Which method is NOT typically used to estimate replacement cost?

The income capitalization method is primarily used to assess the value of an income-generating property based on its expected future cash flows, rather than estimating the cost to replace the property. This method focuses on the income that could be generated from the property, taking into account factors such as rental income, operating expenses, and capitalization rates.

In contrast, the other methods mentioned—cost per square foot, unit in place, and quantity survey—are all designed specifically for estimating replacement costs. The cost per square foot method calculates the cost based on the total area of the property, while the unit in place method evaluates the costs by looking at specific components of the building as they are installed. The quantity survey method involves a detailed breakdown of materials and labor, providing a comprehensive estimate of replacement costs.

Using these methods ensures that the replacement cost is assessed from a construction and materials perspective, aligning them with industry standards for estimating property value and costs associated with rebuilding or replacing structures.