Property Valuation
In Tennessee, an appraisal's 'reconciliation' step involves:
AAveraging the three approaches to value
BWeighing the results of each approach based on reliability and applicability to the specific property✓ Correct
CChoosing the highest value from the three approaches
DSubmitting the appraisal to TREC for review
Explanation
Reconciliation requires the appraiser to analyze the results from all applicable approaches and weigh them based on the quality of data and relevance to the property type to arrive at a final value conclusion.
Related Tennessee Property Valuation Questions
- In Tennessee, which organization sets minimum appraisal standards for federally related transactions?
- Comparative Market Analysis (CMA) is typically prepared by a:
- When using the gross rent multiplier (GRM), if a property rents for $1,500/month and comparable properties sell at a GRM of 120, what is the estimated value?
- When an appraiser uses the direct comparison approach, the final value indication is most influenced by:
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- Economic obsolescence (external obsolescence) is a loss in value caused by:
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