Property Valuation
What is a 'reconciliation' in the appraisal process?
AThe process of settling disputes between buyer and seller over appraisal results
BThe final step where the appraiser weighs the results of the different value approaches to arrive at a final value estimate✓ Correct
CMatching the appraised value to the contract price
DAdjusting the appraisal for changes in market conditions after the effective date
Explanation
Reconciliation is the final step in the appraisal process where the appraiser considers and weighs the value indications from the sales comparison, income, and cost approaches, then arrives at a final opinion of value. The appraiser considers which approaches are most applicable to the property type and how much weight to give each. The result is the appraiser's final opinion of market value.
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