STATE OF FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BOARD , FLORIDA DEPARTMENT OF BUSINESS & , . oO ¢€ vy PROFESSIONAL REGULATION, Se DIVISION OF REAL ESTATE, . Petitioner, Vv. CASE NO. 2002002916 MARIA PRADO, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Maria Prado (“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 3363 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 947 SW 12274 Avenue, Miami, Florida 33184. 4. On or about November 28, 2000, Respondent developed and communicated an appraisal report regarding real property commonly known as 1024 SW 12" Avenue, Miami, Florida. (“Subject FDBPR v. Maria Prado Case No. 2002002916 Administrative Complaint Property”) A copy of the report is attached and incorporated as Administrative Complaint Exhibit 1. 5. In the “Neighborhood” section of the report, Respondent reports that Subject Property was built in 1938. 6. In the “Description of Improvements” section of the report, Respondent reports that Subject Property was built in 1947. 7. In the “Sales Comparison Analysis” section of the report, Respondent reports Comparable Sale One as being a triplex. 8. Comparable Sale One was in fact a duplex. 9. In the “Sales Comparison Analysis” section of the report, Respondent reported that Comparable Sale One’s the gross building area was 1,784 square feet. 10. In fact, Comparable Sale One’s gross living area was 1,784 square feet. 11. In the “Sales Comparison Analysis” section of the report, Respondent reported that Comparable Sale Two’s gross buildin g area was 2,223 square feet. 12. In fact, Comparable Sale Two’s gross living area was 2,223 square feet. 13. In the “Sales Comparison Analysis” section of the report, Respondent reported that all three comparable sales were of a leaschold interest. 14. All three comparable sales were conveyances of a fee interest. 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, a rr A A RR A See FDBPR v. Maria Prado Case No. 2002002916 Administrative Complaint COUNT II Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standard 1-1 by committing a series of errors, or other provision of the Uniform Standards of Professional Appraisal Practice in violation of Section 475.624(14), Florida Statutes. COUNT III Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards 1-1(b) and 1-4 by misstating the property interest conveyed in comparable sales, or other provision of the Uniform Standards of Professional Appraisal Practice in violation of Section 475.624(14), Florida Statutes, COUNT IV Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards 1-1(a) and (b), and 1-4 by misstating gross building area, or other provision of the Uniform Standards of Professional Appraisal Practice in violation of Section 475.624(14), Florida Statutes. COUNT V Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards 1-1(b) and 1-2(e) by failing to accurately state the age of the improvements, or other provision of the Uniform Standards of Professional Appraisal Practice in violation of Section 475.624(14), Florida Statutes. FDBPR v. Maria Prado Case No. 2002002916 Administrative Complaint COUNT VI Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards 1-1(b) and 1-4 by misstating that Comparable One was a triplex, or other provision of the Uniform Standards of Professional Appraisal Practice in violation of Section 475.624(14), Florida Statutes. 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 61J 1-8.002, 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, So FDBPR v. Maria Prado Case No. 2002002916 Administrative Complaint 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 anv combination of the foregoing which may apply. See Section 455.227, Fla. Statutes and Florida Administrative Code Rule 61J1-8,002. SIGNED this gth day of Guth , 2004. . \ y oe AC Deat OF. Florida Department of Business and Professional Regulation By: Aue Director, Division of Real Estate ATTORNEY FOR PETITIONER CP. Christopher J. DeCosta, Senior Attorney Fla. Bar No. 271410 Division of Real Estate Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 - FAX PCP: JS/DB/JB 3/2/04 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 BY FDBPR v. Maria Prado Case No. 2002002916 Administrative Complaint 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 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. SUMMARY APPRAISAL OF THE PROPERTY LOCATED AT 1024 SW 12 Avenue Miami, Fi 33130 as of 11/22/2000 for Empire Mortgage Corporation 5455 SW 8th Street, Suite 230 Miami, FL 33134 by Maria Prado St. Cert.Res.REA #RD-0003363 13184 SW 20 Terrace Miami, FL 33175 File No. 00110027 Complete /__. -risal Analysis - Summary Appraisa’ rt SMALL RESIDi_.