STATE OF FLORIDA -* DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, FLORIDA REAL ESTATE APPRAISAL BOARD wt SEP FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, Vv. CASE NO. 2001500560 JUAN CARLOS SUAREZ, 0 Y AVY] K Pe Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Juan Carlos Suarez (“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 registered trainee appraiser having been issued license 2778 in accordance with Chapter 475 Part II of the Florida Statutes. 3. The last license the State issued to Respondent was as a registered trainee appraiser at 2551 W. 60" Place #107, Hialeah, Florida 33016-4356. 4. On or about, June 16, 1999, Respondent was then, a registered assistant real estate FDBPR v. Juan Carlos Suarez Case No. 2001500560 Administrative Complaint appraiser, when he prepared and communicated an appraisal, on property commonly known as 9690 NW, 35" Street, Coral Springs, Florida. (Hereinafter referred to as the property). A copy of the report is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. At all times material, Respondent was working for William Rutan; a state certified residential appraisal. 6. In the report, Respondent describes the property as a multifamily, fourplex property. 7. Respondent signed the appraisal report for the property, as a registered assistant real estate appraiser. 8. Respondent disclosed, in appraisal report that the property was sold in April 1999 for $323,000. 9. Respondent failed to disclose that during April 1999, the property was sold on two occasions, and for different amounts. 10. Respondent failed to disclosed that, on or about April 28, 1999, for the value of $230,000, Julius Ohren sold the property to Rodney Way, as per a warranty deed recorded on May 14, 1999. Copies of the documents are attached hereto and incorporated herein as Administrative Complaint Exhibit 2 and 3. 11. In the report, Respondent disclosed that, on or about April 28, 1999, for the value of $325,000, Rodney Way sold the property to Doyle Aaron, as per warranty deed recorded on May 14, 1999. Copies of the documents are attached hereto and incorporated herein as Administrative Complaint Exhibit 4 and 5. 12. Respondent failed to analyze and document in his working file, that on, or about FDBPR v. Juan Carlos Suarez Case No. 2001500560 Administrative Complaint February 16, 1999 Julius Ohren and J.N.J. 114" Inc. (owner and seller) had the property listed with, Century 21, D’Albora & Federman, for the amount of $249,000. A copy of the document is attached hereto and incorporated herein as Administrative Complaint Exhibit 6. 13. On or about April 3, 2002, Petitioner demanded that Respondent produce and deliver, the working file of the appraised property, to Petitioner’s investigator. A copy of the report is attached hereto and incorporated herein as Administrative Complaint Exhibit 7. 14, Pursuant to Petitioner’s request, Respondent delivered a copy of working file. A copy of the document is attached hereto and incorporated herein as Administrative Complaint Exhibit 8. 15. Respondent delivered to Petitioner’s investigator, an unsigned appraisal report for the property, dated April 3, 1999, which identified Rodney Way as the owner of the property. Copies of the documents are attached hereto and incorporated herein as Administrative Complaint Exhibit 9 and 10. 16. Respondent, failed to analyze and document in the working file, sales that occurred within the year preceding the appraisal report. 17. Respondent failed to document in working file, the process to select the comparable. 18. Respondent failed to document in the working file, the adjustment made on all comparable sales. 19. Respondent failed to document in the working file the process and data used to determine the value of the property using the cost approach. 20. At all times material Respondent failed to document in working file the process used to determine Gross Rent Multiplier for subject property. FDBPR v. Juan Carlos Suarez Case No. 2001500560 Administrative Complaint 21. Respondent failed to document in the working file the source of the information on the monthly rent for all comparable rental. 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, specifically Rule 1-1(a), (b), and (c), in violation of Section 475.624(14), Florida Statutes. 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, specifically Rule 1-5(a), (b)(i), and (c), in violation of Section 475.624(14), Florida Statutes. COUNT II 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, specifically Rule 2-2(b)(xii), 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 or other provision of the Uniform Standards of Professional Appraisal Practice, specifically Rule 2-3, in violation of Section 475.624(14), Florida Statutes. FDBPR v. Juan Carlos Suarez Case No. 2001500560 Administrative Complaint COUNT V 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. 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 FDBPR v. Juan Carlos Suarez Administrative Complaint a cease and desist order; or any combination of the foregoing which may apply. See Section Case No. 2001500560 455.227, Fla. Statutes and Florida Administrative Code Rule 61J1-8.002. SIGNED this 4 __ day of McG , 2004. FILE Department of KOOL. Florida Department of Business and A (Professional Regulation CN By: Jason Steele Director, Division of Real Estate ATTORNEY FOR PETITIONER A. Santana, Senior Attorney Fla. Bar No. 318360 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 3/1/04 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 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 FDBPR v. Juan Carlos Suarez Case No. 2001500560 Administrative Complaint 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. : =XCEL APPRAISAL SER’ =, ING. SMALL .ESIDEN _ INCOME PROPERTY APPRAKk _ @EPORT sions, . |Propeny Address, 9 SGSONW 35th Street City . Coral Sorings_ _ State FL ZipCode 33065 | Legal Description . __ Long Legal -See Addendum : 7 County = Broward Assessors ParceiNo. == =| 48-41-16-04-030T Tax Year 1998 RE.Taxes$ 4,756 Special Assessments$ NA. dor ProjectName Coral Springs City Center Comm. Sec 1 Map Reference . . 