Which step in the appraisal process involves communication of the appraiser's opinions and conclusions?

• A. Development
• B. Reporting
• C. Data collection
• D. Review

Answer: (B)

Communicating the appraiser’s opinions and conclusions happens during the reporting step. After gathering data and performing the necessary analysis in development, the appraiser compiles a formal report that presents the final value opinions, the reasoning and methods used, the data relied upon, and any limitations or disclosures. Data collection is simply gathering information, and development is the analytical work to form the opinions. Review is the quality-check stage. The reporting step is specifically about conveying all those conclusions to the client in a clear, compliant format.