Exam 17: Appraising Special Ownership and Interests

Planned unit developments usually involve common areas and homeowners' associations.

A condominium unit may be described as the ownership of an airspace combined with a joint ownership of the land and the common areas.

Eminent domain appraisals involve essentially the same general purpose as other appraisals; the estimate of market value.

The benefits that belong to the leased fee interest include the lease income and the rights to the reversion.

The owners of row houses and townhouses usually own the individual lot where the unit is located.

The landlord's interest in investment property is called the leasehold estate.

According to HUD, mobile homes constructed after 1976 are properly classified as manufactured homes.

A gross lease requires the tenant to pay all operating expenses.

The value of the lessee's interest in real property can be measured by capitalizing the difference between the contract and market rents.

In mortgaged property, the market value of the lender's real property ownership interest can be less than the remaining balance on the loan.