Property Valuation
In South Carolina, 'reconciliation' in the appraisal process refers to:
ASettling disputes between buyer and seller
BThe appraiser's process of weighing the results from multiple value approaches to reach a final opinion of value✓ Correct
CAdjusting comparable sale prices for financing differences
DMatching the assessed value to the appraised value
Explanation
Reconciliation is the final step in appraisal where the appraiser reviews and weighs the value indications from each approach (sales comparison, cost, income) and develops a final conclusion of value based on which approach is most reliable for the property type.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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