1.10. Acquisitions Involving Natural Resources. The appraisal of properties containing valuable natural resources such as minerals, timber, and water is a complex subject requiring specialized training and experience (see USPAP Competency Rule). A critical first step in developing an appraisal of properties containing resource assets is identifying the property rights to be acquired and the ownership interests into which they may be divided. The appraiser and the client agency must work together to obtain title information and legal descriptions to ensure that the appraisal properly addresses these components and their contribution to the value of the larger parcel. 

While the valuation of these diverse resource assets requires different considerations, there are common elements that apply in all appraisals of these properties: the unit rule, highest and best use, and larger parcel analyses.