Final answer:
The appraiser in the income approach makes use of the capitalization rate to determine the value of an investment based on expected income.
Step-by-step explanation:
In the income approach, the appraiser makes use of the capitalization rate. The capitalization rate is a percentage used to convert the future income generated by an asset into its present value. It helps determine the value of an investment based on the expected income it will generate.
The other options mentioned, such as reproduction cost, depreciate schedules, and replacement cost, are not directly related to the income approach. They may be used in other methods of property valuation, but not in the income approach.