Approaches to value
Replacement cost and reproduction cost
The cost to build equivalent utility, versus the cost to build an exact copy
Replacement cost builds a structure of equivalent usefulness with current materials and methods. Reproduction cost builds an exact duplicate, period detail and all, which is why it is reserved for historic property.
How the exam asks about it
Replacement is the ordinary basis; reproduction is the exception, and mixing them up on a historic building is the point of the item.
Related terms
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