48-41-16 Census Tract 203.030 __..._... Doyle, Aaron _... , Current Owner _ Doyle, Aaron __ __Oceupant Lf owner. LX jTenant _|_!vace Property rights appraised iX |ree Simple. in [Leasehoig | Project Type i jeup _E "condominium __ — _. HOAS _ NA t | Sales Price $$ Refinance Oateof Sale N/A. _ Description and $ amount of Joan charges‘concessions to be paid by seller _ NA | Lendes/Client Old Florida Morigage Address 6830 N. Federal Highway, Boca Raton, FL t Appraiser JUAN CARLOS SUAREZ Address 9450 Sunset Drive, Suite 100, Miami, FL 33173 : i lonilina rod Location Urban i ysuoutn ! Rue! { Siegie Fawaty Singlo familly housing pre emt 24 family housing juilt up wer 75% | |25-75% |, jUnder 25% ; Occupancy | $ (000) tyes) | Occupancy $ (000) dyra) : Growth rate apd [X]stable | Siow | % omer j. 120 . tow 15 {| lowner 170 _ tow IC i] Property values |_| Jincreasing |X |statle | |Dacining || | tenant 170 High 454 _|[X!tenent 400+ High 45 Demandisupply {_|Shortage | X Jin balance 1 Jover supply il | Vacant (0-59) BM Predominant X | vacant (0.5%) Predominant [EE | Marke! Under 3 mos, |X J3-8 mos. | Jover6 mos. {LX } vacant (over 5%) 150 _ 35 [| vacant (over 5%){ 250. 300. 25 Typleal 2-4 family bldg. Type Multi-Family No. stories 1-2 No.unite 2-4 Age 15-25 yea [Prosent land uso % Land use change Typicalrentss __ 500__ tos 800. Jincreasing |X {stable | | Deciining Onefamiy _ 50 {!X{notikely | “ hLike Eat neighborhood apt. vacancy == 3% «| increasing | X {stable | |Decsining 2-4 family 35 |E in process to: Rent controls { lyes LX] Ne tL Jukety Wf yes or likely, describe oe ee | Mutiny 10 _f . qcommecid == = §& of _ a doe eee seme = Note: Race and the racial composition of the neighborhood are not appraisal factors, Neighborhood boundaries and characteristics: See location map for boundaries. The subject neighborhood is a typical residential___ | neighborhood. Properties in the neighborhood are compatible in age, design, quality of construction, and overall appeal. _The neighborhood is found to reflect average appeal. Factors (hat affect the marketability of the properties in the neighborhood (proximily to employment and amenities, employment stability. appeal to market, ete y _.The Subject neighborhood provides all normal amenities and public services, recreational facilities, shopping centers, _ _houses of worship; schools and access to employment compare favorably with competing neighborhoods within the general market area, The rental market appears stable with little vacancy obsereved at the time of inspection._ The appraiser is not aware of any conditions which would have an adverse affect on rea! estate values or marketing times in oo the Subject Property market. r—) = 3 — The following avaitabie listings represent the most current, simiar, and proximate compelilive properties fo the Subject property in the subject neighborhood. This analysis Is inlanded to Pat a evaluate the inventory currenty on the market competing with the subject property in the subject neighborhood and recent price and ‘markeling time trends affecting the subject property. few (Listings outside the subject neighborhood are not considered applicable). The listing comparables can be the rental or sale Comparables if they are currently tor. » OD ew WeM_._. | SUBJECT |. COMPARABLE LISTING NO. 1 COMPARABLE LISTING NO. 2 | COMPARABLE LISTING NO. 3. ' 9690 NW 35th Street | 11501 NW 41st Street | 3520 NW 112th Terrace | 2959 NW 92nd Avenue ra _.. Coral Springs Coral Springs Hi Coral Springs too. ona. Coral Springs _ ty Proximity to subject Within 1.5 Miles | Within 15 Mile | _ Within 1 Mile ae Listing price NA | [Xiuar | ttums 375,000 | 1X Jun. | runs 315,000 | [Xtum { Jrum.s 306,000 oO Approximate GBA_ _. 4,744 | 5,600 i 4,140 poe 5,936 wa |...MLSASC | _ MLS/SC F _ . MLSASC j MLSISC ao manaes./ 4.196.816). 4 | 20 1.12.1 8.00 .4 | 20 1.12|.8,00.)..4 | 24} 16°! 800 earbuit | 1950 _. 1997 | . 1987 . | 1975 a layson market | == NA | Approximately 60-90 i Approximately 60-90 Hl Approximately 60-90 |. Comparison of listings to subject property:The appraiser has selected comparable listings considered to be the best currently available. All are from within the, subject's competing market area and refeict similar market appeal. The availabilily of more comparable listings was limiled due to the | markel.area's stability. This does not adversely affect the subjectproperty in any way. . See eee - Market conditions that stfect 24 family properties in the subject neighborhood (including the above nsighborhood indicatora of growin rate, property values, demand/supply, and marketing time) and the prevaience and impact in the subject market area regarding loan discounts, inlerest buydowns and concessions, and ion of trends in listing prices, average days on markat and any change over past year, etc: Market conditions appear stable with supply . i onl _and.demand factors in balance. Properties listed at or near their realistic market value should sell within normal Zz _marketing periods, Overall, the subject neighborhood is found to reflect average market appeal. Three to six months = ..marketing time appears to be reasonable marketing period based on current trends in the subject's market area, ow Conventional, FHA, VA and private money are readily available and are typical forms of financing within the subject's a: market area. oO te ant ee enn ao Oo Oo " A T ua Dimensions __.6,791 (Slightly irregular -As per plat map/survey) . | To20graphy Level _ - wee ee oe Sita area 6,791 Comerior |X;No | tyes | size Typical. _ Specitic zoning classification and description RM-20 (Multi-Family Residential) ; Shi Rectangular Zoning compliance |X|regar | __ |Legal nonconforming (Grandtathered use) | !tiegat | [No zoning | Orsinage Adequate Highest & best use as improved: |X [Presentuse | | other use (explain) . | View Street. _ . an - | Lardscaping Typical . _ Utilities Public Other i Off-site Improvements. Type Public Private {| Driveway Asphalt _ ty Electricity [XP | Street Asphalt iX; | 1 | Aprarenteasements Typical Utility oO Gas | | _None Noted | Curbigutter None i tg -- - er “0 BB Adjusted nates price roa) of comparable I$ 336,800 342,900 Comments on sales comparison {including reconciliation of all indicators of value as to consistency and relative strength and evaluation of the typical investor's/purchaser's motivation ia that