Which factor bears most directly on the weight an approach should receive?
Correct Answer
C) The quantity and quality of its supporting data
Why this is correct: The weight an approach receives should be based primarily on the quantity and quality of its supporting data. An approach with ample, verified, and highly comparable data is more reliable and deserves greater weight than one with scant or poor data. Why the other choices are wrong: The number of report pages devoted to it is irrelevant to weight. Whether the client specifically requested it does not affect the analytical weight. Whether it produced the highest indication is not a criterion; the highest indication is not necessarily the most reliable. Exam tip: Weight follows the evidence: more/better data = more weight.
Why This Is the Correct Answer
Why this is correct: The weight an approach receives should be based primarily on the quantity and quality of its supporting data. An approach with ample, verified, and highly comparable data is more reliable and deserves greater weight than one with scant or poor data. Why the other choices are wrong: The number of report pages devoted to it is irrelevant to weight. Whether the client specifically requested it does not affect the analytical weight. Whether it produced the highest indication is not a criterion; the highest indication is not necessarily the most reliable. Exam tip: Weight follows the evidence: more/better data = more weight.
More Reconciliation Questions
Reconciliation of the approaches to value is best described as which activity?
Why should the reconciliation address the quantity of evidence as well as its quality?
How long must a report be retained compared with the workfile?
What distinguishes an appraisal review from an appraisal?
An appraiser reconciles to a value at the top of the indicated range because the client needs that figure. What has occurred?
What does it mean that a value opinion must be reasonable rather than merely arithmetically derived?
What should the reconciliation section explain to the reader?
How do the content obligations of the two report options differ with respect to the information analyzed?
The three approaches indicate $480,000, $495,000 and $610,000. What should the appraiser do first?
Three approaches indicate $1.02 million, $1.05 million and $1.04 million. How should this be reported?
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