The most common type of partial-interest appraisal involves?

The most common type of partial-interest appraisal involves a leased property. This is primarily because leased properties present distinct valuation challenges due to the separation of ownership between the property and the lease rights. In a leasehold estate, the appraiser must consider both the value of the physical property and the value of the leasehold interest, including the rights and obligations under the lease agreement.

Leased properties often involve long-term agreements that may provide stability for the lessee but also affect market value based on lease terms, rental rates, and the remaining duration of the lease. This complexity in ownership rights requires specialized appraisal techniques to accurately reflect the value of the partial interest held by the lessee.

In contrast, while timeshare residences, condominiums, and rezoning may also involve partial interests, they are less common in appraisal practice than leased properties. Timeshares involve shared ownership of a property, and while they do have unique appraisal considerations, they do not present the same widespread prevalence as leased interests. Condominiums generally involve fee simple ownership, making partial interest less relevant. Rezoning pertains more to land use than to the valuation of existing property interests, thus not typically being classified under partial-interest appraisals.