Final answer:
The separate estimate of land value is part of the cost approach to property appraisal, which includes valuing the land separately from any structures on it.
Step-by-step explanation:
A separate estimate of the land value is part of the cost approach to property appraisal. This method involves estimating the value of the land as if it were vacant and available to be put to its best possible use. The value of any existing structures is then added to the land value. The cost approach is typically used for properties that are not frequently sold, such as schools, churches, or government buildings, where sufficient market data may not be available.