__AL INCOME PROPERTY APPRAISA: ‘ORT Finke, 00110027 GProperty Address 1024 SW 12 Avenue Cty Miami State FL 2ip Code 33180 Lega! Oescrtion Lot 3 Less ESFT Block 8 tst Westmoreland Add PB 3-33 County Miami-Dade | Assessors Parcel No, O1-4111-013-0910 TaxYear 1999 RE TeesS 2,746.42 Special Assoesments $. NVA leighborhood or Project Neme Ist Westmoreland Add Map Reference 54-4 ]-1] : Consus Tract 64.090 Borrower Man ernande Curect Owner Raton Marin &W Delfina Occupant T Tower TXTrenant | [ [vacant [Fee simple | [Lseteholt | Project Type PuD Condominium HOAS N/A io. Seiee Price Ss 165,000 Date of sale 11/19/00 Description tind S$ amount of loan charges/concessions to be paid by seller *SEE CONTRAC’ LendertCiet_ Empire Mortgage Corporation Asdrose_ 5.855 SW 8th Street, Suite 230, Miami, FL 33134 Maria Prado Address 13284 0 Miami Urban X| Suburban Rural Predominant X] over 75% 25-75% Under 25% cone d Ranld X] stabie ‘Slow X} ner [}increasing X | stabie Deelining Tenant Shortage X | in batance Over supply {|X ] vacant (0.5%) under 3 mos. [X]}3-6 moa. ‘Over 8 mos. | vacant (over ss) [140 Typical 2-4 family bldg. type Detached No. stories 1-2 No. units Land use chadge s 550 tos 950 Increasing [XK] stable Dectining (X] Not liket Ukely Ist. neighborhood apt. vacancy 5% Increasing [X] stable Declining in to: yes [K]no [_Juely tyes or tkaly, describe Note: Race and the racial composition of the helghborhood are not appraisal factors. Neighborhood boundaries and charactertstics: Neighborhood boundaries are: SW 8th Street to the North; SW 7th Avenue to the East: SW. 4th Street to the South and SW 17th Avenue to the West ‘actors that affect the marketability of the properties in the neighborhood (proximity to emplayment and amentties, employment stability, appeal fo market, etc): ¢ subject property is located in a neighborhood of a mix average quality construction single family homes, multl-family wellings and commercial properties, AJ] amenities in the area such as schools, parks, shopping centers, employmbnt areas and ublic transportation services are located within a short distance from the subject property. The following evailuble listings represent the moat current, similar, end proximate competitive properties to the subject property In the subject neighborhood. This andlysis is intended al evaluate the Inventory currently on the market competing with the subject property In the subject neighborhood and recent Price and marketing time trends affecting the subject property, {ulstings outside the subject neighborhood are not considered applicable). The sting comparables can be the rental oF Sale comparables if they are currently for sale. ITEM SUBJECT COMPARABLE LISTING NO. 1 COMPARABLE LISTING NO. 2 COMPARABLE LST NO. 3 a) 1024 SW 12 Avenue 1215 SW 13 Avenue 850 SW 14 Avenue Address iamj iamj Miami Proximity to au ithin 3 Block IWithin 4 Blo [Listing price s 170,000! X}um [Jr 199,000) ( 185,000 SPlAppronimate GBA 1,791 2,195 . 2,136) joutssoure inspection _IMLS/Public Records MLS/Public Records ublic Record 3g |# Unite/Tot.rma rarer | 2 | 13.00! 2 7 10 | 4 Zo} 20: It fs Ff i i 4 f 4 [ee |Apereximate year buit__/1938, 1939 1939 {1925 Approx days on market N/A 12 67| 6 Comparison of fistings to subject property: Listings would appeal to the same market segment as the € property being appraised. Market conditions tat effect 2-4 family properties in the subject neighborhood including the above neighborhood Indicatare of growth rate! property Vilues, jemand/cupply, and marketing time) and the prevalence and Impact In the subject market srea regarding loan discounts, interest buydowns and} concessions, and identification of trends In listing prices, average days on market end any change over pact year, etc: G | market conditions are staljle with both upply and demand in balance, No unusual restriction of financing was noted, The comparable listings domenatale a range value (rounded) from $199,000 ($91.00 per Sq, Ft.) to $175,000 ($79.00 per Sq, Ft,). Current marketing time 3 th 6 months. HPrices are stable and keeping pace with inflation Dimensions 6OFx122LSx60Rx1t22RS Topography Level to grade. {{Skeerea 7320 +/- sq, ft. Comertct [KX] No Tye Ste 7320 SE 9 ; [Specific zoning clesaiication and description R-2 Duplex ‘Shape Rectangular i X) Lega Legal nonconforming (Grandfathered use) [__‘Wegal [| No zoning Creinage Appears Adequate j ~ Improved: [X]Present use [other use (expiain) View Typical residential | tee Landecarea Average ol; lio Other Off-site Improvements Type Driveway Concrete FA t . Street Paved/Asphalt Apparent casements Normal utility | Curbiguter ~— Concrete ‘ 4 Sldewatk. Concrete [X} [] 1 FEMA special Rood Hazard Area my TX] no 4 t ‘Street Iights ~— Incandescent XX] [-]| remazone X Map Dste 3/2/04 Alle mn FEMA MapNo._ 12025C0187 — Comments {apparent adverse easements, enctoachments, special assessments, side areas, Wega! or legal nonconforming zoning, use, etc): Usual utility easement present, no adverse condition or encroachment noted, The subject. improvements are conforming. A survey was not available for review. There are no known, certified or pending special assessments. oom Freddie Mac Form 72 10-94 woCh PAGE 10F 4 Fannie fae Form 1025 10:94 Complete / sraisal Analysis - Summary Appraisa’ . eport SMALL RESIDEW TIAL INCOME PROPERTY APPRAISA._(EPORT Fiewo. 00110027 Exterior description (Matorials/condition) Foundation insulation (Revalue if known} Foundstlon Concrete/Avg Siab Concrete Footing Root Exterorwaile = Frame/Stuc/Avg Cam space = Crwl Space [X|ceiing Unk, Root surface = But&Membr/Avg___}sumpPump += None Walls Gutters & dwrapts. AdqgOvrHung Dampness None Noted Floor Window type AlumAwnine/Avge ‘Settlement None Noted None ‘Storm eashiScreens No/Y es . Infestation None Noted Adequacy | Adequate Manufactured housing* “Tres DX]no |essament N/A _ % ot 1st oor area | Energy offctent tema: No * {Complies with the HUD Manufactured Housing Basement finish N/A ne noted Construction and Safety Standards.) 