What can Monique do if the lender requires her to use the cost approach, but the property is too old to estimate reproduction cost?

In a scenario where the lender asks for the cost approach but the property is too old to accurately estimate reproduction costs, estimating construction costs using replacement costs is a valid approach. The replacement cost reflects what it would cost to replace the property with a similar one in terms of utility and functionality rather than exact replicas. This method takes into account current materials and labor costs, which can provide a more relevant figure for evaluation, especially in older properties where reproduction costs may not accurately represent current value or construction practices.

This approach allows Monique to meet the lender's requirements by utilizing a relevant method to assess value, even when exact reproduction costs are not viable. It ensures that Monique remains compliant with the lender’s request while employing a practical solution for determining the value of an older property.

The other options, while potentially useful in different contexts, do not directly align with the requirement to use the cost approach. Historical market data might not meet the lender's specifications, ignoring the request outright would not be a constructive solution, and while hiring an appraiser could provide additional insights, it does not directly address how Monique can fulfill the lender's requirements herself. Thus, estimating construction costs using replacement cost stands as the most appropriate course of action.