markaty Each of the reported sales provided a reliable indication of the market value for the Subject Property. They have been carefully analyzed and alt adjustments are made based on market data as demonstrated herein or held _on file in the appraisers office. Based on the collective analyses and the reported data the market value of the Subject .Property as_of the indicated date is reported below. we ee cee ies co STEM | SUBJECT | . COMPARABLE NO. 1 | COMPARABLE NO. 2 \ COMPARABLE NO. 3. Date, Price and Data | 4199 I None ! None | 11/98 Source for prior sales $325,000 " \ ' $199,000 ‘within year ef appraisal | ISC/MLS | - ISC/MLS i ISC/MLS Levee I SC/MES | Analysis of any current agreement of sale, option, of jisting of the subject property and analysis of any prior sales of subject and comparables within one year of the data of appraisal: _The_appraiser_is not aware of any pending contract for sale on the Subject Property, See Addendum for Comment on Sale 3 Total gross monthiy estimated rent $ 3,200 — x gross rent multiplier (GRM) 102.00 =$ 326,400 INDICATED VALUE BY INCOME APPROACH |r on income spproach (including expense ratias, if available, and reconciliation of the GRM) Further analysis of the Subject Property income capitalization and GIM supports the Subject value at the small income property rate. . INDICATEO VALUE BY SALES COMPARISON APPROACH $_ 325,000 _ | INDICATED VALUE BY INCOME APPROACH S$. . 326,400 us INDICATED VALUE BY COST APPROACH . $__ 327,400 © This appraisalis made |X fiasis\ {_ jsubdject to tie repavs, alterations, inspections, or conditions listed below | ' subject to completion per plans and specifications Comments and conditions of appraisat: The scope of this summary appraisal report is detailed in the addendum, limiting conditions |_and certification, as reported herein. . 8 ee te cee tunes nantes vate coe eee Finai reconciliation: The greatest weight is given to the Sales Comparison and income Capitalization Approaches to value as . they tend to best reflect the actions of the market for small residential income prceperties. The Cost Approach to Value supports the, value conclusions. . ‘ The purpose of this appraisal is to estimate ihe market vaiue of the real Property that is the subject of Ihis report, basec on the above conditions and the certification, conlingent Lu and limiting conditions, and market value definition that are staled in the atiached Freddie Mac Form 439/Fannie Mae Form 1004B (Revised dune, 1993 ). CG | (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT O* THIS REPORT, AS OF June 16,1999 & {WHICH (S THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 325,000 2. SUPERVISORY APPRAISER (ONLY IF REQUIREA): _ Signature LE ae 'X pia [pid Nod William D. Rutan State Cert Res REA Inspect Pf oper June 16, 1999 Tl RD 0002791 ___. Slate Name Date Report Signed FL FLL Paget State Certification # tal te State Certification # State _ State FL.__OrStateticense #_ [AE Appanal S taae by Hearlfod ane Robbins (i APPRAISER: Signature ‘State Reg. Asst. REA Name r JUAN CARLO: IAREZ Data Report Signt 7 dune 16, 1999 RI.0002778 _ ae Or Stale License # F aumge Mae Form 1028 10 94 Vreddia tac Fora 72 10 94 * SMALI RESIDEN ~*.INCOME PROPERT 4PPRA’ REPORT | Fie no. At least three rental comparables. ould be rep. . and analyzed in this section. The renal comparaties siuuld represent the most current rental information Properties as similar and proximate to the subject property as possible (This comparison is based on current rental data, therefore, the rental comparables typically @ not the same comparables used in the sales comparison analysis} The appraisal report should assure the reader thal the unils and properties selected as comparabl are comparabla to the subject property (both the units and the overall property) and accurately represent the rental market for the subject property (unless otherwi stated wilhin the report) __ TEM _ to SUBJECT . | COMPARABLE RENTAL NO 1 : COMPARABLE RENTAL NO. 2 _ COMPARABLE RENTAL NO. > Address 9690 NW 35th Street | 11501 NW 41st Street i 3520 NW 114th Terrace { 2959 NW 92nd Avenue eee ~-.,COFal i Coral Springs Hl Coral Springs _.Coral Springs. Proximity to subject Within 1.5 miles i Within 1 miie Within 1 mile Lease dates (if available) NA NA NA [Rent suveydate [| «6/99 : 6/99 | _ 699 a .. 699 _ Data source PbRecords/Measurem Obervation i Obervation | Obervation cee cee Pubrds/tSC : Pubrds/ISC/MLS : PubrdsHSC/MLS Pubrds/ISC/MLS Rent concessions None None None None No. Units 4 No. Vac 0 , Ne Units4 No. Vac. O Yr. Bi.:1997 | No. Units4 No. vac. O Yr. BIt:1987 | No, Units2 No. vac. 0 yr. BR: 1Q7t Description of Ye. Bi: 1950 | Average Quality I Average Quality Average Quality _ property - units, _. CBS/Fourplex | CBS/Fourplex CBS/Fourplex .. Average Quality sean, epee _. Average D&A | Average D&A ! Average D&A Average D&A ‘and canditions '_ 49/10 Eff. | 2/2 Eff. ! . 12/5 Eff. | 23/10 Eff. __...... |...Average Cond. Average Cond. { Averaje Cond. 1 Average Cond. Rim. Count Sie | Rm.Couot { Sie | Total Rm. Count | Size Total | Rm.Count | Size | Total _Tet| Br ! Ba! SqFt Tot | Br} Bal Sq FL. Monthly Rent | Tot | Br | Ba Sq. Ft. Monthly Rent ! Tot | Br | Ba| Sq.Ft. Monthly Rer Inu 44 2 /1.8) 1,186 5 | 3/211400: 875 15/3 | 2! 1,035 | 750. 16/412] 1,569 | 925 breakdown -4.|.2.11.51 1,186} § 3) 2 | 1400; 875 | 5,3 2) 1,035] 750. | 6) 4/2) 1,569! 925 4.) 2.(1.5: 1,186 '5 ) 3,2: 1,400! 