fos Jax - S Zig vy CMAPS Y [A ny STATE OF FLORIDA Ory, ED DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION 2 Fn FLORIDA REAL ESTATE APPRAISAL BOARD sg, PHY, 59 Arle 2 ay 1 yn fal FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, v. CASE NO. 2000-82141 JORGE L. HERNANDEZ Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Jorge L. Hernandez (“Respondent”), and alleges: ESSENTIAL ALLEGATIONS OF MATERIAL FACT 1. Petitioner is a state government licensing and regulatory agency charged with the responsibility and duty to prosecute Administrative Complaints pursuant to the laws of the State of Florida, including Section 20.165 and Chapters 120, 455 and 475 of the Florida Statutes, and the rules promulgated thereunder. 2. Respondent is currently a Florida state-certified residential real estate appraiser having been issued license RD0000925 in accordance with Chapter 475 Part II of the Florida Statutes. 3. The last license the State issued to Respondent was as a state-certified residential real estate appraiser at 12920 SW 133 Court, Miami, Florida 33186. 4. On or about September 4, 1999, Respondent developed and communicated an appraisal FDBPR v. Jorge L. Hernandez Case No. 200082141 Administrative Complaint report (Report) for property commonly known as 4766 N. Bay Road, Miami Beach, Florida 33140, which estimated the market value as of September 4, 1999, as $3,500,000. A copy of the Report is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. Respondent stated in his written response that comparable sale number one was the “best indicator of value.” 6. During the course of an official investigation, Respondent admitted to Petitioner’s investigator that he failed to adjust for the greater water line for comparable sale number one than the subject property. 7. Comparable sales number two and four are located on Star Istand, which is a superior location to the subject property. Respondent admitted to Petitioner’s investigator that the Report failed to identify and adjust for the facts that they were located on a gated island with twenty-four hour security. 8. The Report failed to state or adjust for the fact that comparable sales number two and four had direct ocean access. 9. Comparable sales numbers two and four are, therefore, not comparable sales, resulting in an overestimated market value of the subject property in the Report. 10. Respondent failed to adequately adjust comparable sale number two, which was approximately four and one-half times the lot size of the subject property. 11. Respondent failed to adequately adjust comparable sale number three, which was approximately three times the lot size of the subject property. 12. During the course of an official investigation, Respondent admitted to Petitioner’s FDBPR v. Jorge L. Hernandez Case No. 200082141 Administrative Complaint investigator that the Report failed to identify and adjust for the fact that comparable sale number three had a greater water line/bay view than the subject property. 13. The Report stated that comparable sale number three had five bedrooms and six baths, in fact, the property had eight bedrooms, nine bathrooms, and three half-bathrooms. 14. During the course of the official investigation, Respondent provided Petitioner’s investigator with a revised copy of the Report regarding comparable sale number three. Respondent was unable to verify how or when he communicated the revised copy to his client, and the work file did not contain record of this submittal. 15. The Report failed to state or adjust for the fact that comparable sale number three had staff quarters. 16. On or about June 28, 2000, William K. Griffith, a state-certified residential real estate appraiser, developed and communicated an appraisal report for the subject property, which estimated the market value as of June 12, 2000 as $2,700,000. A copy of this report is attached hereto and incorporated herein as Administrative Complaint Exhibit 2. COUNT I Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal or other provision of the Uniform Standards of Professional Appraisal Practice (1999) in violation of Section 475.624(14), Florida Statutes (1997). COUNT I Based upon the foregoing, Respondent is guilty of having failed to exercise reasonable diligence in developing an appraisal report in violation of Section 475.624(15), Florida Statutes 3 FDBPR v. Jorge L. Hemandez Case No. 200082141 Administrative Complaint (1997). WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or the Department of Business and Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section 475.624, Florida Statutes and Rule 61J1-8.002, Florida Administrative Code. