Property Valuation
A Minnesota appraiser determines that a property is worth $350,000 using the sales comparison approach and $360,000 using the cost approach. The appraiser reconciles the two values and concludes $355,000. This process is called:
AAveraging
BValue reconciliation and final value opinion✓ Correct
CAppraisal compromise
DSplitting the difference
Explanation
Reconciliation is the process where an appraiser weighs the results from multiple approaches and forms a final value opinion. It is not simply averaging - the appraiser gives each approach the weight it deserves based on the property type, data quality, and market indicators. The final value opinion is the appraiser's professional judgment, not a mathematical average.
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