875 15) 3/2) 1,035! Boo |e: 4j2 4,569 | 925 pd 2 15: tiesis !3:2 ‘4400; 875 !5/3!2) 14035) 880 1614/2 | 1.569] 925 |... Owner pays | Owner pays i Owner pays | Owner pays Utilities, __.RE taxes, water, | RE taxes, water, | RE taxes, water, | | RE taxes, water, furniture, and __... insurance, ' insurance, ; insurance, | insurance, amanition ___ maintenance, | maintenance, | maintenance, maintenance, included in rent | __& reserves for i & reserves for \ & reserves for & reserves for — ae replacement: replacement ' replacement j replacement an Typical i Typical : Typical | Typical ? Functional uty, . None : None | None ek None, Pa pase iz Central t Similar H Sirnitar | Similar... = prject areniics, ot. [~~ TPICAl | Typical ! Typical ; Typical ' . fe ww ti. Average t Average ‘ Average Average Analysis of rental data and support for estimated market rents for the individual subject units {including the adjustmen's used. the adequacy of comparables, rental concessions, etc.) .The three rental comparables listed above represent the subjects market, and support the indicated range of rents. The rentals utilized in the analysis are considered typical for the area and rates reflect the typical owner/tenant behavior in and around the subject's market area. Rents may vary depending on condition. lease term, and motivations of the Participants in the transactions. Subject's rent echedule The rent schedule reconciles the applicable indicaled monthly markel rents to the appropriate subject unit, and provides the estimated rents for the subject property. The appraiser must review the rent characteristics of the comparable sales tc determine whether estimated rents should reflect actual or market rents. For example, if actual rents were available on the sales comparables and used to derive the gross rent multiplier (GRM), actual rents for the subject should be used, if market rents were used to construct the comparables’ rents and derive the GRM, market rents should be used. The folal estimated rent must represent the sales comparable data used to derive the GRM. The tolel gross estimated rent is not adjusted for vacancy. ACTUAL RENTS rent characteristics consistent with ESTIMATED RENTS LEASES Lease Date unts ' Per Unit ! Total Per Unit . . | Total End Vacant | Unfurnished =| «== Furnished i Rents Unturnished i Fumished |. Rents _ a 0 is 800 js js 800 js 800, js... |s 850 . oi: 800 : ' 800 800 i woe Je 800 oj 800 ! 800 800 _ - 4] 800 o | 800. » goo | gop | / 800 s : 0 eae s 3,200 [BUR ORM s 3,200. ‘Other monthly income (itemize) None noted . _ so. Vacancy: Actuallast year NA % Previousyear NA % Estimated 3 % $ 4,152 Annually Total grose estimated rent$ 3,200 Utilities included in estimated rents: [Electric | !water :X Sewer | ‘Gas i jo |X itrashecollection |'X, Tenants pay own utilities. _ maintenance, reserves for replacement. Rents ME Comments on the rent schedule, acival rents, eslimated rents (especially regarding differences between actual and estimated rents), utilities, etc. i have remained relatively stable throughout the subject's market area. Typically, the tenant pays for ail utilities with the exception of garbage removal and sewer, which is customarily provided by the cwner. Forecasted rents are within acceptable range based on market derived rental rates for the area. The subject's forecasted estimated market rents are well supported on a price per square foot basis as derived from the market reni analysis. we cue ve Freddie Mac: Form 72 10-94 CickFORMS Real Estate Appuaisal S stlaain by Bradtord and Robbins (B00) 622-8727 Fanme Mae Form 1025 10-94 Page 3 of “e ye Svsnseavans IW 76TH Way AWM LST N HULA & ae | Oy tv : < AZ oO —{ fm OC | p] i wy, REMSUERG oir? OPPS ioe __} Vee. Coral Springs Mall at Nw 32ND i Plaza niversil we antl BROKEN .Cotal Springs! _ nw 3187 i | CORAL CLUB Coral Square Nail NNISORRWH pa 20TH AY ~l STRAWBERR’ Fy 2 2 rt nw 105TH, wit ae Dow l O KIN, NW ani it ASIDE F 4 B % Ry i 4 Nee ' =| ~ Es 3, =~ co ; ra rT 7e Wee : i 9| conan Roce 7o : 3 s | | ! | | E. 3 i f e 4 | i | | Z: 5 | | z E ; i} 2 | | N — _—_GLADES nn | /: mM Des ~? Cd i \ z pi nwase~ q 1st 1 rt atts ay NW BH Brdapaie ra toh swig | se zy) NWITTH [on ray oS ze gz 2 20) ——2 5] 3 =| "2 5 Be Biel 38 wibB Aus BB _- 23 s a] NN z re ST ‘ P SOUTHGATE 7 : N arse 3 Lorine 1. 1995 De COMMENT ADDENDUM FileNo. 4404932 Borrower Doyle, Aaron Property Address 9690 NW 35th Street City Coral Spiings County Broward Stale FL ZipCode 33065 _ Lender/Glient Oid Florida Mortgage Address 6830 N. Federal Highway, Boca Raton, FL LEGAL DESCRIPTION West 50.80 feet of Lot 30, Block A of Coral Springs City Center Commercial Section One, Platbook-63, Page-37 ClickFORMS Real Estate Appraisal Sofware by Bradiord and Robbins (800) 622-3727 08 x= cou ea) ' a. bij n — oO Borrower Doyle, Aaron Stale Fi Property Address S690 NV 35th Street . County Broward . Address 9380 N. Federal Highway, Boca Raton, FL__ City, Coral Springs Lender/Client_Old Florida Mortqage Zip Code 33065 FRONT OF SUBJECT PROPERTY Address 9690 NW 35th Street Coral Springs REAR OF SUBJECT PROPERTY STREET SCENE VA oe Zip Code_33065 Sorower Doyle, Aaron _ Property Address __ 9690 NW Wh Street a rings _ County Broward . Stale FL. Florida Mortgage _ Address 9380 N. Federal Highway, Boca Raton, FL Lee COMPARABLE SALE #1 i i Address 4102 Riverside Drive Coral Sprinas COMPARABLE SALE #2 Address 3520 NW 114th Terrace Coral Springs Address Coral Springs COMPARABLE SALE #3 115714 NW 35th Street APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. | have researched the subject market area and have selected a mimimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of Significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, | have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, | have made a positive adjustment to increase the adjusted sales 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 report and | v believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct, 3. I stated in the appraisal report only my own personat, 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 Property that is the subject (o this report, and | have no present or prospective personal interest or bias with respect to the parlicipants in the transaction. | did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal teport on the race, color, religion, sex, handicap, familial status, or nationat origin of either the prospective owners or occupants of the subject property or of the Present owners or occupants of the properties in the vicinity of the subject property. 5. | have no present or contempiated future interest in the subject property, and neither my current or future employment Ror my compensation for performing this appraisal is contingent on the appraised value of the property. 