On which of the following properties would you most likely use the income approach to appraising?

The income approach to appraising is most frequently applied to properties that generate income, making it particularly suitable for commercial real estate investments. Office buildings, as income-producing properties, have rental income potential that can be analyzed to determine their value. This approach evaluates the expected income from the property, such as rent collected from tenants, and then capitalizes that income over time to arrive at a value estimate.

In contrast, residential properties and condominiums are generally valued using the sales comparison approach, which focuses on recent sales data of similar properties rather than their income potential. Vacant land typically does not generate income and is more often assessed through the cost approach or comparable sales, as its value is driven by factors such as location and potential development opportunities rather than income generation. Therefore, the office building is the property type that most aligns with the income approach, emphasizing the importance of income streams in determining its market value.