Property Valuation
Reconciliation in a Pennsylvania appraisal refers to:
ABalancing the escrow account at closing
BThe appraiser's process of weighing and correlating the value indications from each approach to reach a final value conclusion✓ Correct
CResolving title disputes between buyers and sellers
DThe mathematical average of all three approaches to value
Explanation
Reconciliation is the final step in the appraisal process where the appraiser weighs the results from each approach (sales comparison, income, cost) based on their relative reliability for the subject property and market, arriving at a final value opinion. It is not a simple average.
Related Pennsylvania Property Valuation Questions
- Reconciliation in a Pennsylvania appraisal report refers to:
- Which of the following best describes the principle of substitution?
- The 'principle of substitution' underlying appraisal theory states that:
- The cost approach to value estimates a property's value by:
- Plottage refers to the increase in value that results from:
- A property is assessed at $180,000 and the local millage rate is 25 mills. What is the annual property tax?
- When using the sales comparison approach, which factor would an appraiser adjust for if the comparable sold 18 months ago in a rising market?
- External (economic) obsolescence is different from functional obsolescence because it:
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