6. | was not required to report a predetermined value or direction in vaiue thal favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appra’sal. | did not base the appraisal repon on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal in conformity with the Uniform Standards of Prcfessional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, wilh the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate | developed is consistent with the marketing time nated in the neighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8. | have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. | further certify that | have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. | personally prepared all conciusions and opinions about the real estate that were set forth in the appraisal report. If } felied on significant professional assistance from any individual or individuals in the performance of the appraisal or the Preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. | certify that any individual so named is qualified to perform the tasks. | have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, | will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: 'f a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal Teport, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications 5 numbered 4 through 7 above, and am taking fult responsibility for (he appraisal and the zippraisat report. za . a a. = t ADDRESS OF PROPERTY APPRAISED: . 9690 NW 35th Street,Goral Springs, FL 33065 oO Ls oO J Li APPRAISER: SUPERVISORY APPRAISER (only yee > AN . 24} = Signature: __ Cc Signature: Allee By) rome SS Name: IAN CARLOS’ Z Name: William D. Rutan State Cert Res REA Cy ab Date Signed: June 16, 1999 Date Signed: June 16, 1999 State Certification #: . . State Certification #: RD 0002791 or State License # = === RI0002778 or State License #: ee woo State: oo FL State: _ PL . . Expiration Date of Certification or License: 11/2000 | Expiration Date of Cerlification or License: 11/2000 !X4 Did | _ | Did Not inspect Property Fannie Mae Form 10048 6-93 4(29 Freddie Mac Form 439 6-93 ClickF ORMS Real Estale Appraisal Sciware by Bradford and Robbins (800) 622-8727 DEFINITION OF MARKET VAL é:The most probable price which a property should bring in a competitive and open market under ali conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and " assuming the price is not affected by undue stimulus. Implicit in this definilion is the consummation of a sale as of a specified date and the passing of litle from seller to buyer under conditions whereby: {1} buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market: (4) payment s 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 sold unaffected by speciai 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 concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market; these costs are 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 already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment shouid approximate the market's reaction to the financing or concessions 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 title to it. The appraiser assumes that the title is good and marketable anci, therefore, will not render any opinions about the litle. 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 inctuded 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 available flood maps 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 an identified Special Flood Hazard Area. Because the appraiser 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 in 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 the improvements at their contributory value. These separate valuations of the land and improvemerits must not be used in conjunction with any other appraisal and are invalid if hey are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Untess otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of ihe property or adverse environmental conditions {including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guaraniees or warranties, express or implied, regarding the candition of the property. The appraiser will not be responsible 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, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for ian appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her pricr written consent before the fender/client specified in the appraisa! report can distribute the appraisal! report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower: the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations: any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone fo the public through adveriising, public relations, news, seles, or other media. Fannie Mae Form 10048 (6-93) (2b Freddie Mac Form 439 (6-93) ClickFORMS Reat Estale Appraisal Software by Bradtord and Robbins (800) 622-8727 (Paget of 1) MAAN LAAN | INSTR # 99255656 GR BK 29458 PG 0619 ee This instoument prepared by: RECORDED @5/14, x! ANDREW S, YAGODA P.A. CONTY Pecans #1 vision ™ ANDREW S, YAGODA, ESQ. BROWARD COUNTY 1001 WEST CYPRESS CREEK RD., SUITE 414-4 FORT LAUDERDALE, FLORIDA 33309 BOC TAX PDE S.201.62) 1,618. 08 DEPUTY ELERK 1917 GRANTEE #1 S.S. No.: GRANTEE #2 S.S. No.: PARCEL ID NO.: 484116040302 THIS WARRANTY DEED, made this day of Apr é A.D. 1999, by JULIUS OHREN, A MARRIED MAN, whose post office address is: 4295 BOCAIRE BLVD., BOCA RATON, FL 33487, hereinafter called the "Grantor"*, and RODNEY WAY, A SINGLE PERSON, whose post office address is: 9690-9696 N.W. 35 STREET, CORAL SPRINGS, FLORIDA 33065, hereinafter called the "Grantee": “(Wherever used herein the terms “Grantor” and “Grantee” include @!! the parties to this instrument and the heirs, legal representatives and assigns of individuals, and the successors and assigns of corporations) WITNESSETH: That the Grantors, for and in consideration of the sum of TEN AND 00/100’S ($10.00) Dollars and other valuable considerations, recetpt whereof is hereby acknowledged, hereby grants, bargains, sells, alians, remises, releases, conveys and confirms unto the Grantee ail that certain land situate in BROWARD COUNTY, STATE OF FLORIDA, to wit: THE WEST 50.8 FEET OF LOT 30, BLOCK A, OF CORAL SPRINGS CITY CENTER COMMERCIAL, SECTION ONE, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 63, PAGE 37, OF THE PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA. Subject {o easements, restrictions, reservations, conditions, declarations, limitations, right of way and zoning ordinances, if any, provided that this shall not serve to reimpose