Which term is not associated with direct capitalization?

Direct capitalization is a method used in real estate appraisal to convert income generated by a property into an indication of the property's value. This approach relies heavily on the property’s current income and expenses to derive its value through a capitalization rate.

The term "sale comparison" pertains to a separate approach in real estate valuation known as the sales comparison approach, which assesses value based on the sale prices of similar properties. This approach is distinct from direct capitalization, which focuses on income-producing potential rather than comparative sales data.

In contrast, the terms "rent factor," "net operating income," and "appraisal value" are all closely associated with direct capitalization. The rent factor is used in determining gross income, net operating income is critical as it represents the income available to be capitalized, and appraisal value is often the outcome that is calculated by applying the direct capitalization method to the net operating income.

Thus, the term "sale comparison" clearly stands out as not being associated with direct capitalization, as it relates to a different method of property value assessment.