In property appraisal, which of the following is NOT part of the price calculation?

In property appraisal, the assessment of price generally involves tangible economic factors that directly contribute to the overall valuation of a property. Sale price, land value, and replacement cost new less depreciation are all critical components in determining the market value of a property.

The sale price represents the actual price for which a property is being sold, which provides essential information regarding the market conditions and buyer demand. Land value helps assess the worth of the underlying land, independent of the structure, while replacement cost new less depreciation allows appraisers to estimate the current value of a property based on how much it would cost to replace it, accounting for depreciation over time.

In contrast, building age is not a direct factor in the price calculation. While the age of a building might influence perceptions of value and could affect depreciation schedules, it does not directly contribute to the actual determination of price. The age of the building might inform other aspects, but it does not function as a standalone element in price calculations. Therefore, it is correctly identified as not being part of the price calculation process in property appraisal.