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Reconciliation All three appraisal methods (sales comparison, cost, and income) have at least something to contribute in the valuation of a property. All are considered and used when practical; typically the appraiser will use at least two methods. Each serves as a check against the others and narrows the range within which a final estimate of value falls. However, not all approaches are equally appropriate for every property. Therefore, the appraiser would never simply average the values obtained in each of these approaches. Instead, he/she would interpret the data obtained and apply to each of his/her value estimates a weight based on which is most appropriate. This is same process we saw in the sales comparison approach. The appraiser gives the most weight to the income approach for income property, the sales comparison approach for residential property, and the cost approach for property not commonly bought and sold in the market (such as churches and public buildings). This weighing, called correlation or reconciliation, is the final step in estimating the market value. Report Once correlation is completed, the last step is reporting the value to the client. The report most commonly used is the summary report, or form report. This consists of one or more sheets providing data about the neighborhood and property. An example of this is the Uniform Residential Appraisal Report (the URAR) used by most lending institutions. A restricted report, or letter form report, is a signed, dated report providing only a description of the property, the type of value estimated, the purpose of the appraisal, and the value conclusion. A self-contained report, or narrative report, is the most complete type of appraisal report. It provides the value conclusion plus the reasoning, computations, maps, photographs, charts, and plats supporting the conclusion.