The Student Handbook to T HE A PPRAISAL OF R EAL E STATE 1 Valuation of Partial Interests Chapter 29

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Chapter 29 2 Valuation of Leased Fee and Leasehold Interests Leased fee estate Leasehold estate Sublease interest  Sandwich lease position

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Valuation of Mortgage and Equity Interests Mortgage Equity Chapter 29 3

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Valuation of Life Estates Life interest Remainder interest Chapter 29 4

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Valuation of Transferable Development Rights TDR banks “Beneficial estate” Chapter 29 5

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Valuation of Air Rights Physical possibility Financial feasibility Chapter 29 6

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Valuation of Water Rights Water rights attached to land Water rights separated from land Chapter 29 7

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Valuation of Subsurface Rights Mineral rights  Royalty rate Non-realty components Chapter 29 8

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Valuation of Condominiums and Cooperatives Condominiums  State law  Common areas  Individual unit versus entire property Cooperatives  Marketability of units Chapter 29 9

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Chapter Problems Suggested solutions begin on page 436.