What is the term used to describe the resolution of multiple adjusted values?

The term "reconciliation" is used to describe the process of resolving multiple adjusted values to arrive at a final decision or value. In real estate appraisal, for instance, when appraisers gather different indications of value based on various approaches—such as the cost approach, sales comparison approach, and income approach—they must reconcile these values to produce a single, cohesive estimate of value for the property.

Reconciliation involves critically evaluating each valuation method's reliability and relevance to the property in question and determining a final estimate that reflects the most accurate representation of the property's market value. This process is essential because it ensures that the final conclusion is well-supported by the analysis conducted through different valuation perspectives.

In the context of real estate, mastering the concept of reconciliation is crucial for appraisers, as it ultimately impacts sale price negotiations, lending decisions, and investment evaluations.