Property Valuation
What is 'reconciliation' in the appraisal process?
ABalancing the escrow account at the closing of a real estate transaction
BThe final step in the appraisal where the appraiser weighs the value indicators from the different approaches and arrives at a final opinion of value✓ Correct
CThe process of reconciling the survey with the legal description
DBalancing the income and expense figures in the income approach
Explanation
Reconciliation is the final appraisal step where the appraiser reviews and weighs the value indications from each applicable approach (sales comparison, cost, income), considers the relative reliability of each given the property type and available data, and arrives at a final single point estimate of market value.
Related Delaware Property Valuation Questions
- What is 'mass appraisal' in the context of Delaware property tax assessment?
- In an income property analysis, 'potential gross income' (PGI) is:
- Which type of depreciation in an appraisal is caused by wear and tear from use and aging of a building?
- External (economic) obsolescence affecting a Delaware property could be caused by:
- In the cost approach, accrued depreciation includes:
- The income approach to value relies primarily on:
- Reproduction cost in the cost approach is the cost to:
- In the income approach, before applying the cap rate, the appraiser must estimate:
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