What is the definition of "reconciliation" in the appraisal process?

Reconciliation in the appraisal process refers to the method through which an appraiser weighs and combines the various indications of value derived from different approaches, such as the cost, sales comparison, and income approaches. This crucial step involves analyzing the results obtained from each method and determining their relevance and reliability based on the specifics of the property being appraised. Ultimately, the appraiser synthesizes these findings to arrive at a single, supported final value estimate.

While the other options may involve important aspects of real estate and appraisal, they do not define reconciliation properly. For instance, determining zoning regulations pertains to land-use law and does not apply directly to value estimation, while calculating property taxes relates to fiscal measures rather than the appraisal process itself. Documenting sales of comparable properties is important for market analysis but is a procedural step rather than the evaluative synthesis that reconciliation entails. Thus, the focus on weighing different value indications is what makes the definition of reconciliation accurate and integral to the appraisal process.