Problem
A. Could the value opinion be credible even if only one approach to value was used, or must all three approaches be fully developed in every appraisal? Discuss why or why not.
B. The text has frequently pointed out that, in each of the three approaches to value, the appraiser does not guess, nor rely on hunches or instinct, but relies upon well-researched facts. Then, in the process of Reconciliation, the appraiser introduces no new facts but applies their own judgement. Does the "forming an opinion" process of Reconciliation contradict the accuracy or credibility of those well-researched "just the facts" approaches? Why or why not?
C. Imagine you are an appraiser, and your client has called asking for an appraisal, but they are not sure what type of reporting option that they should pay for. List each of the two appraisal reporting options permitted by USPAP, and describe the differences and similarities between them.