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease and desist order; or any combination of the foregoing which may apply. See § 455.227, Fla. Stat. and Fla. Admin. Code R. 61J1-8.002. FDBPR v. Jorge L. Hernandez Case No. 20008214t Administrative Complaint SIGNED this “< dayof__§- Ae 2001. epartment of Business and Professional Regulation By: Director, Division of Real Estate ‘ Seraey ATTORNEY FOR PETITIONER me Sunia Y. Marsh j ‘ Fla. Bar No. 0068896 Me Pyeng FDBPR-Division of Real Estate “+ Legal Section 400 W. Robinson Street, N308A Orlando, Florida 32802-1772 (407) 481-5632 (407) 317-7260 - FAX PCP: MC/DG/EC 11/5/01 NOTICE TO RESPONDENTS PLEASE BE ADVISED that mediation under Section 120.573 of the Florida Statutes, is not available for administrative disputes involving this type of agency action. PLEASE BE FURTHER ADVISED that pursuant to this Administrative Complaint you may request, within the time proscribed, a hearing to be conducted in this matter in accordance with Sections 120.569 and 120.57 of the Florida Statutes; that you have the right, at your option and expense, to be represented by counsel or other qualified representative in this matter; and that you have the right, at your option and expense, to take testimony, to call and cross-examine witnesses, and to have subpoena and subpoena duces 5 FDBPR v. Jorge L. Hernandez Case No. 200082141 Administrative Complaint tecum issued on your behalf if a formal hearing is requested. PLEASE BE FURTHER ADVISED that if you do not file an Election of Rights form or some other responsive pleading with the Petitioner within twenty-one (21) days of receipt of this Administrative Complaint, the Petitioner will file with the Florida Real Estate Appraisal Board a motion requesting an informal hearing and entry of an appropriate Final Order which may result in the suspension or revocation of your real estate license or registration. Please see the enclosed Explanation of Rights and Election of Rights form. APPRAISAL OF REAL PROPERTY LOCATED AT: 4766 N BAY RO ‘LUS SUB PB 3-95 MI SEACH, # FOR: COMMERCE MORTGAGE CORP 1110 GRICKELL AVE #502 MIAMI, FL 2a134 AS OF: SEPTEMBER 4, 1995 AL APPRAISER iGDE ne, scent land y3@ > ae 1G MALE. ILECAVAILAB DRIECTS MECIE VAL _. wae vies a LMA L4288-3) Maey 152) MN Sa AXBSIN (ate improvements Tyne ASPHALT | YESIES Daily quiter Jaiewatk Divat gn 2 ong mae) sale nthe subject prcypees AON ELEMENTS iSutace GRA saasaments TYPICA seciat Flove Hazard Area uy TYPICAL FOR AREA ce AB Mag Sate 3/2/98 120651 0182 4 al It 2gal CRA SESE TP Ss fat SLABGRACE Ciao 2 NOME TAS¥ NONE TBSV__ NOME 2 NONE D354 runcanieria: nn NO APPARENT __ =——eo aH \SEMENT. AEE | wa seers NTIAL APPRAISAL REPORT MODELED dens, 3 vam Saunt 955 Le “ts “TONE MOTE! AVERAGE. -GARAGE PORCHES tage Carport _ och, Patla, Deck, Ig 4.244 800 CATED ON THE HE SALES REGUIREO earoaertys commakgaaty 9 tha cat 3 AZ AND 45 ARE LCC, iLO AS A RESULT_OF NTS, MME SALE HISTORY lin THE Last YR —— I, smparatigs ‘within ane year st he date of appraisal: HISTORY . AISTORY | M THE LAST YS. iT MAG REV'S iM TICATES VALE TIGATED VALVE 3Y am pigtlen 2 auaAG: ETT ap UN. FORM RESIDENTIAL APPRAISAL REP :RT MARKET DATA ANALYSIS SUEST APTS NO SALES , ASTORY at Supplemental Addendum SUBJECT'S TAX ASSESSMEN EVILDING $2972 359 LAND $ast 330 TOTAL $1.2. 3.952 This is a Summc yy Apsra.sal Repert which Is intenced to come. with the reporing requirements sé forth uncer Standards Rule 2-2(b) of the Unifor + Standards of Professional Ac .raisa! Practice for a Summary Aporaisal Repor As such, it represents oniy summary ussiors of the data, reasoning, and analyses nat were uscd in the appraisal process to deveop the appraiser's opinion of value. Supporting documentation « :atis no: arovided with the report concerning tr > data, reasoning, and analyses is re ed in the appraiser's file. The depth of the disc ission contained in this report is spe to the acads of the client and for the intended \ se stated in the report. The appraiser ts rot responsible for unauthorized use of this rez ort. To develop the < dinion cf value, the appraiser serformed acomr ote appraisal process, as defined by th. Uniform Standards of Professional Appraisat F -actice. The purpose of 1¢ appra.sal is to estimate market value in orde. to establish a basis for mortgage collate val. PREDOMINANT “ALUE COMMENT: The subject's m. cket valu2 is higher than the predominant neigh. orhood value, Sut is within the overa ‘range o/ values for the subject neighborhood. This can be attributed to differences ir the subject's amenities. Additionally, the subje 't property does appeal to enough quali: od purchasers to create an active market. HIGH LAND TO) ALUE RATIO: The subject's hi':h land te value ratio is typical of the area as evi lenced by market data. This does not ac versely affect marketability of the subject. Othe ‘comparable homes in the area have si'nilar lanc to vaiue ratios: The subject is n st locatec near any industrial sites, waste or wat 2r treatment facilities, or commercial est: alishments which use or store chemicals or oil ; roducts in their operation (gaso: ne statics, dry cleaners included), which may .:ave an effect on the value of the sub 2ct. INCOME APPRC ACH: The income app '2ach has not been utilized in this appraisal bec..use ithas a relatively low degree of re -ability in regard to the valuation of the subject “roperty. The subject pro’ erty is Ilczated in a neighborhood where the ma, arity of the residences are owner occu: ied and ‘ne relationship between rents and sale., prices is difficult to establish. COMMENTS ON 3A4LES COMPARISON: After reviewing .2cent saias, the appraiser has utilized compara: le sales which occurred more than six m .nths prior to the date of the appraisal. This is t ased on the appraiser's ADIvii. Vig Ma Mtoe pf VAs, os J-ALAMACDE Supplementai Addendum cae sagt judgement that t-ese sale 3re among the most zomearable tc th: subject proper considering fact.rs of location and the size, “eective” age, conc ition, style and features of the improver: nts. Als>. the Principle of Proximity states that location takes srecedence ove: time in a stable market, The current market for >xisting residential properties in the Subject rea is notexperiene:ag an ignificant orice trends. Therefore, the ut ization i a comparable sale occurring more th. a six months prior to the date of aper: sal does not impact the quality cf the value esti nate. All comparabie sales fail within “NMA 12 months guideline. tm the market an iysis, ad:ustments were mace ‘or additional satis. This is due to the market's recogr. tion of these items above and beyond the contr autory value of marginal living 22a. Though room count vary stightly. the come uable sales were othorvise simiia: to the subject's and approcriate adjustments wore made. Some of the sale ; require 4 higher netigross adjustments mainly isa result of the difference in lot .ize or liv ng area. Higher adjustments are not u: common when valuating large 2 stom hemes. The magnituce of the adjustment .s not considered to impact on the st xjects va uation. Although some : 13K 341.30 a ; dx 33.20 foe 5 « 19,40 ‘ 1 dae 2x 22,70 dD « 297,33 6k 765.22 a3 2" aa.o4 Sacand poe 48.5 93.90 2543.90 TOTAL. ABLE O05" gect 525% ca Car Ahneaens* at sob ativan ay Viaitagt vs HOQ-ALAMODE Subject Photo Page Subject Front att N3AY RO Subject Rear ie 8 iat Saks © a TNT Subject Street AWNING 2 UOMPLE EXHIBIT TAT TTAL 2000 for Windows" appraisal are yy Ag nade, a — Subject interior Photo Page “santy MIAMI DSCE S: dject Interior a AC RO St 3ject Interior Seu aject Interior SCTE Poet ESAS Gla TAL 2GG0 far Windows" appraisal saltwate sy io Subject Interior Photo Page {WAM JACE Si Sject Interior 13, St dject Interior Suaject Interior fan WAM 4h) AMCTE PHOTOGRAPH ADDENDUM Mlattt SACEe SUBJECTS VIEW SUBJECT'S VIEW SUBJECT'S REAR/SIDE ADIINID j EXHIE'T we. ay ——n pace df /& —_—_— Camparabie Photo Page Lutty MIAME CACE Comparable 2 STAR ISLAND DR 2 Subject 2MILZS SOUTH 3,900,905 Comparable 3 ‘BAY RD 5 BLUSCKS NCRTH 5. S08 tor Mirae: loecarsal software op carey ae UAGGE Comparable Photo Page : 3_ 4756 N JAY 33 MIAMI SEACH “any MIAMETACE Stata Ft Mel DOMMEFCE MEST 2A5E CORP - - Comparable 5 Proximity Safe nce GLA Total Acoms Total Sears. Total athens Cocation View Site Guality Age Comparable 6 Proximuty Sale Price SA Tatat Reams Total 2 Total Jathrm: Location view Site Nualty Age Location Map 2 MIAMI SAGE Comparavie #3 » 3600 MBAY RO | lomparatie #* ONBAY Ro Subiect | STSS BAM RO pa z - —- 4, jlisttute Ine ; nee Comparable #4 “is € STAR ISLAND Crt Eiscayne Bay .': LN9 deinay Sop. 5 _. ca te tee tebe enna “MAP LCG — TAL 2060 lor ‘Windows? appraisal 7 ait? OF A made, ng = 1 Fiood Map “AP Sugg — TIAL 2080 or saartaiiat appraa Car cinguie, ae oALAMCCE “TAL 2060 tue Mince" ipprasal + grauriius