7 Units | keveiis) | Foyer | thing | ining | Kitchen Den |Family m.} Bedrooms | #Baths | taundry | other | sq. Rfuni Total 2 L 1 1 1 1 1 2 1 930 930 1 1 1 I i 2 1 786 786 [ i Improvements contain: I] Rooms; 4 Eedroom(s}; 2.00 eathis); GROSS BUILDING AREA (GBA) IS DEFINED AS THE TOTAL IMPROVEMENTS BASED UPON EXTERIOR MEASUREMENTS. 1,716 quate toot of GROSH BUILDING AREA FINISHED AREA (INCLUDING COMMON AR! ‘S) OF THE 4 urfaces (Materists/condition) Heating Kitctien equip, Car Storage fe Cars, oor VinyVAve _ Type W/Units Refrigerator Garage [_] faite Plaster/Avg. Fuel Electric. Range/aven Carport LJ imAinish, Wood/Ave _ Condition Average Disposal Attached hfloor = Tile/Ave_ = Dishwasher Detached thwainecot C,Tile/Avg Cooling Farvhood Adequate Wood solid and |conrs W/U: Comysactor Inedequate ollow core/Avg Other = N/A Washerfdryer Onstreet xX Condition Average Microwave None N/A aN/A Intercom None [Condition of the improvements, ropairs needed, quality of construction, additional features, modemization, etc.: The subject property has received oh occasional care and up keep an is judged to be in average condition for type and age. No repairs required at the time of inspeb! tion. The’ _| subject is functional and conforms well to the surrounding dwellings, Subject property is of Frame-Stucco: averai wality of ssaconstructio Depreciation (physical, functional, and extemat inadequacies, stc.): Appraiser di ternal vi average, onomic or locational) obsolescence, Functional utility is considered qAdverse environmental conditions (such 8, the immediate vicinity of the subject property’ No unusual environmental or hazardous conditions were obs. but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on| inspection, Environmental conditions for dweiling and surrounding area are typical for Dade County erved ati the site, or ial the time of + 4 VALUATION ANALYS!s ESTIMATED SITE VALUE eee c ccc usaee =s 70,000] comments on Cost Approach (such as, source of cost edimate, site value,| ESTIMATED REPRODUCTION COST—NEW OF IMPROVEMENTS: square foot calculation end, for HUD and VA, the ebtimated remaining 1,716 sores 62= $___106,392 jeconomic we of the property): Cost approach was calulted using Sa FL es = $s) _ {the Marshall & Swift Cost Handbook, Site valuation was SAL OS = $ .. abstracted from improved sales, the square footage| calculation RES = s_ .. Should be considered an approximation only with minor 5a OS = $s _ |deviations in the actual square footage being of Jittler or no = $_ __ |value consequences, Land value-ratio is typical For this older = s_ _ fully developed area. « os = $_ _ = $_ _ Special Energy Efficient tems = os _ Porches, Patios, atc, Appliances/Entries = s_ 15,000. Total Estimated CostNew = s_ 121392 Physicst Functional = Extemal Less 25.0 f Depreciation 30,348 25 30,348 OC. . Depracisted Vaiue of improvements = 3_ 91,944 . 8 Ik" Value of Site Improvements as 5,500 INDICATED VALUE BY COST APPROACH 2s 166,544) Teco ones ware PAGE 20F 4 Fannia|Mtae Form 4025 10-94 Complete 4 SMALL RESIDi_ wraisal Analysis - Summary Appraisa eport fAL INCOME PROPERTY APPRAISA._ort SMALL RESIDL_.__AL INCOME PROPERTY APPRAISA, PORT rine. 00110097 _ eee ceca ta See (wart sine of pipes wont sia ar psa 10 89 Sd pay aed Tas eSEed and sabiad Gens Bs WOR WI wate between the Peet aan an Tommie, te aula eee » deter aoert mfatng Oo tat acon lo Bae Hane er at emuneion ngpered by Be mena Gun e egies in the comparable Le rea ae ay teenie an te wie prepaty, x mut () austere mode, te mang te eed sae pn of ba corpunaie reperye Ha dni ee compareble property is_tertor 10, or less favorable then, tha subject property, 3 pis (+) achustnent is made, tus increasing the achsted alee price of the comperable propery. It} Seles Price 1 Grea Monthly Rent] ITEM i SUBJECT COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 2 COMPARABLE SUE NO.3 1629 SW 2 Street 134 SW 11 Street 1023 SW 12 Court Miami [Miami Miami iWithin 10 Blocks {Within 3 Blocks (Within 2 Blocks s 165,000] [X rum. $ 155,000] [X Jun. [ kum. s 170,500] [X june [um 189,000 [Sales price per GBA |S. 96.15! 86.88)s 76.70|s 73.43 ose monthly rent Ss 1,400.00)s 1,600.00|s 1,825.00/s 1,500.00; ross mo. rent mot 118 97 93 126 [Sales price per unit Is 82,500.00/s 51,666.67)s 85,250.00!s 94,500.00}: Sales price per room |S 15,000.00/s 12,916.67|s 15,500.00}s 18,900.00 ata andor Inspection Public Records/MLS/Tenants [Public Records/MLS/Tenants |Public Records/MLS/Tenants arification Sources Public Records |ORB 19058 1065/0.Obsv. ORB 19071 4845/0.Obsy. {ORB 19168 161 DESCRIPTION DESCRIPTION } 40) § Adjustment DESCRIPTION P#Q)$ Adjustment DESCRIPTION | Bat Fixed (Conv, Conv. Mrtg. 515,500 $153,450 170,106 3/00 i 4/00 6/00 cation ‘Suburban Suburban i [Suburban i Suburban easeholdtee simple [Fee Simple \Leasehold Leasehold i Leasehold i J 17320 SF 7500 SF .17500 SF i _No Adj.!7800 SF CG No Adj, {Typ residential Typ residential [Typ residential: [Typ residential__| : Design and appeat IDuplex/Avg _ Tiplex/Avg Duplex/Avg } Duplex/Avg. Juehty of construction |Frame/Stuc/Avg_|Frame/Stuc/Ave, ICBS/Avg. i ~3,000'CBS/Avg -3,000! |A53/E25 74/E30 i +2,5001A40/E25 i A63/E25 Condition verage erage i Average i ‘Average Gross Building Area, { L716 ft 1,784 No Adj,|___2,223 Sani -5,070 2,574 -~8,580 No. Rm. count |, }No.