True or False: In an appraisal, there is only one indication of value.

• A. False
• B. True
• C. Not necessarily
• D. It depends on the approach

Answer: (A)

In appraisal practice, value is typically supported by more than one indication. An appraiser usually applies multiple approaches to value—such as the sales comparison approach, cost approach, and income approach when appropriate—to develop separate indications of value. These different methods capture various aspects of market behavior and property characteristics. The final value opinion is then formed by reconciling (balancing and weighing) these indications to reflect their reliability and relevance to the specific property and market conditions. Because there are usually several indications rather than just one, the statement is false.