Property Valuation
What is 'reconciliation' in a North Dakota real estate appraisal?
AThe process of resolving disputes between the appraiser and lender
BThe process of weighing and analyzing value indications from the different appraisal approaches to arrive at a final opinion of value✓ Correct
CThe mathematical averaging of all comparable sale prices
DThe adjustment of comparable sales for time differences
Explanation
Reconciliation is the final step in the appraisal process where the appraiser analyzes the results of the different approaches to value, considers the quality and reliability of each, and arrives at a final supported opinion of value.
Related North Dakota Property Valuation Questions
- Capitalization rate (cap rate) is calculated by:
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- A North Dakota property appraiser's opinion of value differs significantly from the sale price. The appraiser should:
- What does 'highest and best use' mean in North Dakota property appraisal?
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