| "Rm, count No. Rm. count__| yy i No. Rm. count of ot of H Ci int Tot! Gr] Ba |¥Sunits| Tor) Be | Be units) Tot{ Br} Be } Vac! units} Tot| Br} Ba lam ‘i6l2{ i Tofifaliy i tlel3t2 1 i j21 rlolifatiht Hs}2t1 1i4t1} 1 lone j (None ig yerage | erage IW/Units/Ave ASnits/Ave j W/Units/Ave On-site _____{On-site H [Project amenities and [None None fon (Ml applicabla) s ft g ; ah $ 155,500 Net'=5.9%= s 160,430 Ne Ls 172,420 Comments on sales comparison ing reconciliation of all indicators of value ms to consistency and relative strength and evaluation of the typical iqvestor e/purchaser’s Jmotwation In that market): The comparable used were the most current and best available at the time of inspection andjappeal to the ame market segment as the subject property; adjustments were made for dissimilarities, Subject property is compatible With the eighborhood. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 ta, Price and Data No prior sale lo prior sale INo prior sale 0 prior sale Source for prior sales within a year ithin a year {within a year ithin a year han year of eppraiss!_ [Public Records [Public Records Public Records blic Records | fe analysie ‘of any current agreement of tala, option, of listing of the ‘Subject property and analysis of any priot sales of ‘subject and comparables within one year of date of appraisal: i(The current contract for sale appears to be the result of an arms length transaction, Contract value was considered during the i final reconciliati [Total gross monthly estimated rent $ 1,400 x gross rem muttipter (GAM) 118 =s 165,200 . inpicaTeD VALUE BY INCOME APPROACH Comments on Income approach (Inchuding expense ratios, # available, and reconcilation of the GRM) Based on the comparable sales, listings! rentals and i ni th. r 8 HINDICATED VALUE BY SALES COMPARISON APPROACH. . vessetessitecsusettutevssstscusvirnverererean ~- | s_- 163,000] )NDIGATED VALUE BY INCOME APPROACH. [8 165,200] WNDICATED VALUE BY COST APPROACH ... s___ 166,500 This appraisal iz made |X] “as ism TJastect to the copain, Fy ions, Inspections, or conditions sted below ‘Subject to completion per plans and specifications LR] Comments and conditions of appraisat ~The extent of the appraisal is detailed in the addendum the Limiting Conditions and Certifications er reported on FNMA form 1004B dated 6/93 “i ENGL nt eonciiation: Most weight is placed on the Income Approach as it best reflects, what a well informed investor would _most }@ulikely consider in an offer to buy/sell a similar property. The sale & cost approach Jend support. ji Purpose of this approiea! is to estimate the markat value of the reat property that is the subject of this report, based on the above conditions and the ceftification, contingent [204 limiting canditions, and market value definkion that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 1004B (Revised 6/93 » g|! (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE.REAL PROPERTY THAT IS THE SUBVECT OF THIS REPORT, AS OF 11/22/2000 BAWWHICH 1S THE DATE OF JMSPECTION AND THE &j WE DATE OF THIS REPORT) To BE $ 165,000. 4 t —_ ‘SUPERVISORY APPRAISER {ONLY IF REQUIRED): Signature ltt Le) _ Signature bid Did Not lame Maria Prado Neme Inspect Property Date Repart Signed vember 28, 2000 Date Report Signed a _t Stole Centheation#_ St. CertRes.REA #RD-0003363 State FI, State Certicaton # [Ss Site | B|Or State License # State Or State License # State Freddie Mac Form 72 10-94 10 CH. PAGE 4 OF 4 Fannie ee Form 1025 10-94 Maria Prada te TO te cere sem Beer Hn mn eee ene SMALL RESIDE - INCOME PROPERTY APPRAISAL |_. oughT FieNo. 00110027 “ADDITIONAL COMPARABLES ~~ Borrower or Owner Manuel! Fernandez [3 Provery Adirens_ 1024 SW.12 Avenue Sgioty_ Miami County Miami-Dade State F] ZipCode 33130 Bender or clon Empire Mortgage Corporation ITEM SUBJECT COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. & 024 SW 12 Avenue 1029 NW 3 Street 9 SW 12 Avenue :, Address Miami lami fiami 152 [Proximity to subject 5 cee «Within 13 Blocks Within | Block les price s 165,000] [Xun [ lum. s 165,000 um. $ 160, 900] [Jun [Fum. s les price per GBA is 96.15!s 95.71)s 96.85\s [Gross monthyy rent Ss 1,400.00]|s 1,250.00!s 1,700.00)s = |Gress mo, rent mult 18 132) 94 [Smles price per unt s 82,500.00}s 82,500.00/s 80,000.00!s |Sales price per room $ 15,000.00|s 18.333.33/s 16,000.00)s Data andor Inspection Public Records/MLS/Teriants Public Records/MLS/Tenants [Verifcstion Sowese___ Public Records _|ORB_19394 3799/0. Obsv. IORB_19345 0391/0.Obsv. ADJUSTMENTS DESCRIPTION DESCRIPTION $46) $ Adjustment DESCRIPTION iH +) $ Adjusiment DESCRIPTION H +6) $ Adjusimeat Sales o¢ financing : z “Unk, i (Conv. Mrtg H , H concessions Unk. Date of saletime paneer 11/00 10/00 + [Location Suburban ‘Suburban i ‘Suburban { [ieasenoleiee simple [Fee Simple Fee Simple i [Fee Simple Piste 17320 SF (7500 SF i No Adj.J7000 SF No adj. | View residential _ [Typ residential : ‘yp residential & [Destan and epost iplex/Ave uplex/Avg i iDuplex/Avg. i (Cuatty of constuction _Frame/Stuc/Avg [Frame/Stuc/Avg _: i Bro $3/B25 |A79/E30 : : 22 condition Average verage H _| 2 [cross eutcing Are 1,716 sqt. 1,724 Sq.ft! ta No.