Which step in the appraisal process must be completed before the final appraisal value can be reported?

Reconciliation is an essential step in the appraisal process that must be completed before the final appraisal value can be reported. This step involves evaluating and synthesizing the results obtained from the various approaches to value—such as the cost approach, income approach, and sales comparison approach—considering their applicability and reliability based on the specific property being appraised.

Through reconciliation, the appraiser assesses the strengths and weaknesses of each method to arrive at a final value that reflects a most probable selling price of the property. This includes ensuring that all relevant factors have been considered and that the different valuation methods converge to a reasonable estimate, or if necessary, determining a weighting for each approach based on the property's characteristics and market conditions.

Completing reconciliation ensures that the appraiser delivers a coherent and justifiable value conclusion, backed by a thorough analysis of all methods used. This is why it is acknowledged as a critical step that must precede the reporting of the final appraised value.