Final answer:
The most likely valuation approach used by an appraiser to appraise a church is the income approach.
Step-by-step explanation:
The most likely valuation approach that an appraiser would use to appraise a church is the income approach. This approach values the church based on its potential income-generating capacity, such as rental fees for events or donations from congregation members.
The appraiser would analyze the financial statements and consider factors such as the size and condition of the church, its location, and the demographics of the congregation to estimate its income potential.