an i037 223 pe gun anne 102) eauce! a a One en a Pat eit oe Lg MGM IG a ADWINIS EXHIB COMPLAL 4 roan TANKS DEFINITION OF & ae AR“ET VALUE: a TanGlions srereny: st terast, 3} oy eg cr wal ccasad, and aca PoMu2 a amg ofosa a LS. 20815 ase readily STATEMENT OF LIMITING CONDITIONS AND APPRAISE ?’S CERTIFICATION CONTINGENT AND LiITING CONOITIONS: aisat reco 5 We “hat atest any 3pimions adeul oeosery Seing son: 3, The aroperty 5 wa fo The apzcu an ine dasis of it bent iner responsible af assumes ‘hat se ues 5 nersid. The anoraser has. 3 se reader st che seport in visua. : 29 the srocer 3 skeen a loardisal sepon to show spproxmaie s: inderstancing the appraiser's set sits ut the wmasaver: 4g and the sketch is ‘necsea amly $2 assist The socruser ihe leneasal report a. 2D quataniaes, express ar 73, Jala 5 $i and Nas cies Sct a jurmyc:, 7@ oF sine maxes Dead A in Aentlied Seeccal Flag Magee tea, Witla, coraiser is she anpraiser wil at sie: “isumomy cr igtsat a sauct Qecause he af she mad? an dopraisal the yezerty . Guestion, unless specitic Nrangemants ‘0.4 made bata The aantaiser has otha nu apafate sauations of ‘he cd and tary value, These nay We sO used, 2 and 6 ‘he cost agpioacn at ts vigtest ind Jest use anc che: crovements st ‘new cont: Must fat be used jn wit AY other dace val and awe cavalid if che presence af hazarccus wastes, toxic she 2ecame aware of gus: : he aotmal research ‘avorved in Performing af any siden nappa , O axe the property more 2 383 saluatle, and sgatding the stooerty. The night de req whether such appeal report idered as an i, The appraiser has xolec 7 the appraisal “znert any auverse conditions (such 3$, nendad rapas, denreciat cp Ne Ascecio: at che suoeet praparty ar that > KAS AO quarantess at svarrantie NS Mat Ga vst ar lar any a an axpert ca the fied of anveanm soratser vail nut de canditions 2xist. “avitonmental assassment 3 appease raperty The appraiser ontaceg alermaten, siable and relieves them '2 2 ue and tes, and apsmons shat were sxprassed on ‘Thr appraiser does nat as: WprAsal “Sor, sm sOUrCES ‘Nat Ne ur sie considers to de y for tha accurae of such tems that uimished by other The mpraiser aul ‘he appraisal saport except 3 aromas for ca ‘ha Appraisal Practics, ofaisar haS f factor’ and valuation tontusea far aa Leration nts wil ba panotrnad a4 vor Man cunsani Letore Oraisal ronan inal appeusal na; the mortgage i apprasaes ides ) ta anyone state ort 7 rigahons; le jeirawer, the 7 t aisle any EMU OP ot Cine mm 1UG48 6-23 unty AueraMsers, er west Maar ropa ee vywepr EXE: satilac and preximate ‘a “he iubiect oresery adel reacton {9 ‘nase ‘ams Wt agnicant ‘ave TaGe A iegative a han ‘ne paoject ot W Moa Ga rae amd ue ih aNsG. Soak ahiemants ano Ur) plepety chat 6 “Ra sugiest 'o Sf prospective gersonal farist or sas wn vot base ora © ANCE: a et vaiue A ina sopraisal ect arepery av of the orisent 2 Lubes! sagerty, iad aeet rt commensalicn ‘st senaming His areaeety dive of section. value ‘hat ‘avors at 1 sugsequent avent .n oder ‘9 “ee, ou vaiuation, 1 cpecitic vaiuation, sr ‘he sesa ‘3 1 Mas to iain: f amoroyment ict 72! sgage ‘aan. a he unaware Standards af Pretessianar ange hat were place as ot the sileeive aaa at W asiimate vl 1 seasanable ‘ime ‘sr axcesure a “he mark noted on th Gnas : accotnd ind promuigater sy the Acprassai On of the departure jrewsian at ‘hase 34 tian ia the d et dase cert, unless | have atte, ana XC Ny mscedio. tity iat) Nave Ae. In aha sublet progeny. when Hee 10 VARS MeGOF Weas at he suMect sragerty aad hey AMOWN idversé conGiloNs .n ihe suse orovements, IO and Nava Mace wlustments tor hase advess2 zondiians 3 Ty “aysis af the progeny 4% commented itcut ‘he etlect ofthe agveria concituns an the Tirssiac yo the subject property, 3S comparables ‘a “ne iMprasal report, te, OF On any site waitin the immediate a 19 the axtert hat sunoon am, | have 4 sad suareay * U5, Sumlens about che real estate chat wera get an wa thes isighanes ‘Tom any Gud, ruwidias A Na gerormance of the appraisal at otecaraiicn of ‘he 3: sclasea ‘na awecilic 1asKs tamed by “sam a the reconciliation secuon of hss appealsal “agart, @1aGKS | Bawa aut aiheng? . mvane ie a chang? (oO wy temin the iaport “terstora, {3a unauiner: piaspons. titi 16 wear, ti calied an sigh snar, i have named suc adividual(s) and neividual sa named is cuatlied to derterm 321s made to the appraisal senor, | wel taxe i gersenaiy pregaieg Wi miiCaMt gretassional ors; “MOM, Ne vr she saruies and agrees that, statements and conewsiors