Property Rights Appraised
The specific legal interest being valued in an assignment — most commonly fee simple, but potentially a leased fee, leasehold, or partial interest. The same physical property can have materially different values depending on the rights appraised.
Related Terms
Fee Simple Estate
The most complete form of property ownership — the full bundle of rights, limited only by government powers such as taxation, eminent domain, police power, and escheat.
Leased Fee Interest
The landlord's interest in a leased property: the right to receive contract rent during the lease term plus the reversion of the property when the lease ends.
Leasehold Interest
The tenant's interest in a leased property — the right to occupy and use it for the lease term.
Partial Interest
Any interest in real estate that is less than the full fee simple — a fractional ownership share, a life estate, an easement, or mineral rights.
Bundle of Rights
The set of legal rights that come with real property ownership — the rights to possess, use, enjoy, exclude others, and dispose of the property.
More in Appraisal Process
View allScope of Work
The type and extent of research and analysis performed in an appraisal assignment.
Effective Date (Date of Value)
The date on which the appraiser's opinion of value applies.
Extraordinary Assumption
An assumption that is directly related to a specific assignment and, if found to be false, could alter the appraiser's opinions or conclusions.
Hypothetical Condition
A condition that is contrary to known fact but is assumed for the purpose of analysis.