# Real Estate Exam [California] 23, Cost Approach and Depreciation

Page: https://stenobird.com/podcast/real-estate-exam-prep-7644240/real-estate-exam-california-23-cost-approach-and-depreciation
Text version: https://stenobird.com/podcast/real-estate-exam-prep-7644240/real-estate-exam-california-23-cost-approach-and-depreciation.md
Podcast: [Real Estate Exam Prep](https://stenobird.com/podcast/real-estate-exam-prep-7644240)
Published: 2026-06-27T00:21:14+00:00
Episode link: https://open-exam-prep.com/
Audio file: https://episodes.captivate.fm/episode/caa0328a-6731-4543-9f77-3a5bc7024dae.mp3
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Duration seconds: 246

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The core formula for the cost approach: (Replacement/Reproduction Cost - Accrued Depreciation + Land Value = Property Value). - The critical difference between replacement cost (same utility, modern materials) and reproduction cost (exact replica). - The three types of depreciation tested on the exam: physical deterioration, functional obsolescence, and external obsolescence. - How to distinguish between curable (economically feasible to fix) and incurable depreciation, and why external obsolescence is always incurable. - When the cost approach is the most appropriate valuation method: for new construction and special-purpose properties like schools or churches. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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