af the appraiser. ‘oat and the anorasal rages ISORY APPRAISER’S CERTIFIC appra *imvernd 4 throug 7 sbove, and am ‘34ir \OORESS OF PROPERTY APPRAISED: 47 3387 \PPRAISER: SUPERVISORY APP: AISER (only if required): aaatut stati Pantie Mag fam 1C0dd 9-3) uaa ey dimnee ty aS ALAAGDE - Suuatly Many Cade Tan vea_1999 QE Ceseripian and § atau can chyges: Jans "0 Pe pant by MeNo 149057 zy Warm Gescr State Ficnca_ Jip Coda 39740) Boe 1SMSA S000) deCient Northstar Vortgage __ soprarsor Willian K Gethin seamen Suite _ Mdiess 240 Cranuon Siva acprasers verttoxian val avyealy > 'P teuirasal cmon subjsct {9 the ‘allowing sonatons 1 The aggraser ml vot 32 "esconsicle ‘Gl naters of a fequ nanne that affect oitear ine CRU, Jae ADL? Sau Ine whe ite § youd and “arvalanle and tharatare aul mat carder any ut wn: O* "NE BDOFaIgAr AsSiiNAS that tay aLyut me cite The cupemy is apaiasad om ire vasic 1 beng under caspensine 2 Tre apotaier 145 drowded a saetch oa ine anpeaval “anos! to shuw aporerimate cimensione ot tha wrerevemer's ano che the feauat uf "he ceyurt in visualiaang the pronenty and an darstarceng ine apmralsars datamminaniqn al * 3.28. CN iS Meluded ualy ty ansist 3 The acuraivar hay paminnd che avaiianle ‘laod paps “hat are atovided Sy che Saceray Emergarey Vanagewent Agency (ur ulter tata sources) and has noted NIN AnnrMsAl renee whether the suDieC! sie $s wCaldd 3 an dented Special “yuu taraic ss Becance Me anpraisac -§ Oly Suirveyar A or she Makes WO Juaratees txprass Se mulled ‘eqarcing *hiy cleterminanien 4. Tre appraiser wil “cr give tastmory 31 apcear in coum Decause qe af shy Mave an apsiaivel of the eum, mM gceshGA aimees egectis arangements 1 du 30 Mave vee mauve velurenany 3 The acaraiser nas estimates ‘he valse of "Ne "Adm o19 cust dypiuach oth wehmL im Ses uve and Se morevements at hair sortributory vaue These fl sAba'ale valiatiuns Poe bani anil marQveMAN{s Pust Nt Ae ysed IN somuncton awh ANy Tih FSpLaBat sn ate oval thay ate 80 used 3 Me ampraiser as tuted 9 tre abuldiod! imsunt amy ativerye cUTtiVeS IeucT ay “HMReM “agaITS, dantecaton the oresense of haeaicuus wastes ‘UNC substances Me.) Qusmived duiing ‘he Aspecion ot 4 Oepery or chal "eur ste Tecame awale ct Jur ag ihe quimal ieseatch imvuleaG in ertorming he sopfatsal less ctherwise stilted ot che auuralsal stout, Ime auyraivar hay au amawinsga at any “can HX snapparent coma ans at ‘Ne prupeity u° AUYPrse enwrunmental suntstues liresting "RA Drasance Ht mazarious wastes. tors Suastareds 3c 1 thal woud Take the propery chute of ‘ess valuayle, and as assured hat Nera ve vO GucT cauatlssns ang Taxes NO qyuratens MANAG Ariryy at mained reqasciing Ine conminon at he pepery The supraivet wei nut lie vesnuasitiia for ary sues conétions that to aust ar toe any angineenss or testing Tat Tight Jé reuulled fu dixcuvel warner such conmieTe sxet — Gacause Ine gooraisar s “D1 aM ace + cre Med of snwranmentas sazarus, te uiptarsat tenor must aot aR considered ag an amaranmental assessrma~s uf ine prove y 7 The apotatyer uutames che mturnaticn, estimeatas, 4a) upimiyns tha! ward aarressad cra agpraigal foliage and Qelieves cam “7 Ce te and sarect = The appraiser does gt assers responsi ity ‘or the: 4: parties ‘onl Irom sources what he vir Sk@ cunsivers ty be acy vt such ems that orem turaiehimd hy othas 3 TRE euyranyar owl aut Jiscuse te uments ot the aputaa recut Accept ty atuwites oe on the: ses Slandards of Pestesswnal Aaptasal Pracnee 9 The apgraser “ag Jased “3h Mer acoransal aNd valuatlun Cuncsanun "Ut mupttina the 8 suluret cg sastacury camplation, repairs, of atecatane st ihe agcartnion that somcuihg* the marevemarts il aedormed .c. 2 woremanies “anne D0 The auutainet Mat tudUe meus nar dnur writes Tatlsent De sie whe carcenctant secited in abit aival TmiGE Cat cIStrouA tha agnrasal rang Peleg conclus 375 Meu! Me Dopey sale the atOrager s aan ity 372 OMtassony desig: net em na Ams “Atareneey y aily urutensiunar alngtAisal ieragsars anit assigns ‘he morgage Teal agency, ut .sinimentality fre Fes ith a te anieanat xy aysut ales) Wu anyune thee oe eons maurer S2Mgu tants, piu'asg Oya aoc asad SMGaMwalORs any slale In lederaly ageraved “waned omit cs any cA OPA eta Stages ue any erate crore Tistee ot Cuban sacen! that the ener caret may tsinhire the + ser aascrinwn cae an of tnw sanart arly co dua sallach an ar renaming termzars: wtmans cay"y bana RR ApArANAC sje at tan cumgent Tre ancicager 3 written consent amd aporcyal must als de obened 4 aopiassal can ce comeayac cy anyone co