Before you read
Test yourself first: 5 questions
Question 1 of 5
Which of the following is the FIRST step in the appraisal process?
Answer: B. The appraisal process begins with defining the appraisal problem (purpose, type of value, effective date, and scope of work) before any data is gathered or analyzed.
Question 2 of 5
In the appraisal process, the final step in which the appraiser weighs the value indications from the different approaches to arrive at a single value estimate is called:
Answer: B. Reconciliation is the analysis and weighting of the value indications from the approaches used to reach a final opinion of value; it is not a simple averaging.
Question 3 of 5
A comparative market analysis (CMA) prepared by an agent is:
Answer: B. A CMA estimates likely market value from comparable sales to help price a listing or offer — it is NOT a formal appraisal.
Question 4 of 5
Professional appraisers in the U.S. follow the standards known as:
Answer: A. USPAP (Uniform Standards of Professional Appraisal Practice) governs ethical and performance standards for appraisers.
Question 5 of 5
In an appraisal, reconciliation means the appraiser:
Answer: A. Reconciliation weighs the reliability of each approach for the property type to form a single, supported value opinion — never a mere average.
Keep the streak going with more questions like these, each with a full rationale.
What you need to know
Reconciliation is NOT averaging; the appraiser weights the most reliable approach for the property type (sales comparison for homes, income for rentals, cost for special-purpose).
The Appraisal Process: FAQs
Is The Appraisal Process on the real estate exam?
Yes. Valuation & Appraisal is a scored domain on the real estate licensing exam, and this topic appears in the national portion.
Is this cheat sheet free?
Yes — every page on Cinna RE's resource library is free to read, print and share. The app adds practice questions, mock exams and a readiness score.
