Which of the following statements is TRUE?

1. If the cost approach produces a value that is higher than the direct comparison or income approaches, it may be an indication that the development is not economically feasible.

2. The cost approach results in an indication of the value of the leased fee interest in a property.

3. The cost approach can only be used to value new properties.

4. A proposed development is considered financially feasible when market value equals total hard and soft costs.