same and taxes for the currant year and subsequent years. GRANTOR HEREIN WARRANTS THAT THE SUBJECT PROPERTY !S NOT NOW NOR HAS IT EVER BEEN HIS HOMESTEAD PROPERTY, NEITHER DOES IT ADJOIN HIS HOMESTEAD PROPERTY AND FURTHERMORE, HIS HOMESTEAD ADDRESS |S: 4295 BOCAIRE BLVD., BOCA RATON, FL 33487. TOGETHER with all tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. TO HAVE AND TO HOLD, the same in fee simple forever, AND the Grantors hereby covenant with said Grantee that the Grantors is/are !awfully seized of said tand in fee simple; that the Grantors have good right and fawful authority to sell and convey said sand, and hereby warrant the title to said land and will defend the sarhe against the tawfu! claims of all persons whomsoever; and that said land is free of all encumbrances, except taxes accruing subsequent to December 31, 1998. IN WITNESS WHEREOF, the said Grantors have signed and sealed these presents the day and year first above written, Lb @ pO fase i 9 Mea JULIUS OHREN Ss & e . ela . Pes Ce f) Alec Pkpted- tame STATE OF FLORIDA ) COUNTY QF Dp ° fam Beach we : The foregoing instumient was atknewledged by me thisaa- day of » 1999 by: JULIUS OHREN who is/afe personally known Dy me or have produc: as identification. View Searched Images Page 1 of 3 ff Stan [ Search [_ Results [¢ Prev CFN | { Next CEN >] CFN 99255656 Record Date [5/14/1999 4:54:28 PM Book Type oO Book 29458 Page 619 # of Pages 1 Doc Type WD Warranty Deed Consideration | $230,000.00 PT L30,BA,63/37,CORAL SPRS CITY “ Legal CTR COML,SEC 1 Z Address 1 [9690-9696 NW 35 ST Address 2 City CORAL SPRINGS State FL Zip Case Number Parcel ID Related Docs OHREN, JULIUS WAY ,RODNEY ADMINISTRATIVE COMPLAINT, EXHIBIT #_2 oO AG E http://205.166.16 1 .12/oncoreweb/Advanced/View.aspx?IID=1 1553500 oan : = t Previous image Page | Next Image Pate Right click Gn image for mor Os SEP - eae) | a os [4 oF 4/19/2002 (Page 1 of 1} ee THIS INSTRUMENT PREPARED BY AND RETURN TO: EXPRESS LAND TITLE, INC. 41380 PROSPERITY FARMS ROAD #215 PALM BEACH GARDENS, FL 33410 Property Appraisers Parce! Identification (Fotlo) Numbers: 18116-04-03010 Grantee SS #: BPACE ABOVE THI8 LINE FOR RECORDING DATA. ERENT YBEMANERTR colt Cn call ws INSTR # 99255657 be bow alt OR BK 29458 PG a620 RECORDED @5/14/99 @4:54 Px COUNTY RECORDS DIVISION BROWARD COUNTY DOC TAX PBIF.5.201.82) 2,275, 08 DEPUTY CLERK 1917 THIS WARRANTY DEED, mace the 28th day ot April, A.D. 1999 by RODNEY WAY, A SINGLE MAN, herein called the grantor, to DOYLE AARON, A SINGLE MAN whose post office address Is 6121 NW 42ND AVENUE, FT. LAUDERDALE, FL 33319, heralnatter called the Grantee: (Wherever used harein the terms *grantar® and “gtantaa™ include alt the partir t individuale, and the auec: nd anvigns of corporations) WETNES SETH: That the grantor, tor and in consideration of the sum of TEN AND 00/100'S ($10.00) Dollars and Insicument and the hele, legat antatives and assigns of other valuable considerations, receipt whereof is hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys and confirms unto tha grantee all that certain land situate in BROWARD County, State of Florida, viz: THE WEST 50.8 FEET OF LOT 30, BLOCK A, OF CORAL SPRINGS, CITY CENTER COMMERCIAL SECTION ONE, ACCORDING TO THE PLAT THEREOF AS RECORDED IN s PLAT BOOK 63, PAGE 37, PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA, SUBJECT TO restrictlons, reservations, easements and limitations of record, # any, provided that this shall not Sarva to reimpose same, zoning ordinances, and taxes for the current year and subsequent years. TOGETHER, with all the tenements, heraditaments and appurtenances thareto belonging or In anywise appexiaining. TO HAVE AND TO HOLD, the same in fee simple forever, AND, the grantor haraby covenants with sald grentee that the grantor is lawtully seized of said land in fee simple; that the grantor has good right and lawtu! authority to sell and convey said land, and hereby warrants the title to said jand and will detand the same ageinst the ‘awful claims of all persons whomscever, and that said land is free of all ancumbrances, except taxes accruing subsequent lo Oscember 31, 1998. IN WITNESS WHEREOF, the said grantor has signed and sealed thase presents the day and y Signed, sealed and deliverad in the presence of: as tse j ce. Witness #1 Printad Name / wh #2 Signatu n Ce CrmnIinn Witness Printiad Name STATE OF FLORIDA COUNTY OF SROWARD LS. 9340 NW 17TH COURT, FT LAUDERDALE FL 33314 The foregoing instrument was acknowledged before me this 28th day of April, 1999 by ROONEY WAY who is personally known to me or has produced Nol paren 20 og itg a te SEAL My Commission Expres: M. 0. RICE MY COMMISSION # CC 708185 aX EXPIRES: February 24, 2002 TSEOSHOTARY Fla. Notery Serves & Bending C3 Fite # 99149671, 22) D> Cf a Notary Signature Printed Notary Signature View Searched Images Page | of 3 [ Stat [ Search [ Results [™ ; oon | age | Next Image Page Right click dmitnage for mor Prev CEN | [ Next CFN >] CFN 99255657 C: SEP -8 PM [:09, Record Date 15/14/1999 4:54:28 PM Book Type |O Ps ES Book 29458 je Page 620 ve # of Pages 1 Doc Type WD Warranty Deed Consideration |$325,000.00 W5S0.8'L30,BA,63/37, CORAL SPRS Legal CITY CTR COMM 1 Address 1 6121 NW 42 AVE Address 2 . City FT LAUDERDALE State FL Zip 33319 Nn Case Number Parcel ID Related Docs WAY,RODNEY AARON, DOYLE TIVE COMPLAINT. ADMINISTR a exwisit #5. . PAGE | A f http://205.166.161.12/oncoreweb/Advanced/View.aspx?1ID=11553501 4/19/2002 ~~ 03 * ouseP-8 PH | CENTURY 21 D'ALBORA & FEDERMAN 954-971-6300 Copyrihgt 1999 Southeast Florida Regional ML: F267034 BC:4440 OF: CENTURY 21 D'ALBOR AREA: 3625 AZON: STATUS: A /RIN LEASED, LOW MAINT. LAUNDRY RM. BUYER MUST PURCHASE ALL FOUR BLDGS. TO PURCHASE SEPERATE MORTGAGE AVAIL AT’ LOW INTEREST CALL 295-6210 TO SHOW. INet:¥/SEE ALL INFO ~ Rmrks ~--INFORMATION IS BELIEVED ACCURATE BUT IS NOT WARRANTED--- 02/17/99 RONALD D‘ALBORA i AD:* 9690 ¥*35 ST RP: $LP: 249000 CT: BROWARD F#: 484116040302 CITY: CORALSPR ZP: 33065- GEOAR: NW41 LG:*CORAL SPRINGS CITY CENTER COMMERCIAL SEC ZN: RES MC: TN: SE: 16 SD: 4 PN: MAP: ST: FL . - Janitor PoolSvc Lawn Mnt Extermin Mainté&Repair Replac Resrv Gas/Oil Supplies Miscell wee - eee ---------------+----- OFFICE INFORMATION -----------------+-------+>+ “LPID: 0359187 LS: CAROL GREENE OPH: 954-971-6300x "FAX: 954-971-7999 _ 2PID: 2A: APH: 954-720-2887 2PH:. | LTY : ER ON: JNJ114INC ON#: > - 2AG: ia EMAILO: PHOTO: 1TAKE DB. :°N EMAILA: . XCP/BROCHURE: 2 " i COBA :. 