I am reviewing an appraisal of a duplex that is 1/2 owner occupied and 1/2 tenant occupied. Should the appraisal/review read Fee Simple or Leasehold? What if the tenant is leasing on a month to month basis? Page 138 of The Appraisal Institutes "The Appraisal of Real Estate" appears to indicate that it should be Leasehold. Your comments and opinios are greatly appreciated.