Property Valuation
What is the purpose of a reconciliation step at the end of a West Virginia real estate appraisal?
ATo average the three approaches to value equally
BTo weigh and synthesize the results of all approaches to arrive at a final value conclusion✓ Correct
CTo reconcile the difference between appraised and assessed value
DTo confirm the owner's opinion of value
Explanation
Reconciliation is the process of weighing and synthesizing the results of the approaches to value (sales comparison, cost, and income) based on their applicability and reliability for the specific property, arriving at a final, supportable value conclusion.
Related West Virginia Property Valuation Questions
- In a West Virginia neighborhood undergoing revitalization, the principle of change would lead an appraiser to:
- When appraising a historic property in downtown Huntington, WV, functional obsolescence might be indicated by:
- A West Virginia appraiser is performing an appraisal for a property tax appeal. The standard of value used is typically:
- In West Virginia, which property would typically have the highest cap rate in the market?
- In West Virginia, what is the significance of the 'absorption rate' in real estate market analysis?
- Highest and best use of a property is defined as the use that is:
- A West Virginia appraiser estimates accrued depreciation using the age-life method. The building is 15 years old with a total economic life of 50 years. Reproduction cost new is $200,000. What is the accrued depreciation?
- A West Virginia appraiser is performing an appraisal for a divorce proceeding to determine the marital estate's real property value. The relevant standard of value is:
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →