Property Valuation
What is 'reconciliation' in the appraisal process?
AThe process of matching the property tax assessment to appraised value
BThe final step in the appraisal process where the appraiser weighs the value indications from all applicable approaches to arrive at a final value conclusion✓ Correct
CThe process of reconciling the title search with the survey
DA mathematical averaging of the three appraisal approaches
Explanation
Reconciliation (or correlation) is the appraiser's professional judgment process of weighting the value indications from the sales comparison, cost, and income approaches based on their reliability for the specific property type. For a single-family home, the appraiser might give primary weight to the sales comparison approach and secondary weight to the cost approach. Reconciliation is NOT a simple average — it requires reasoned judgment to arrive at a final value opinion.
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