摘要：The estimate of undivided and indivisible real estate shares, in relation to different building types represents, in practice application, a recurring underestimated by the professional appraisers. This problem requires finding a logical solution that can to rationalize the process the process of estimation of undivided shares, given that these shares are more difficult to sell and, consequently, there is a decrease of their market value. It follows that in this estimative case the problem can be lead, both in theoretical and practical terms, to assessment of specific real estate investment’s risk and how to convert the measure of risk into an expected return that can compensate it. In this framework, the proposed contribution aims to implement the Capital Asset Pricing Model with Penalized Spline Semiparametric Method in order to obtain an estimation algorithm that allows to rationalize the approach to the problem of estimation of undivided real estate shares using data easy to find.
