Property Valuation
What is 'reconciliation' in the appraisal process?
ACorrecting errors in the appraisal report
BWeighing the results of multiple valuation approaches to arrive at a final value conclusion✓ Correct
CComparing the subject property to three comparable sales
DAdjusting the cost approach for depreciation
Explanation
Reconciliation is the final step in the appraisal process where the appraiser weighs the results of the applicable valuation approaches and arrives at a single final value estimate.
Related South Carolina Property Valuation Questions
- In South Carolina, the 'principle of substitution' in appraisal holds that:
- South Carolina property taxes are based on:
- In South Carolina, 'reproduction cost' differs from 'replacement cost' in that:
- Which of the following is NOT included in the cost approach to value?
- The South Carolina Assessor determines a property's fair market value using all three approaches. The final value conclusion is primarily determined by:
- What does 'economic life' mean in the context of South Carolina property appraisal?
- Which type of depreciation in a South Carolina property results from factors outside the property itself, such as nearby industrial development?
- In South Carolina, which of the following would NOT be considered in the sales comparison approach?
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