Property Valuation
The 'reconciliation' step in an NC appraisal involves:
AAveraging the values from all three approaches
BWeighing the results from the applicable approaches and arriving at a final value opinion✓ Correct
CReviewing the property owner's tax records
DVerifying the comparable sales with the listing agents
Explanation
Reconciliation is the appraiser's process of weighting the value indicators from the applicable approaches (sales comparison, cost, income) based on the type of property and available data, to arrive at a final, supportable value opinion.
Related North Carolina Property Valuation Questions
- An appraiser is using the income approach to value a small apartment building. The property generates $96,000 annual gross income and has a 10% vacancy rate, operating expenses of $30,000, and a cap rate of 8%. What is the indicated value?
- Functional obsolescence in a property might be caused by:
- A comparable sale closed 6 months ago at $300,000 and the market has appreciated 1% per month since then. What is the time-adjusted price?
- The gross rent multiplier (GRM) for a property that sells for $240,000 and rents for $1,600/month is:
- In NC, a 'mass appraisal' is performed by county assessors for:
- The 'assemblage' of multiple smaller parcels into one larger parcel may create 'plottage value' because:
- In NC, county property tax assessments are supposed to reflect what percentage of market value?
- An 'as-is' appraisal value for a NC property with deferred maintenance reflects:
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