In which situation is it necessary for an appraiser to determine a fractional value of a property?

In the scenario where Marcy is selling her share of the property she owns with her sister Molly as tenants in common, it is necessary for the appraiser to determine a fractional value of the property. This is because tenants in common means that each person holds a separate and distinct share in the property, and when one owner decides to sell their share, the appraiser needs to evaluate and establish the value of just that fractional interest rather than the entire property value.

This fractional valuation is crucial because it reflects Marcy's ownership stake, which may not represent the same value as the whole property, especially if the market conditions or demand for partial ownerships differ from that of full ownership. By evaluating this specific interest, the appraiser provides Marcy with accurate and relevant information for the sale of her share.

In contrast, the other scenarios do not require a fractional value because they involve the sale of full interests in the property. When Robin, Shelby, Shannon, and Cheryl, as well as Trevor and Tammy, sell their properties as full owners (either individually or as joint tenants), the appraiser will focus on determining the total market value of those properties without needing to break down the ownership into fractions.