Property Valuation
In Illinois appraisal practice, 'reconciliation' in the appraisal process refers to:
ANegotiating the sales price between buyer and seller
BThe appraiser's process of weighing the indications of value from different approaches to arrive at a final value estimate✓ Correct
CCorrecting errors in the county assessor's records
DThe process of updating the appraisal annually
Explanation
Reconciliation (or correlation) is the final step in the appraisal process where the appraiser analyzes the value indications produced by the different approaches (sales comparison, cost, income) and weighs them based on their appropriateness and reliability for the specific property. The appraiser does not average the results but rather applies professional judgment to arrive at a final value estimate.
Related Illinois Property Valuation Questions
- When using the sales comparison approach, paired sales analysis involves:
- Which appraisal approach is most commonly used for special-purpose properties such as churches and schools?
- A competitive market analysis (CMA) is typically prepared by a:
- An over-improvement is a property improvement that:
- The principle of progression in real estate valuation means:
- An Illinois appraiser is valuing a special-use property like a church. Which approach to value is typically MOST appropriate?
- A property that sold for $350,000 five years ago is similar to one that sold for $425,000 today in a comparable neighborhood. The annual appreciation rate is approximately:
- An appraisal of a single-family home for a conventional purchase mortgage must typically be performed by:
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