Dee INT.3° adveniery 7th, relations paws sales, gt attr menial Fracaig ae fxm 0336-4) Page fe Faria Mae Furm ‘Uu88 6-91 Auplarsal Fast 2 SUE aD 259 for Ainncenns" ADGAIT AL ST Tware Ty 7 a Oe, pe 1.90) -ALAMCGE Sere e rena ae APPAAISER'S CERTIFICATION: e Sppraser fing aed ageeay “4) of croneres mast s.mmilat wid stoxmate tm the susiect srapery cetabe ta inilegt Se market regctian cy those tems uf sageucant SLeet progeny | save Rade a negative adiustment °3 sad ert td at ase Cavciable chan the svtieet srapaty | save male Alot 218d and ave set MAS cOMnarican analysie ann hava made 4 dull agus er ve ee, gare "ad ha 5 .0rer aasapa nth 203 Pum ut “hres aan varatca "a signd cart ‘em 1 3 cumuaraue Jrooerty (Ss sua or ty a” moe faverS (Pe adsec'ag cates nee gf 'Ma commgaranie and fa uugnibcant tam na cumnaran aratie 4 D08twe ACusiTmAN "y ntMase Ihe sulted sales alee uth Is ARE tye an ry CP tave asen only cumsiuer stan ur ralue cant elyirarar rom te agseasal “agar apd JH i@ agtimalt 4 Taihet calue 9 the diaueasat ienot | Rave cut NM srgw segs Nat al statements and atgyrayan ne APONITRY WMA aty sicranel sue 918 ike teu 2s ytied a the ag argon bralsel “tur SIONS ¢ 28 aniy Ay wh Jesamal LnDaseg, i°t Orolassinra stays § alia ents ture 300M, WGN Te SUBACH amy 19 ts Thre WwW resent» ast fine property that is che ageeer to he uaciuarhs In ihe transaclon So did cat 8, Teafillicell, 'a“thal afittuy, 2 2 vic tty uf {he subleet stUDe'ty sUgjeet 39s “enone (nee panally 1 come.arey. my al igi yi eh “AVE “IO Drasert H grasa ve garsory terest tt rag wild 'S APGCr \® estimate Mt market dalue it ie agpraisa: ‘Apo SAFES 2 SLunaMS OE INS suuie! pragenty st vf she greases Of SOMAMpIAid ua qtemst ne sunR! atenerty, and wet Ty J tahite @mngyreent sur Ty curTer sation UE jeurming my anpratsaliy ZuMmNgent un 'he diane value of ime aanerty sunmiad "yout 4 preg! Nireg vals OF MeCIUT Im value that ‘GVO "2 sause VTA chert ct any calateg Carty the amount ot cle result, of curance of a subsequent evant a orday ceva wy soMDi ar dior ereployme Tie Ach DASA he ADPNAIRAT SOG Uy “eQUestAY TiNITUM valuation a syeCite valual at a Ne aMeU’y suurUve s suaele Muttgage ‘at! value ssrmata, hy pertoimag tne upraisat | whe aftanment ul a yy sertgerag tes anprarsal m@ cunturmmy arth the sinury SPanrtards al Orvlagstonar Anitasa, rugtea Mat were Sduplal aid prumulgated ey the Augraiya! Stawda'3s ware of Te Appraisal oummanion ana that werd mOaGe Ay Toone AACS ¥# tat Gb oh S parsal wach MR arcenhon at the rtanarirA arowsion at those Sianddity volee dees sot aby yf ackr dwincge ‘hat an sstinate of a seasanace time ‘a 2RGOS.72 Nhe spen Tarves $a cordon nine delniton of market value aicoed § tail” Ne TarKerng time “lag a de cagrhuersas seatun gt ts report, anes | Pier uteri state a che 3s mave gersunaly aguante tte ade cr of all sronaries sted as compaiadles ‘1 te appraisal report farines ¥ (rat Save auied asy weaarest or Mnown Acversa canamgns 1 che <. act mpsimeaman's, sn ime SEDACE SI, JF SR ANY Site wha INA mmadale amy A Ine awaited ually A mmvut ta wale alld Nave made ac 1s(ote acvers# conditions ° Ty analysis ot ‘he property value ‘o te arent Imat ‘had marat evidence iC suggat tam | Nave 230 commentad about ine Aft TNS 9 the ma gstavility af the sutyect aromarty Ur ard aRmrUE att ay UI INE SubACh GATS urd fie sguarse 2 oarsonally Aeamated al CURchISiENS ing aun auUUt Ie (eal eoislh chat were ser fa an the aUcraisad asi siangs ‘rom yny Adivecueal Jr “ulviduag 7 She gertormance a* the aoptaisal ct “Ne arroaratuin ut Gseised the spec, iymed vy ‘hays in ne vacanciiabor sestur A ts anarassl esutt Lo the taka | rave not author cag aityane 19 made 4 change io ary tem im ine recat ‘teretare, 1 an unautre no resgonsrailty fort spurt fs relad ov sight'cant giolas sional Apasal Cray bo mave named such menvidiaitsy anc fy af any cnciv.dual su named 13 ybasfied ty Deifoie 7angA s made fo tne aypcaal ceqion, 1 will tane wnat SUPERVISORY APPRAISER'S CEATIFICATION: it 1 supe ise y sops 3g7ed ‘Ne acpvaigal report he af she certites ang agit ¥ suiitivige Ine cppiisa aNd yrevaad "Ne apyrasal Dan, “ave veviewad “Se appraisa “2c0m agree win the st NS and oRclusians of ihe agoraiser 58 D0und by Tre apprarser 3 cantivanons mumberse 4 thrqugh 7 Anova, and arm knOwledge of ine Ocal Markel SuagIAMaAntes ce Prysical rntee s!lums lange SNe 43tiTaad attecaye age ul the sudlact aivgety AONIMSNeN A ine duu val 1 2pKIT OL Mer addenda, im astmatng the s:"# yan 2 INGO aKa 91 depreciation, ocesAet, y ype! Cady