of the property.

In contrast, the Emotional Valuation Approach is not formally recognized in standard appraisal practice as it is subjective and does not rely on quantitative data or market analysis. Instead, it may reflect personal feelings or attachment to a property, which does not provide an objective basis for valuation in the real estate market.