What is the term used to describe the cost to create an exact duplicate of a building in the cost approach to valuation?

The term that refers to the cost to create an exact duplicate of a building in the cost approach to valuation is "reproduction cost." This concept focuses specifically on the expense associated with constructing an identical replica of an existing property, using the same materials, design, and specifications as the original.

In real estate appraisal, understanding reproduction cost is crucial for appraisers who use the cost approach to determine a property's value. This is particularly applicable for unique buildings or landmarks where originality is an important consideration.

While replacement cost pertains to the cost of constructing a building with similar utility but using modern materials and techniques, it does not reflect the exact duplicate aspect as reproduction cost does. Market cost and development cost are more general terms that do not specifically pertain to the valuation of an existing building through the replication of its original structure. Thus, reproduction cost is the precise term that encapsulates the idea of creating an exact duplicate, which is essential for accurate valuation in certain contexts.