Exam 15: Reconciling the Value Estimates

The sales comparison approach is considered the most direct of the three approaches.

If the data reviewed for one value approach is marginally reliable, the resulting value is still given equal weight.

Rounding the final answer to a large number of significant digits adds professionalism to the appraisal.

The quantity of data collected is not a factor in reviewing the results of a particular value approach.

The value conclusion should fall within the range of value indications from the approaches applied.

If large adjustments were required in any approach, the value indicated by that approach should be totally ignored.

Appraising the appraisal means to evaluate each value approach, the data used, and the range of indicated value.

Reconciliation is defined as estimating value.

The final value conclusion should be an average of the three approaches to value.

Before reconciliation begins, the appraiser should review the overall appraisal process.