Fee simple value - the most common type of value sought. It is the fair market value of the fee simple interest in a property unencumbered by any external factors such as existing leases.
Leased fee value - is probably the second most common value opinion sought. It is the property owner's interest in a property that is encumbered by existing long term leases which may be at, below, or above prevailing market trends.
Leasehold value - is the lessee's interest in a leased property Note that in the US, the above value nomenclature does not apply. In the US, the type of value needs to be examined separately from the ownership interest. Examples of US use would be a market value of a fee simple ownership interest, or an investment value of a leased fee interest, or a liquidation value of a leasehold interest.