| Rm. eoom [1.1 Mo.[___Rm. count wa! ra. count Oy he Tot| Br I Ba _|Vac. nt Tot] Br] on [Veo & | Be une ii[6l2t1 Tolifsfefa | _: | : Fh reaktown 1/5 : 2 of] : 4 ia i a i Co, —None_ i | lAvi H +i W/Units/Avg i On-site : | [None i i None i i ——| H lard i i : imix Da, ao Te Ts Gross 1:5% Gross 2.0% Sn Ree Be lof comparable : ‘ Net 1.5%" s 167,500: Net2.0%-s 163,140. $s Date, Price and Duta lo prior sale lo prior sale lo prior sale +4:|Souree for prior sales ithin a year ithin a year jwithin a year _|within yaar of sppraisal [Public Records Public Records Public Records |Comments on Market Oata Analysis As per underwriter's re quest appraiser found two new comparable sales, both ong stor: , and construction is of Frame/Stucco, In subject's neighborhood and surrounding areas, there are many Triplex and Fourrllex with .; “more square footage being larger pi :|difficult for appraiser to find com roperties, also there are very diversified types of construction in this area m: ips, rentals or listings all similar in type and size, king it very Maria Prado BonewerorOwner_ Manuel Fernandez Property Address 1024 SW 12 Avenue cy Miami County Miami-Dade state Fl ZipCode 33130 Lender 0 Client mpire Morteage Corporatio 15.7" Unit #2 a ar Unit #1 First Floor 25.0 X 150 Xx First Floor 180 X 50 X SMETOHT teomezsoer? At. Dd 3errower or Owner Manuel Fernandez Property Address__ 1024 SW_12 Avenue 2y_Miami County Miami-Dade State FI ZipCode 33130 sander or Cosnt_ Empire Mort poration SUBJECT PR‘ STREET SCE SUBJECT PR} FRONT VIEW OF m SUBJECT PROPERTY REAR VIEW O} PERTY E OF PERTY Berrewer or Owner Manuel Fernandez Property Address__1024 SW 12 Avenue Sty Miami County Miami-Dade Zip Code 33130 Lender or Client Epp SUBJEC ELECTRICAL i; OXES Borrower or Quner Manuel Fernandez Property Address 1024 SW 12 Avenue Cty Miami County Miami-Dade site FI a Lender or Client ire Morte jon LISTING # 5}1215 SW 13 Aver Miami LISTING i e] 1242 SW 13 Av Miami \ Borrower or Omer Manuel Fernandez — a SPSS wer SS SAT e-SA serer SSA eve File No. 00110027 Property Address 1024 SW 12 Avenue Cty Miami Sourty Miami-Dade Suto F] Zip Code_ 33130 Lender ot Client Empire Mortgage Corpo RENTAL #1 1053 SW 13 Street Miami RENTAL #3 1867 SW 13 Str¢et Miami Borrower or Owner Manuel Fernandez Property Addrass 1024 SW 12 Avenue Souty Miami-Dade ZipCode 33130 n RENTAL #5 ———f1574 Sw Streel > x dMiami RENTAL #6 Fle tio. 00110027 Borrower or Owner Manuel Fernandez Property Address 1024 SW 12 Avenue Cty Miami : County Miami-Dade State Fi ZipCode 33130 fon COMPARABLE #1 55,000 86.88 3/00 74/E30 1,784 by Unit 4-1-1 55,500 70,500 76.70 4/00 ; A40/E25 ye 2,223 : lby Unit 5-2-1 Value Indication $160,430 nnn #83 1023 SW 12 Cor Miami it $189,000 73.43 6/00 63/E25 i 2,574 by Unit 5-2-1] Value Indication $172,420 Berrower or Owner Manuel Fernandez Property Address 1024 SW 12 Avenue Cty Miami Lender or Cltent Sounty_Miami-Dade State Fl Zip Code_ 33130 COMPARABLE #4 029 NW 3 Streef Miami $1165,000 95.71 11/00 AI79/E30 1,724 by Unit 4-1-1 Value Indication $167,500 COMPARABLE #5 hie 60,000 96.85 10/00 A76/E30 1,652 by Unit 5-2-1 AValae Indication $163,140 COMPARABLE #6 Valae Indication File No. 00110027 8 Borower or Owner Manuel Fernandez Property Address 1024 SW 12 Avenue cy Miami County Miami-Dade State ZipCode 33130 Lender or Client Empii Hf a a ps ne ara yt Beh BR a ° zt i ii dd 3 a a 2 mis a = RS, i BE 4 3 Fe tate ‘i OS Operating Income Statement as FileNo. 0011002’ One- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Prope Property Address = 1024 SW 12 Avenue cty_ Miami County Miami-Dade State FI Zpcode 33130 General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter, The applicant must complete the following schedule indicating each unit's rental status, lease expiration date, current rent, market redt, and the responelbllity for utility expenses. Rental figures must be based on ‘the rent for an “unfurnished” unit. Currently Expiration Curren: Rent Market Rent Paid Rented Date Per Month Per Month By Tenant UnitNo.1 Yes XK Ne $s 700 s 700 X UnitNo.2 Yes KX No $ 700 $ 700 x unit No.3 Yes No s s Unit No.4 Yes No $ s Total $ 1,400 $s 1,400 xX The applicant should complete all of the income and expense projections and for existing properties provide actual year-erd operating Staternents for the past two years /for new properties the applicent's projected income and expenses must be provided). ‘This Operating Income Statement and any previous operating statements the applicant provides must then be sent to the appraiser for review}, comment, andior adjustments next to the applicant's figuresie.g., Applicant/Appraiser 288/300). if the appraiser is retained to cbmplete the form Instead of the applicant, the lender must provide to the appraiser the aforementioned operating statements, mortgagh insurance Premium, HOA dues, leasehold payments, subordinate financin}, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate the projections. The underwriter should carefully| review the spplicant’s/appraiser’s projections and the appraiser's commenti concerning those projections. the underwriter should make any final adjustments that are necessary to more accurately refiect any Income of expense items that appear unreasonable for fhe market. (Real astote taxes