Final answer:
Reconciliation in real estate appraisal is analyzing the results from the cost, comparison, and income approaches to value, using professional judgment to determine the most credible value.
Step-by-step explanation:
Reconciliation in the context of real estate appraisal is best described as d. analyzing the results obtained from the three approaches to value. This involves a comprehensive review where an appraiser assesses data and information derived from the cost, comparison, and income approaches. The aim is not to select the highest value or a single value but to weigh the strengths and weaknesses of each method to arrive at a final estimate of value that reflects the most credible results.
The process of reconciliation requires balancing the various estimates, understanding the subject property's market, and considering external factors such as institutions and governance which can influence value. It's a complex process that calls for professional judgment and expertise to ensure that the final value is reflective of the market and its dynamics, embodying a well-reasoned and supported conclusion.