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Property Rights Brought to Light: Principles and Misconceptions

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One of the most important components of any real property appraisal is a solid understanding of property rights. The root of inconsistent valuation methodologies often is found in differing understandings and misconceptions regarding property rights. Does an appraiser value real estate or real property? Does the market value of the leased fee interest plus the market value of the leasehold interest equal the market value of the fee simple estate? What is “dark store theory”? This article addresses the basics of property rights, the relationship of partial rights and the fee simple estate, proper application of the approaches to value, and common misconceptions relating to property rights.

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Property Rights Brought to Light