Property Valuation
Reconciliation in a Pennsylvania appraisal report refers to:
AThe process of correcting mathematical errors in the sales comparison grid
BThe appraiser's analytical process of weighting and combining value indications from multiple approaches to arrive at a final value opinion✓ Correct
CThe county assessor's process of updating assessed values to reflect current market conditions
DA PREC review process for appraiser licensing compliance
Explanation
Reconciliation is the final analytical step in an appraisal where the appraiser reviews and weights the value indications derived from the sales comparison, cost, and income approaches — selecting which approaches are most reliable given the property type, available data, and purpose of the appraisal — to arrive at a final value opinion. For example, in valuing a Philadelphia single-family home, the appraiser might weight the sales comparison approach most heavily while giving less weight to the cost approach due to abundant comparable sales data.
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