In which situation is the reconciliation process typically used by appraisers?

The reconciliation process is utilized by appraisers specifically when comparing values derived from different appraisal approaches to arrive at a final estimation of value. This process is crucial because appraisers often apply multiple methodologies to evaluate a property's worth: typically the cost approach, the sales comparison approach, and the income approach.

Each of these methods may yield different estimations based on the data and assumptions employed. Through reconciliation, appraisers analyze the results from these different approaches to determine which is the most applicable or credible for the specific property being appraised. This careful consideration allows the appraiser to arrive at a well-supported final value estimate, which is essential for accurate reporting, financing, or any other purposes for which the appraisal is conducted.

In this context, the reconciliation process ensures that the appraiser provides a comprehensive view and justification for the final assessed value, reflecting a thorough analysis of all evidence gathered from varying perspectives.