If only one approach to value is developed in an appraisal, which statement is true?

• A. The most conservative value should be chosen
• B. The conclusion of that approach becomes the final value by default
• C. The value should be reconciled with client expectations
• D. The appraisal cannot be completed with a single approach

Answer: (B)

When only one value indication is developed, there’s nothing to weigh against other methods, so the final value is simply the result of that single approach. Reconciliation is about combining multiple indications to form a final judgment; with one approach, the conclusion from that approach stands as the final value by default. The other ideas aren’t correct because you don’t choose the most conservative figure by rule, and you don’t adjust the value to fit client expectations—the value should reflect the market evidence and the method used. It is permissible to complete an appraisal with a single approach if that approach is appropriate for the assignment.