Property Valuation
When a Florida appraiser reconciles the three approaches to value, they should:
AAverage the three indicated values mathematically
BWeight each approach based on its applicability and reliability for the specific property type and purpose✓ Correct
CAlways give the highest weight to the sales comparison approach
DSelect the value that is closest to the contract price
Explanation
Reconciliation is a judgment process, not a mathematical average. The appraiser weights each approach based on: (1) the availability and quality of data, (2) the type of property being appraised, and (3) the purpose of the appraisal. For residential properties, the sales comparison approach typically receives the most weight. The appraiser arrives at a single point estimate of value.
Related Florida Property Valuation Questions
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