Final answer:
The appraiser should rely on recent sales, also known as the sales comparison approach, which is most reliable for residential property appraisals. Recent sales provide current market evidence that reflects the value of similar properties in the same market.
Step-by-step explanation:
For the appraisal of an older single-family residential dwelling, the appraiser should put his reliance on recent sales. This approach, known as the sales comparison approach, typically provides the most reliable indication of value for residential property. It involves comparing the subject property to similar properties that have recently sold in the same or similar market. Recent sales offer current market evidence that can be adjusted for differences between the comparables and the subject property. Appraisers may consider factors such as location, size, condition, and features to adjust the sales prices of the comparable properties so as to estimate the value of the subject property accurately.