In the context of appraisal methods, what does "RCN" stand for?

In the context of appraisal methods, "RCN" stands for Replacement Cost New. This term refers to the cost to replace a property with a new equivalent structure using modern materials, standards, and techniques. The concept is pivotal in property appraisal as it helps appraisers determine the value of a property by assessing how much it would cost to replace the structure if it were newly constructed today.

Replacement Cost New is particularly important in scenarios where the property being appraised is unique or where comparable sales are not easily available. By calculating the cost of replacing a building with a similar one, appraisers can effectively estimate the value of the property, considering both the physical and functional aspects of the structure.

The other terms provided do not align with recognized appraisal terminology. For instance, Real Cost Net and Registered Cost Number do not have defined meanings in the context of real property appraisal, and Regulatory Cost Note does not pertain to valuation methodologies. Therefore, Replacement Cost New is the correct and relevant choice within the domain of real property appraisal.