16. Leasehold value is created: (1) when the current market rent of the property becomes greater than the rent reserved in the lease. (2) when the lessee makes substantial investment in remodelling or rehabilitating an existing structure. (3) by a change in market conditions. (4) by all of the above. 17. Which of the following statements regarding leasehold interests is FALSE? (1) The person to whom a sublease is given is known as the sublessor. (2) In a leased fee estate, the legal title of the property is held subject to the lease. (3) The owner of an unleased property has a fee simple interest. (4) With a leasehold estate, the partial estate exists only during the term of the lease