Reconciliation — Weighing Three Answers

An appraisal often produces three value indications — sales comparison, cost, and income. RECONCILIATION is the judgment step that weighs them by relevance and data quality; it is never a mathematical average. For a family home, sales comparison dominates; for a new fire station, cost; for a rented duplex, income. The appraiser explains the weighting in the report and states one final opinion of value. Exam trap: answers that say 'average the three approaches' are wrong — the word you want is 'reconcile' or 'correlate'.