During this presentation Michael Gregory, ASA, CVA, Chief Manager of Michael Gregory Consulting, LLC, with Brian Rapela, MAI, MRICS, Managing Director of Joseph J. Blake & Associates and Steven D. Kam, Managing Director Cogent Valuations are panelists to address the issue of appraising partial interests for real property appraisers. Brian serves as the moderator and provides an overview of the issue. Steven focuses on measuring the incremental discounts to fractional interests. Mike provides insight on data sources, pertinent court cases at the federal level and ties in similar concerns associated with Family Limited Partnerships (FLP's). Mike also ties in the topic of a Discount for Lack of Marketability for consideration of an undivided interest and for a FLP. Two examples are introduced relative to a FLPs for discussion purposes.