Which method is NOT one of the five methods of measuring depreciation?

The market cycle method is not recognized as one of the five standard methods of measuring depreciation in real property appraisal. The five recognized methods include the sales comparison method, capitalization of income method, observed condition method (also known as breakdown method), and others typically focused on quantifying depreciation through various means like cost or income considerations.

The sales comparison method evaluates the value of a property based on the prices of similar properties that have recently sold, providing a basis for estimating how current market conditions affect value. The capitalization of income method works by determining the present value of future income streams that a property is expected to generate, which also indirectly accounts for potential depreciation.

The observed condition method involves assessing the physical state of a property and determining depreciation based on the actual condition and the economic obsolescence present. These methods are systematic and widely accepted, whereas the concept of a "market cycle method" does not hold the same status or established framework for measuring depreciation in appraisal practices. This illustrates the distinction between commonly accepted appraisal techniques and less formalized concepts within the field.