Which of the following statements regarding the valuation of rights of way using the summation method is FALSE? (1) The summation method is also known as the pro-rata method. (2) One of the steps of the summation method is to determine the value of the land associated with the entire property without considering the impact of the right of way. (3) A weakness of the summation method is it may not reasonably account for the value of the partial interest to be granted by the owner. (4) The summation method is based on the premise that the right of way affects the utility of the owner's land at its highest and best use.