What is the process by which an appraiser arrives at a final value estimate called?

The process by which an appraiser arrives at a final value estimate is called reconciliation. In this phase, the appraiser evaluates and weighs the various value estimates derived from different appraisal approaches—such as the sales comparison approach, cost approach, and income approach. By doing so, the appraiser synthesizes the findings to arrive at a final value that is supported by the data and analysis conducted throughout the appraisal process.

In contrast, other options represent different aspects of the appraisal process rather than the final value determination. A narrative report is a detailed written document that outlines the appraisal findings and methodologies used, whereas a form report is typically a more standardized and concise summary of the appraisal results. Appraisal date simply refers to the specific date on which the appraisal is conducted and does not pertain to the process of arriving at a value estimate.