问题如下：
Based on below information, what is the value of the Property using the cost approach?
选项：
A.£2,310,000.
B.£5,110,000..
C.£8,690,000.
解释：
B is correct.
考点：成本法估计房地产价值
解析：Value of Property= land value + (replacement building cost + developer’s profit) – deterioration – functional obsolescence – locational obsolescence – economic obsolescence = £1,200,000 + (£6,500,000 + £2,800,000) – £3,580,000 – £380,000 – £960,000 – £470,000 = £5,110,000
老师， 所以replacement cost 不是upper limit么？或者说这个upper limit 上面还要再加个profit ?
李老师说replacement cost是upper limit ，不包括profit， 要是cost 大于这个，我就自己去建一个。
而开发商要卖房子，所以replacement cost是lower limit ，plus profit is the valuation price. 这个我懂。