3.0 COTB: 3.0 CONR: 0 VAR: N JA: N | SPEC : - . : POSS: OTHER : OCCUP: CLLAGT SHOW: CALL-LA LD: 02/16/99 XD: 07/01/99 PREV STATUS: STATUS CHNG: BK Vol: i PREVS: 249000 PRICE CHNG :- ORIGS: 249000 Bk PG =: io. 02/17/99. 05:32 PM | | RECEIVED APR 23 2002 Divisiin ha ADMIN CAHIBIT + i Ur erie thea gy: | : Jeb Bush Governor Kim Binkley-Seyer Secretary Division of Real Estate Bureau of Enforcement 5080 Coconut Creek Parkway Suite A Margate, Florida 33063-3942 VOICE 954.917.1324 FAX 954.917.1343 INTERNET www. MyFlorida.com STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION April 3, 2002 Mr. Juan Carlos Suarez 2434 SW 20th St. Miami, Florida 33026 RE: DBPR Case Number: 2001500560 Subject: Juan Carlos Suarez Dear Mr. Suarez: TH rtp, Ba tine Dt OF SEP~8 PH I:g iS Please be advised that on October 2, 2001, you were notified of a complaint against your appraisal license. As of today’s date, this investigator has not received your written response. Also, The Florida Real Estate Appraisal Board requires the submission of your complete workfile including a copy of the purchase contract for review. Please submit a copy of all items in your workfile to this investigator not later than April 10, 2002. Thank you for your cooperation in this matter. Please call me at 9954-917- 1324 if you have any questions or wish to discuss the case. Sincerely, Dennis Thresher Investigation Specialist || Bureau of Enforcement al (c-9 April 18. 2002 O4SEP-8 PH [:99 To State of Florida Dept. of Business and Professional Regulation, RE: DBPR Case Number 2001500560 35th Street, Cural Springs. FL 33062 Tt should be noted that a sales contract is not attached due Lo the fact that this appraisal report was a "Refinance" and not a sale. As stated on page 4, of our report, the subject property had sold in April 1999 for $325,000. Just two months prior to our appraisal of the subject It should also be noted that at the time of our appraisal June 16, 1999 we had no knowledge, and our research did not show any fradulent transactions or foreclosures in the Coral Springs area. Also, at the time. June 1999, we had no means to predict or forecast any fradulent transactions or foreclosure in this area At the time of our appraisal the information obtained by ISC and MLS was deemed to be accurate, and there was no reason to think that any of the sales oF listings were anything less than accurate and arm's length transactions. None of the sales used had any prior sales within 12 months according to ISC at the time of our appraisal. At the time of our appraisal we were able to confirm rental and sale data for the sales and listings with a particpant involved in the transaction. These verification notes and other data , are in the working file which remains at Excel Appraisal Service. Attached are my personal copies of the working file which consists of the JSC and MLS data sheets. Thank you for your attention in this matter, Sincerely, Juay C. Suarez priPy— RECEIVED APR 19 2092 OMSION UE E REAL Eg TATE 1a 35 Jeb Bush Governor Kim Binkley-Seyer Secretary Division of Real Estate Bureau of Enforcement 5080 Coconut Creek Parkway Suite A Margate, Florida 33063-3942 VOICE 954.917.1324 FAX 964.917.1343 INTERNET www MyFlorida.com STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION ¥ a Sees ouSEP-8 PH | 09 ol es a April 3, 2002 Mr. Juan Carlos Suarez 2434 SW 20th St. Miami, Florida 33026 RE: DBPR Case Number: 2001500560 Subject: Juan Carlos Suarez Dear Mr. Suarez: Please be advised that on October 2, 2001, you were notified of a complaint against your appraisal license. As of today’s date, this investigator has not received your written response. Also, The Florida Real Estate Appraisal Board requires the submission of your complete workfile including a copy of the purchase contract for review. Please submit a copy of all items in your workfile to this investigator not later than April 10, 2002. Thank you for your cooperation in this matter. Please call me at 9954-917- 1324 if you have any questions or wish to discuss the case. Sincerely, (fine cot Dennis Thresher Investigation Specialist t! Bureau of Enforcement ae al dc) 09 O4SEP-8 pH | NAC ONRE ELUATE MEANY SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT fite no. 1404932 Property Address 9690 NW 35th Street. City Coral Springs Stata FL Zip Code. 33065 Legal Description Long Legal -See Addendum County Broward fa Assessor's Parcel No. 48-4 1-16-04-0301 Tax Year 1998 RE. Taxes$ 5.203 Special Assessments $ NA [a] Neighborhood or Project Name Coral Springs City Center Comm. Sec 1_Map Reference 48-41-16 Census Tract 203.030 Pe Gorrower Dayle, Aaron Current Owner Way, Rodney Occupant Towner [Xl] tenant | |vacant_ Fr Property rights appraised | X |Fee Simple | | Leasehold Project Type {Teun Te andomninium HOAs NA imo. Sales Price $ 325,000 date ofSae Pending. Description and_$ amount cf loan charges/concessions to be paig by. seller None Noted. | LenderClient Old Florida Mortgage Address 6830 N. Federal Highway, Boca Raton, FL Appraiser JUAN CARLOS SUAREZ Address 9450 Sunset Drive, Suite 100. Miami, FL 33173 Location TJursan LX} suburen [| Rural i Predominant Single family housing | Predominant 2-4 family housing Built up XJover7s% {| ]2s75% |_lunder 25% | Single Family £000} fond Gecupancy i $000) tal Growin rate |_| Repia X] stave |_| sew [XJownee 95 | 120 tow _ 15 |i Jowner 170 tow __10 Property values | ‘Increasing [ X |Stabve ‘oectining — ||" tenant 170 High 45+ |X| Tenant 400+ High 45, Demandisupply |__| Shortage [Xin valance |__| Over supply |} Vacant (0-5%) peed Predominant _| Ziveca os FEEL Precominamn Geese Marketing time Under 3 mos. 1X '3-6mos. | ‘Qver6 mos. |! X |vacant (overs%)/ 150 _ 35 Vacant {over 5%)| 250-300. 