abut san gt "TAS “PUPIL ON Carsaral anowiadde othe usual mater They ‘amomecge s 2ag2d 9n One AMY sutton? amalyeny Ut y.le sales andrar aDst 8 saigAS TOM saie¢ Gt mncuved NUpeRtes sul ect uraverty 68 'ucateu 130 9°94 at fimanly ywoer-nesuy-et wage evry tester ces and he cece Aagroach§ ant coneidered '3 ba “naan nghul Fur tng reas che nzuire Auth was 21 Us), “he Belong) asset Rowe and Jiess Rant Muliphar tized ia t— insume 4 1998) JA Ie al I'S sMwiedge o” 'n2 suplec! CGE ty Gaseu a ur a sdiur CUUANE cera alE sirvays at “escential prunemee The Grass Rent Muit udev ly based on yr oe anwar sucrent wndtySea vl org as ana mareat rates tor sos.geptial Croperins ret aed The Leetal «ew turesunt De WON SUEMAS Atal “Artg, VACANGeS AN ANUANGAS NaeA oem marta ces aealy AA USAC W PFN|Bee flL's “ants, VACANCIAS ANS PLQAN SAS, {SUBJECT PROPERTY OFFERING INFORMATION Acestging iy MLS 1 nas not been atteroe ‘0° sal FcLirenty ciara ‘ar sale fo: § NAL MEL sale wat mime nage 4) says far ang tur anan was contenu 2 “he linal ecunciwatiun ul value the sudpect croverty: Heting stu atom waa ul cunsuered 'a the eal ecuneillation it value Q a Hrnag nlymar at mas nut availaule The spasuns ‘ur anava'labulty anu che 31205 fanen cy ‘me appease are axptauned ‘ater v1 Tus addercum sss RnEnneeenenenence en nn ‘) SALES HISTORY OF SUBJECT PROPERTY Acurting *y ia - oe tne sLayect oroperty NUL COLMacsiacag in Me 9as; waive mantes — Nas ‘lansiet ad noha past weve months AI pur ses wich lave uzgir’2d om sre pas! twelve Manns are ‘sted dela ar9 “acne: ea ty “ne AOKI A yale emmarin tha cudy uf tres oUt OF inne auverda Date Sates Price Document # Selta FEMA FLOOD HAZARD OATA { Gumnegt panes) stat te! ial lige Hazan) Area “oe Suojaet pracey sag aa icudl Aaatd So9g Zane FEMA MapPane! » Mua Oatc ham of Community "AE PUGHEEC RES? Det Mam: Seach iFANGA PegeaT arg ues pall ¢ Dave "nme “auanal Finod “surance Prugeam rovetra ya regula Jigga Wares yap omatg| Aintuws ou vod oafWaré ty a a mania =2 — 1-9U0-aLAMODE Pui ect SreDewy $5 der suntael cortact at : eRe SSL ayaa ar “oA Tha staediab ty 3 8s wey ater the adden Tre cunteact af i ASC IW BUC. 978 Aare cece IN Sins 1 sata Cantesct Qate Amendment Date Gonteact Price feller 2000. $2,470,000 Bean 4 vara “NaS oarsunal snsperty mas Mat Tguced sn cha 5. {NAL aprsunal atwery was Acluded. :tcumsistes ut cantaet 73 aan ors ara ata, 45 Mal ac dued 3 'T hNaL sala astimare na 2 aged che Tw value agtmate Ta contrat! nm.catey cu i naneing soneassang af vihar ve cunt att naeaiag "Ra fqllgwing carceswiins ul duyer cram A that arrount fer cock repars somemesicns ur nealvss SMUG "Na cemnaravias aveva cracked [ye § irra’ Cone aes ane “PAL Ne onal valine ING UUM !3 19 SSM ONARCR WIM R Marwet gue Jetile? Seren = MARKET OVERVIEW (nctuda an atclanation of current market cora!tiena and ‘Tends it =. TUNIS oy SUMsGeted a Teasanabie Mardang sri fur ihe s 2 was antced 350.000 ater seller aged 19 give ments War TANS, +t guiUliCAu'e au vouttale 20 : Gey T5820 7° recent marked performance : ADDITIONAL CERTIFICATION The Apa: aiser *artit.as ang agrans shat "rm anuivaes, JuIMMs IMG ONCILSiNS were davaionedl cana this -Aiurt way aranared 9 Soaraisal races "SPP" exceyt ‘hal tne Jeparture 2ewsign yn IS28P tee qt apt 2 “hr compensation 3 not COMMA pun the teyurting vt urecelermied value o° dnectsn cle SITING, "1 @ ofTAIM MOA a 3 SUDLIATOD fasuT “he Goce meng with acai Standards uf utes stata shat Meche om cause Ul che chant ‘he ameut Hl 4 vunseuiant avant 4a advan 00. Fa0nM The appraiser § tot am aauertn hp A ot "AZSINOUS SULSTANCES OF Jetimental } enmantale coretors “he a3 SAPS SUIINP -RSpAC! GA Lt ne INyEllies sDCUE MS subsen! Wso9ry did ca) See 1D any ‘MtorMauan thal Acicatart Srv anparant s newicant Nazatous substances st Usrimental anwtorimental 2am O78 ARIZ? wnt affect the oezpary nngatively unlegs uINeGW 6P stated MNS Fanart Ihiy passinie "Nal tesis ind syuectiuns Naue .y 4 uuaillles ara deus substance ald smvagares DE WCU reveal the anstence ct EEMTOUS SUBSTAN AS 21 Cette Antal env rhamanial sanginses an ae wruurd ihe urauetty At Ais Tegallvely 'S value ADDITIONAL COMMENTS Alun NB SLATS ASTINAIQ OF valu IS tughor than the neignborhuoa's oravorninant yaive. emorovemert Bayfrurit nurnes uccupy the upper range of aea values {9 not cortsidered tu be art APPRAISER’S SIGNATURE & LICENSE/CERTIFICATION 4 suctanel’s Sgratune po EMectva Date 6.12.0 Data Praparad _6-28.2000 /Raviseu) Axotnear s Mame pint; William Geof ume 205 j 870-2100 Ulernse Se) Cenntiestion St Cer