Property Valuation
When a Virginia appraiser reconciles the three approaches to value, they are doing which of the following?
AAveraging the three values
BWeighing each approach's reliability and applicability to arrive at a final value conclusion✓ Correct
CSelecting the median value automatically
DUsing only the highest value
Explanation
Reconciliation is not a mathematical average. The appraiser evaluates the reliability, applicability, and quality of data in each approach for the specific property type and gives greater weight to the most credible approach.
Related Virginia Property Valuation Questions
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- The principle that states the value of a property is enhanced when it conforms to the surrounding neighborhood is known as:
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