What is the primary focus of Replacement Cost in appraisal?

The primary focus of Replacement Cost in appraisal is constructing a similar structure using modern materials and techniques, which aligns with the provided answer. Replacement Cost represents the expense that would be incurred to create a functional equivalent of the original property, taking into consideration contemporary building standards and methods, rather than focusing on replicating every detail of the original structure. This approach allows appraisers to assess the property's value based on its ability to serve the same purpose in today's context, thus providing an accurate value estimate for the property in question.

The other choices address different aspects of property appraisal. Replicating the original structure might imply using the same historical materials and design, which is not the intent of Replacement Cost, as it focuses on functionality and modern compliance. Estimating renovation expenses focuses on the costs associated with upgrading or improving an existing structure, which differs from the Replacement Cost methodology. Calculating depreciation rates pertains specifically to understanding the loss of value of a property over time, which is a separate concept from determining the cost to replace a property.