critically evaluate and analyze issues in relation to the chapters seven and eight focusing on real estate valuation. describe the sales comparison, cost, and income approaches to appraisal, then give examples, and critique. these questions should not be generic and should include specific examples also, they should be well-structured and detailed.

Please answer the following questions comprehensively. demonstrate critical thinking and a deep understanding of the concepts discussed.

1. Explain how market value, investment value, and transaction prices are used in real estate. In what way do these concepts differ, and why are they significant for appraisers? 2. Describe the sales comparison approach of property valuation. What are the implementation steps of this method? Explain how this strategy would be adopted using an example of a property within the local context. 3. Explain the cost approach to real estate appraisal. First, the primary components of this method are identified and second, the occasions when the use of this method is most appropriate are described. 4. Explain what is called income approach to property valuation particularly the direct capitalization and the discounted cash flow method?. This brings into view the differences of these methods, and the key pros and cons of each. Substitute the example of the Center Point the office building for the last part of your explication.

5. Describe how Reconciliation is done at the final stage of property valuation. How does an appraiser justify the values obtained from the income, cost and sales approaches and come up with an estimate?