Which of the following statement about the valuation approaches is FALSE? Sales comparison approach assumes that the operating expenses are similar for subject and comparable properties. While using the direct cap approach to evaluation properties with the nonrecurring items, we can take an annual average of such items and adjusting NOI downwards by deducting such outlays like annual expenses. Discounted present value method assumes that property value is equal to the present value of all future NOls. Gross income multiplier and direct capitalization approach rely heavily on the market transaction of comparables