What is the primary purpose of reconciliation in the appraisal process?

The primary purpose of reconciliation in the appraisal process is to confirm final appraisal conclusions. During reconciliation, the appraiser reviews and weighs the various approaches to value (such as the cost, sales comparison, and income approaches) to arrive at a final opinion of value. This step is crucial in ensuring that the appraisal is accurate and reliable, as it allows the appraiser to integrate the findings from different methods and arrive at a coherent conclusion that reflects the property's worth.

Reconciliation involves critically analyzing the information and data collected, ensuring that all relevant factors are taken into account, and aligning the conclusions with market conditions and trends. This process helps provide a robust justification for the final appraisal value, which is essential for various stakeholders in the real estate transaction process, including buyers, sellers, lenders, and appraisers themselves.

The other options relate to important aspects of the appraisal process, but they do not capture the specific role of reconciliation. Summarizing market trends and comparing different property sales are part of the broader research and analysis phase, while gathering data is an earlier step in the appraisal. In contrast, reconciliation specifically focuses on synthesizing this data to establish a final, supported valuation.