and insurance on these types of properties are included in PIT! and not calculated ax an al expense item.) \ncome should be based on current rents, but should not exceed market rents, When there are no current rents use the Property Is proposed, new, or currently vacant, market rents should be used. SS Annual Income and Expense Projection for Next 12 months EOE ee? Adjustments by Income {Do not include income for owner-occupied units} By Applicant/Appraiser ‘Lender's Underwriter Gross Annual Rental (from unit{s} to be rented) $s 16,800 $. Other Income finclide sources} |. * *. Totat veseeeanes s 16,800 $ —— Less Vacancy/Rent L - 840 G* -_ | ¢ » Effective Gross income s 15,960 Sf Expenses (Do not include expenses for owner-occupied units} Electricity Ba. Fuel Oil, Fuel Water/Sewer Trash Removal , Pest Controt Other Taxes or Licenses CMSB LADO eee ceceeeeeeeeeceteeseeeeteneererens aes This Includes the costs for public area cleaning, snow removal, etc., even though the applicant may not elect to contract tor ‘such services | | Wettertor PaintDecorang ooo ceeccccvecevuseceesaees 500 . This Includes the costs of contract labor and materials that are required to maintain the interiors of the Kving units. General Repaire/Maintenance ee eccsteeteceevene This Inciudes the costs of contract labor and materials that eve required to maintain the public corridors, stalrways, roofs, mechanical systems, grounds, etc. Management Expenses __ | These are the customary expenses that a professional manage- j i dod ‘ment company would charge to manage the property. Supplies Tris Includes the costs of items like fight bulbs, Janitorial supplies, etc, Total Replacement Reserves - See Schedule on Pg. 2 423) ‘ 125 Miscellaneous Total Operating Expenses __ $ 1,048 Freddie Mac . Fangio Mae Form 098 Aug 88 Page 10f2 Forme 216 Aug 83 Maria Prado NS A A ree SRN C. Washer/Dryere @S ea. / Yra. x Units =$ $ HW Heaters _ es 125 ea. # 7 vrs. x 2 Units «$s 36 $ Fumace(s) | es eas Yes. « Units =$ $s (Other) | @s ons Yrs. ‘Units =$ s ROM i. @s 4,000 e9 ¢ 15 Yre. x One Bldg. = s 267 $s Carpeting (Wall to Wall) Remaining Life (Units) —____ Total Sq. Yds.@ $ PerSq.¥d./ Yrs. = $ $ (Public Areas) =__— Total Sq. Yds.@ $s PerSq.¥d./ Yre. = $ $ Total Replacement Reserves. (Enter on Pg. 1) : s : 423 $ Operating income Reconciliation 15,960 - s 1048 =s 14,912 41258 1,242.67 Effective Gross Income Total Operating Expenses Operating Income Monthly Operating Income s 1,242.67 - s "Ss 1,242.67 Monthly Operating Income Monthly Housing Experse Net Cash Flow ¢ (Nate: Monthly Housing Expenes Includes principal and interest on the mortgage, hazard insurance premiums, real estate taxts, mortgage’) insurance premiums, HOA dues, leasehold payments, and subordinate financing payments.) Sa Sgn GP ane Underwriter‘s instructions for 2-4 Family Owner-Occupled Properties ‘If Monthly Operating income Is @ positive number, enter as “Net Rental income” in the “Groes Monthly income” sectidn of Freddie Mac Form @5/Fannie Mae Form 1003. Wf Monthly Opersting Income is a negative number, it must be Included as ja lability for qualification purposes. “The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total Monthly Housing Expense for the subject property to the borrower's stable monthly income. Underwriters instructions for 1-4 Family Investment Properties “If Net Cash Flow is @ positive number, enter as “Net Rental income“ in the “Gross Monthly Income" section of [Freddie Mio Form 65/Fannie Mae Form 1003. if Net Cash Flow Is @ negative number, it must be Included as a lability fof qualification purposes. * The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total monthly housing expense for a the borrower's primary residence to the borrower's stable rronthly Income. @ v1 Appralser's Comments /Including sources for data and rationele for the projections} t— LY 1 t (ottee (ale — 2 Maria Prado 4 ft "November 28, 2000 a ‘Appraise? Signature Date Appraiser Name ature Underwriter’s Comments and Rationale for Adjustments 25 7 ! Underwriter Name Underwriter Signature Date Freddie Mac Fanhie Mae Ferm ROR Avie AA Page 2 of 2 Fomm 216 Aug 68 ete 00110027; fanuel Fernan Borrower or jez Property Address 1024 SW 12 Avenue cy Miami county Miami-Dade sae Fl Ze Cote 33130 Lander or Cliant mpire Mortgage SA TEPC ; : Sa tHE Sie Mot oth i ee ee a : fw 101, ST z Ly 39Vd it ) 30 a ne eran ee NNN Se SR ee DEFINITION OF MARKET VALUE: The ‘most probable price which @ property shoul¢ bring in a competitive and open market under ail condillions requisite to a falr sale, the buyer and seller, each acting Prudently, knowledgeably and assuming the price is not affected by undue stimuius. implicit in this definition is the consummation of 4 sale 88 Of @ specified date and the Passing of title from seller to buyer under conditlons whereby. (1) buyer and seller ore typically motivated; (2) both parties re well Informed or well sdvised, and each acting in what he conelders his own best interest; (3) a reasonable time is allowed for exposure In the open market; {4) payment Is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the Price represents the Normal consideration for the Property soid unaffected by special or creative financing or sales concessions’ granted by anyone associated with