ReyREA m0cg14e9 tx 3 §9-276955) CO-SIGHING APPRAISER'S CERTIFICATION “Pa cO.signiNg AOpIa'sar “as pasamaly iMsDaCved tha SuNACE prapearsy ccm Avice atid aut ad Ban Na! cote athe ‘apt The teyult was stacaved oy the aporaiser Lear ciect suimers on at a: UOT Tur he COAtAATS ub te Tt ACiuy Inq Mie value 27" gine sos gring appraiser. TNF SO-8:g7:Ng AAAI AN NaS nut F axieriur mspecrun of atl comparable sales IJMOG apaeakar The zatiqring atiraser ACCeUtS She heibeg oseditions arg romtems that the cemtications Apply Sunaily inspected “he i oles! eOvAMy and Pas Act mScected the axarig’ af tbe subject pregerty and ar comparalia sales sted. he re iert TRE ASDae tad “Ne aeteniog ot he Sut ect wunerty and ad Sum ude all® oe @y Ste! tN oor the a ‘ni ty situated ay “he ontents of ire reper, man TOGFA.se ent mA 4° °C appraieracceuts sesuunsalllity tye cle oetems that "na 2! cations anply frily ‘9 tha sn-aigring PAs one ese Gf mgptection jyertunmerd Ly the “ne shiny ra sigh ng acataiser BATA y aM tanver sever fo ae cet ey # sevihare 7 ie audenia section Date Prepared ers ame pra L tensa COVA tu Winns ikea iettvare ry acnane at 2 1 a0 ALAMOQE Fane st wee Ware 2 3trick Lo Spey Address 4FSEN Say Road --- "y Mam: Bea ae suinly Marv Dace :SMSA 420) nn Nacthstar Marzed APPRAISAL AND REPORT IDENTIFICATION Ths agprasal cantorns to une uf ‘he falawing cedallens Tw autor Saf eeuinalerg sie ofan oBirien ul vane vedurmertwithsut nvokicg he Qeparura Auin > Tw act ur atucess af estimating vaiue ar én auiriva Uf vale aepturnmert Crcartun Roles Cumioete Acoraisai AF AAT esting frum ievoning the Limuted Apprarsal Awe dan cence aeaparsd wna 3t PG ars Aye Soe /ay ota SOP arepared unier Standards Aale Sly) aby Coimpaiete ar ted ADPAusaL NAcormeAd uncer STA iA wet Aw Ren pyot prepared urwer Standards Aule 2-2tc1 at 4 Compleat or. eoteu Apolalsal eduined unuer STAN hee SORTS si Comments on Standards Rule 2-3 POOR BH CD U8 BOS CL By AN QWelIge Hid Pater OT ID CYS BOOT He + The somenes ot ae 18a HOOTERS GRAB SES mR UID HOES SAANEES IDM OS UME SRS IAS PLAS SITURSAY ACP MENS CIRMNS AL AES IP ISM: MAME E and vn Dessert " BS EEN IMS 18 SUDIBEE SOBEY OBIE AID ot the Speed! gers, Ne ay or Se wee Ay Mave Bb WO ease: METAS LVN wth US assigoteat 0 sult if Ms e0U i Be FUN SE BIGING IE ARS ALMTADATE NRT CASTS iment wen he devel UIP Sd OSMAN oa MOIR SOUND PSHE FIOM SN ATARCM OF SubeeQERE muon HRC IRE Rats My egaigemolt 32 YS ASST ONE WAS A) 6 My Somnennanan ter CIM nSh SMS AVY Oh te tet the aT 10 Mal GIS M2 HEse meen y mated io Se namely ose oH! tes aes AAs Agransal Op. ety ut NUT Age Awan emnaton! 9 Uy Wav 29 AMIDES HIE MSGSUIS ee © SPIRES AES ni sm Mae Apnnaeg 6) +198 jt FECA ALYY MAS Se Cuba!) My ob Camments on Appraisal and Report Identification Note any deparuras from Stantards Ques 1-2. 1-3, 1-4 dius ary JSPAP-related issues “equiting ulsctosure: SAT RATA OTL ted Aporaise: sertormeg under STANDARG 1.4 ARQ; BARC : bite inne SUPERVISORY APPRAISER (only if required): APPRAISER: Some ee — . ee ‘are. Willa: & Garth” ‘aman . 7 5-28-2600 ;Ravisagt . Date $ yray Sale Lectticawn @ St Cart 2as REA aCLUtE9C me . y State Lnanse # . ° ° Sar Caper an Lai Cavan scene VaR Eaiat 9.2700 Anaraisat fuyh ne 7864 y ala Mode ne ~ "800 ALAM SE SAL CCS tus Windows abut ara: atta ae is Avil

Docket for Case No: 02-002159PL

Issue Date	Proceedings
Jul. 30, 2002	Order Closing File issued. CASE CLOSED.
Jul. 26, 2002	Motion to Relinquish Jurisdiction (filed by Petitioner via facsimile).
Jul. 15, 2002	Petitioner`s Notice of Service of Petitioner`s Response to Respondent`s First Set of Interrogatories Upon Petitioner (filed via facsimile).
Jul. 15, 2002	Petitioner`s Notice of Service of Petitioner`s Response to Respondent`s Request for Production (filed via facsimile).
Jun. 06, 2002	Petitioner`s Notice of Service of Petitioner`s First Request for Production (filed via facsimile).
Jun. 06, 2002	Petitioner`s Notice of Service of Petitioner`s Second Interrogatories to Respondent (filed via facsimile).
Jun. 06, 2002	Petitioner`s Notice of Service of Petitioner`s Second Request for Admissions to Respondent (filed via facsimile).
Jun. 03, 2002	Order of Pre-hearing Instructions issued.
Jun. 03, 2002	Notice of Hearing issued (hearing set for August 1 and 2, 2002; 9:30 a.m.; Miami, FL).
May 31, 2002	Joint Response to Initial Order (filed via facsimile).
May 24, 2002	Initial Order issued.
May 23, 2002	Administrative Complaint filed.
May 23, 2002	Request for Formal Hearing filed.
May 23, 2002	Agency referral filed.