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Reconciliation

DEFINITION

Reconciliation is when the appraiser will compare multiple prices using alternate strategies to derive at a final appraisal value.

EXPLANATION

Reconciliation is when the appraiser will compare multiple prices using alternate strategies. The purpose of reconciliation is to use multiple property measurements to determine the most accurate and up to date appraisal reports.

3 key types of appraisal reports

Summary report

Restricted use report

Self contained report

A summary report is regarded as the most simple appraisal method, as it only highlights the basic requirements for an appraisal. This appraisal report does not go through the exhaustive process other reports are required to undertake. The summary report is widely known for its straight forward and brief descriptive analysis revolving around its findings in the reports. Some see this as beneficial and less time consuming, since they argue other appraisal forms tend to be quite complicated and overly descriptive that critics point is unnecessary.

A restricted use appraisal report provides and contains by far the most brief description of details compared to every other appraisal report of its kind. This specific type of appraisal report has both its pros as well as cons in all its findings. Due to the fact, such a report is short in its overall analysis and findings, the cost to have this appraisal is cheaper than other appraisal methods.

A self contained report is known and regarded to be the most detailed and long descriptive appraisal report. This report is more detailed and written in far greater length vs both summary and restricted use appraisal reports combined. Some individuals prefer this type of appraisal, because it reduces the time and cost it takes to come up with an effective appraisal report.

Reconciliation & General Business

It is very crucial for business owners to reconcile their accounts, in order to avert potential scams, penalties, and any kind of miscalculations, particularly when it comes to balance sheets.

Reconciliation & Accounting

A number of individuals tend to go through the method of reconciliation when dealing with their own personal accounts. These include credit card transactions, bank statements, receipts of any other sort, checks that have been voided, all in order to make a determination and better judgment as a way to make certain money is not being withdrawn in any unlawful matter. This concept also assures no business entity which specializes in dealing with consulting and financing of any form, do not conduct any blunders with accounts they are responsible for overlooking.

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