Which statement about the unit-in-place and square-foot methods is accurate?

The statement that both methods rely on information provided by cost manuals is accurate because both the unit-in-place and square-foot methods utilize standardized cost data to estimate construction costs. Cost manuals provide detailed pricing for materials, labor, and overhead, which are essential for accurately calculating expenses associated with real estate projects. This reliance on industry-standard data helps ensure that estimates remain consistent and reflect prevailing market rates.

The unit-in-place method involves determining the costs associated with each individual component of a construction project, while the square-foot method simplifies this by calculating a cost per square foot based on averages. Both approaches are valuable in different contexts, allowing estimators to apply the most appropriate method depending on the nature and requirements of the project.