Which term describes the process of blending multiple appraisals into a final value opinion?

• A. Plottage
• B. Reconciliation
• C. Market Price
• D. Gross Rent Multiplier

Answer: (B)

Reconciling is the step where an appraiser blends multiple valuation approaches into a single, final value opinion. After preparing different estimates using methods like cost, sales comparison, and income approaches, the appraiser evaluates how credible each method is for the specific property and market context. They weigh factors such as data quality, applicability, and the reasonableness of adjustments, then combine the results—often by weighting or averaging or selecting the most reliable method—to arrive at one supported value. The final reconciliation explains why this synthesized value best reflects the property’s worth given the evidence.

For context, plottage means adding value by combining adjacent parcels, which is a separate concept. Market price is the actual price at which a property transactions, not the synthesized appraisal opinion. The gross rent multiplier is a quick, property-type-specific method for estimating value from rent, not the process of reconciling different appraisal opinions.