Property Valuation
The reconciliation process in an appraisal involves:
AAveraging the value indicators from all three approaches
BWeighing the results of different valuation approaches and arriving at a single final value estimate✓ Correct
CConfirming the value with the lender before submission
DChecking the appraisal against the county tax assessment
Explanation
Reconciliation is the final step in the appraisal process in which the appraiser reviews and weighs the value indicators from each approach used (sales comparison, cost, income) and arrives at a single, well-supported final value estimate based on the most relevant approach for the property type.
Related Tennessee Property Valuation Questions
- The appraised value established in a residential appraisal is most accurately described as:
- The 'sales comparison approach' to value is most reliable when:
- In the income capitalization approach, a lower capitalization rate results in a:
- An appraiser using the sales comparison approach finds a comparable sale with a garage that the subject property lacks. The appraiser would make a:
- In Tennessee, which of the following factors would increase property value according to the principle of conformity?
- A building has an economic life of 50 years and an effective age of 10 years. Its remaining economic life is:
- A Tennessee appraiser determines that a comparable sale requires a net adjustment of +$8,000 and the adjusted sale price is $265,000. What was the original sale price?
- In Tennessee, which type of depreciation is caused by changes in the surrounding neighborhood, such as industrial development near a residential area?
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