the sale. “Adjustments to the comparables must be made for special or creative financing or sales conceasions. No adjustments are necessary for those costs which ere normally paid hy sellers as a result of tradition or law in a market area: these costs ara readily identifiable since the seller pays these costs in virtually all sales transactions. Special or Creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that Is not alreacy invoWed In the Property or transaction. Any adjustment Should not be catculsted on a mechanical dollar for dollar cost of the financing or concessions but the dollar ‘amount of any adjustment should approximate the market's reaction to the financing or conceasione based on the ‘appraiser's judgment, STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report, is subject to the following conditions: . 1, The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the thle fo it. The appraiser assumes that the title Is good and marketable and, therefore, will not sender any! opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2, The appraiser has provided a sketch In the appraisal report to show approximate dimensions of the improvements| and the sketch is included only to assist the reader of the report in visualizing the property and understanding the! appraiser's determination of its size. 3. The appraiser has examined the avallable flood mapn that are provided by the Federal Emergency Management| Agency (or other data sources) and has noted in the appraisal report whether the subject site Is located in ani identified Special Flood Hazard Area, Because the apprilser Is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4 The appraiser will not give testimony or appear in court because he or she made an appraisal of the property inf question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and tl improvements at their contributory value, The separate valuations of the land and Improvements must not used in conjunction with any other appraisal and ere invalid if they are so used. 8. The appraiser has noted In the appraisal report any adverse conditions (such as, needed repairs, depreciation, th Presence of hazardous wastes, toxio substances, etc.) observed during the inspection of the subject property or that fhe or she became aware of during the normal research involved in performing the appraisal, Unless otherwise stat in the appraisat report, the appraiser has no knowledge of any hidden or unapparent conditions of the Property adverse environmental conditions Gneluding the presence of hazardous wastes, toxic substances, etc.) that woul make the Property more or fess valuable, and has assumed that there are mo such conditions and makes Quarantees of warranties, express or implied, regarding the condition of the property. The appraiser will not fesponsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, ‘Sppraisat report must not be Considered as an environmental aesessmunt of the property. 7. ‘The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report fro sources that he or she considers to be reliable end believes them to be true and correct. The appraiser does assume responsibility for the accuracy of auch Items thal were fumished by other parties. 8. The appratser will not disclose the contents of the appraisal report except as provided for in the Uniform ‘Standards of Professional Appraisal Practice, . 9. The appraiser hss based his or her appraisal Teport and veluation conclusion for an appraisal that Is subject satisfactory completion, repairs, or alterations on the assumption that completion of the; Improvements will Performed In a workmanlike manner, 10. The appraiser must provide his or her prior written consent before the lender/client specified in the sppral report can distribute the appraisal report (Including conclusions about the property value, the appraisers identi ‘€nd professional designations, and references to any professional appraisal organizations or the fim with which ti appraiser is associated) to anyone other than the borrower, the mortgagee or its successors and assigns; the mortga, insurer, consultants: professional appraisal organizations; any state or federally approved financial institution; or ai department, agency, or instrumentality of the United States or any state or the District of Columbia; except th: the lender/client may distribute the property description section of the report only to data collection or reporti service(s) without having fo obtain the appraisers prior written consent. The appraiser's. written consent ani approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, Public relations, news, sales, or other media. ————————— Freddle Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93 °c YS SRA I ARR PON Se Flee — 00110027 APPRAISER'S CERTIFICATION: the Appraleer certines and agrees that: 1. [have researched the subject market area and have selected « minimum of three recent sales of properties most simitar and proximate to the subject property for consideration in the sales comparison analysis and have made a dolar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant Kem in m comparable property is superior to, or more favorable than, the subject property, | have made = fegative sdjustment to reduce the adjusted sales price of the comparable end, if a significant item in a comparable Property Is inferior to, or lees favorable than the subject property, | have made a positive adjustment to Increase the adjusted aales price of the comparable. 