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There are three approaches that real estate appraisers use to value real property, namely, the market or sales comparison approach, the income approach, and the cost approach. The sales comparison approach is the primary way that residential real estate is appraised with the cost approach thrown in for good measure. For income producing properties, which includes commercial real estate as well as farm real estate, all three approaches are frequently used. When there are minimal improvements on farmland, the sales comparison and income approaches often provide competing estimates of value that must be reconciled so that an appraiser can render a single opinion of value.