Which of the following is not considered an allowable expense from the appraiser's viewpoint?

Depreciation is not considered an allowable expense from the appraiser's viewpoint, primarily because it does not represent a cash outflow that can be actively managed or incurred in the same way as other operating costs. Depreciation is an accounting concept used to allocate the cost of a tangible asset over its useful life, reflecting the reduction in value as the asset ages. While it is important for financial reporting and income tax purposes, appraisers typically focus on current cash flows and tangible expenses when determining property values. Therefore, expenses like maintenance costs, property management fees, and taxes directly impact the net operating income and can be tracked as real expenditures, making them prominent considerations in property valuation.