Property Valuation
Reconciliation in the appraisal process is the step where the appraiser:
AReconciles the seller's and buyer's opinions of value
BWeighs the indications of value from each approach used and arrives at a final opinion of value✓ Correct
CAdjusts all comparable sales to the exact same date
DFiles the appraisal report with the NREC
Explanation
Reconciliation is the appraiser's analytical process of weighing the reliability of each approach's value indication (based on data quality and applicability) to arrive at a final, supportable opinion of value.
Related Nebraska Property Valuation Questions
- The sales comparison approach to property valuation is most appropriate for:
- An automated valuation model (AVM) used by Nebraska lenders differs from a full appraisal in that an AVM:
- Effective gross income (EGI) in the income approach is calculated as:
- Appraisal reconciliation is the process of:
- External obsolescence (economic obsolescence) in an appraisal is caused by:
- A Nebraska appraiser determines functional obsolescence in an older home because it has only one bathroom for a 4-bedroom home. This is:
- A Nebraska appraiser determines a property's gross annual income is $60,000 with a 5% vacancy. The effective gross income is:
- The market value of a property is best defined as:
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