2. 1 have taken Into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. | have not knowingly withheld any significant Information from the appraisal feport and | believe, to the best of my knowledge, tha: all statements and information in the appraisal report are true and correct. 3. | stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. : 4. | have no present or prospective interest in the propety that is the subject to this report, and t have no present Of prospective personal interest of bias with respect to the participants In the traneaction. | did not base, either, Partiaity or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the Prospective owners of occupants of the subject| Property of of the present owners or occupants of the properties In tha vicinity of the subject property. 5. {have no present of contemplated future interest in the subject property, and nelther my current or future| employment _nor my compensation for performing this appraisal is contingent on the appraised value of the property, 6. ft was not required to report a predetermined value or directlon in value that favore the cause of the client of any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of Subsequent event in order to receive my compensation and/or employment for performing the appraisal. 1° didn base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a speclfi mortgage foan, 7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that wen] adopted and promulgated by the Appraisal Standards Board of The Appralsat Foundation and that were In place a: of the effectiva date of this eppraisal, with the exception of the departure provision of those Standards, which d not apply. | acknowledge that an estimate of a reasonable time for exposure In the open market Is a condition it the definition of market value and the estimate 1 devekiped is consistent with the marketing time noted In the neighborhood section of this report, untess | have otherwise stated In tive reconciliation ‘section. 8. I have personally inspected the Interior nd exterlor areas of the subject property and the exterior of all properti listed as comparables In the appraisal report, { further certify that 1 have noted any apparent or known adver conditions In the subject improvements, on the subject site, or on any site within the immediate vicinity of th Subject property of which | am sware and have made amijustments for these adverse conditions in my analysis of the property value to the extent thet i had market evidence to support them. | have sleo commented about the effect of the adverse conditions on the marketability of the subject prop-rty. 9. | personally prepared af conclusions and opinions about the real estate that were set forth In the appraisal repor If 1 relied on significant professional assistance from any individual or Individuals in the performance of t sppraisat or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tas! performed by them in the reconcillation section of this appraisal report. [ certify that any individual so named qualified to perform the tasks, | have not authorized anyone to make = change to any item in the report; therefore, if an unauthorized change is made to the ‘appraisal report, | will take no responsibility for i. SUPERVISORY APPRAISER'S CERTIFICATION: ita ‘supervisory appraiser signed the appraisal report, he or sh| certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the aporaiser, agree to be bound by the appraiser's certificati Numbered 4 through 7 above, and am taking full responsibility for the appraisal and the eppraisal report. ADDRESS OF PROPERTY APPRAISED: 1024 SW 12 Avenue, Miami, F]_ 33130 { APPRAISER: Koz. SUPERVISORY APPRAISER (only if requirea): 8 Signature: CE toa _. Signature: Name: Maria Prado _. Name: Date Signed: ~November 28, 2000 __ Date Signed: ‘ State Certification #: St, Cert.Res. REA #RD-0003363 __ State Certification #: r oF State License #: ___ 9F State License #: State: FL. State: Expiration Date of Certification of License: 1180/2002 - Expiration Date of Certification or License: | Dia [Jo id sot inspect Property rr a Freddie Mac Form 439 6-93 Page 2 of Fannle Mae Form 10048 6-93)

Docket for Case No: 04-001327PL

Issue Date	Proceedings
Jun. 08, 2004	Order Closing File. CASE CLOSED.
Jun. 07, 2004	Petitioner`s Motion to Relinquish Jurisdiction (filed via facsimile).
May 18, 2004	Notice of Substitution of Counsel (filed by S. Smith, Esquire, via facsimile).
Apr. 28, 2004	Petitioner`s Notice of Service of Petitioner`s First Request for Admissions and Petitioner`s First Interrogatories and Petitioner`s First Request for Production (filed via facsimile).
Apr. 26, 2004	Order of Pre-hearing Instructions.
Apr. 26, 2004	Notice of Hearing (hearing set for June 9, 2004; 9:30 a.m.; Miami, FL).
Apr. 22, 2004	Joint Response to Initial Order (filed by Petitioner via facsimile).
Apr. 15, 2004	Election of Rights filed.
Apr. 15, 2004	Administrative Complaint filed.
Apr. 15, 2004	Agency referral filed.
Apr. 15, 2004	Initial Order.