25. Typical 2-4 family bidg. Type Muti-Famiy_ No. stories 1-2 No. units 2-4 Age 15-25 srs. | Present land use % Land use change Typical rents § 500 tos $00 L_Jincreasing |X| Stable | Dectining +Onefamiy 50 a4 Not tkely {__ }Likely Est. neighborhood apt. vacancy % | increasing [X]|stabie Tpectining | 2-4 family 35 [_]in process to: Rent contros — {_|Yes (Xho Likely If yes or fikely, describe Multi-family 10 _ _| __| Commerciat 5 . ( 2 Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: See location map for boundaries. The subject neighborhood is a typical resi: -ntial |_neighborhood. Properties in the neighborhood are compatible in age, design, quality of construction, and ove all appeal. | The neighborhood is found to reflect average appeal. Factors that affect the marketability of the properties in the neighborhood (proximity to employment and “amenities, employment stability, appeal to market, etc,): The Subject neighborhood provides all_normal_ amenities and public services, recreational facilities, shopping centers, houses of worship; schools and access to employment compare favorably with competing neighborhoods within t the appraiser is not aware of any conditions wi ich v would | have an adverse affect o1 real estate values or marketing times in the Subject Property market. ___ . a _ Q ° S = oo Fa _ freq The following available listings represent the most current, similar, and proximate competitive properties to the subject property in the subject neighborhood. This analysis is intended to Fo] evaluate the inventory currentty on the market competing with the subject property in the subject neighbornood and recerit price and marketing time trends affecting the subject property. Ef (Listings outside the subject neighborhood are not considered applicable). The listing comparables can be the rentel or sale comparables it they are currently for sale ITEM __| sussect 1 COMPARABLE LISTING NO. 4 COMPARABLE LISTING NO. 2 COMPARABLE LISTING NO.3 | 9690 NW 35th Street 11501 NW 41st Street 3520 NW 112th Terrace 2959 NW 92nd Avenue Address oral Springs _ Corai Springs. Coral Springs Coral Springs Proximity to subject . Within 15. Miles Within 1/4 Mile Within 1 Mile Listing price _ s__NA [Xiunt_ileum.s 375,000 | [X]un ileum s 315,000 | [Xun [ rum s 305,000 1 BB Approximate GBA 4,744 5,600. - 4. —--—| Data source | _____ MLS MLS/ISC. MSISC |# unitstot mspred | 4/201 816! 4 | 20 12 00 4_|_24 | 16 | 8.00 _| pproximate year buitt 1978 1997 1975, 7 Approx. days on market NA _Approximately 60-90 _Approximately 60-90 Comparison of listings to subject property:The appraiser has selected comparable listings c: d to be the best currently available. All are from ithin the subject's competing market area and refelct similar market appeal. The availability of more comparable listings was limited due to the. | arket area's Stability. This does not adversely affect the subject property in any way. a Market condition affect 2-4 family propertes in the subject neighborhood (including the above ieighborhood indicators of growth rate, property values, demand/supply, and marketing time) and the prevalence end impact in the subject market area regarding loan discounts, interest buydowns and concessions, and identification of trends in listing prices, average days on market and any changs over past year, etc: Market conditions appear stable with supply and demand factors in balance. Properties listed at or near their realistic markt value should sell within normal marketing periods. Overall, the subject neighborhood is found to reflect averag2 market appe: Three to. six months | marketing time appears to be reasonable marketing period based on current trends in the subject's market area. Conventional, FHA, VA and private money are readily available and are typical forms of financing within the subject's__ market area. _ ~- \ Topography Level Dimensions _ 4150 x 45.27 (Slightly irregular -As per plat map/survey) _ Site arca 6,791 Comerlot {X}No 1Yes | Size Typical Specific zoning classification and description RS4( (Muti- Family Residential) Shape Rectangular Zoning compliance [X]tega’ [|Legal nonconforming (Granctathered use) ilegal [__|No zoning | Creinage Adequate Highest & best use as improved: [x! Present use | _j Other use (explain) . ___| View Street Pa ae Landscaping Typical 2) Utilities Public Other Off-site improvements Type Public Private | Ciriveway Asphalt Electricity x) Street Asphalt Apparent easements Typical Utility Gas None Noted | curtiguter Concrete _ ——. J Water X Sidewalk Concrete __ 12 [_] | FEMA Special Fiood Hazard Ares [X]vee {Jno Sanitary sewer [X] _ Streetiights Yes. iX 4 FEMA Zone AY. Map Date 8/48/92 Storm sewer__| X | | alley None {|| cena Map No. 120022 0115 F Comments (apparent adverse easements, encroachments, special assessments, side areas, ilegal or legal nonconforming zoning. use, etc.):See survey for any easements or encroachments of record. No adverse site conditions or factors were observed in thHiblé inédecti The subject site is rectangular shaped and typical of multi-family sites in the area. See attached survey addendum. The_| lot size was taken from public records. _ MAR 26 2002 ~~ WISIN Ur REAL ESTATE I Fannie Mae Form 1036 fou 7 Paget Freddie Mac Form 72 10-94 ClickFORMS Real Estate Appraisal Software by Bradiort anc Robbins (80:}) 622-8727 . SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT fieno 4404932 Generat description Exterior description (Materiais/tondition) Foundation Insulation (R-value if known}} Units/bldga. 4 ___f__4_ | Foundation : Concrete Slab Yes _ Root _ Stories 2 Exterior walls CBS Crew space = None. | (XJceing R=Unk Type (det /att.) Multi-Famil Roof surface Tile Sump Pump None 2 Xl wots R=Unk Design (styie) ——_Fourplex__| Gutters a dwnspts. ___Adeg.Overhang | Dampness None Visible Floor Existing/proposed Existing Window type ____ Single Hung Settiement None + None Under construction NA ‘Storm sash/Screens No/Screens Infestation None Visible | Adequacy Average Year Buitt 1978 ‘Manufactured housing” _J¥es |X|No | Basement 0 %ot 1st floor area ' Energy efficient items: | Effective age(yrs.) 10 “(Complies with the HUD Manufacturing Housing Basement finish NA _LTy picat Construction and Standards.) _ Units | Levels) | Foyer | Living Dining | Ktenen | Den | Famiyrm.| Bedrooms | Bains | Laundry | Other | Sq. ft/unt 4 1 _1 4 4 2 1.50 1,186.00 | 1 1 1 1 1 2 1.50 1 | 4,186.00 | 1,18 4 4 1 1 4 2 1.50 __ 1 1,186.00 ! 4,186.00 | 1 i 1104 1 2 1.50 | 1,186.00 | 1,486.00 Improvements contain: 20 Rooms; 8 _ Bedroom(s); 6.00 Baths); 4,744 Square feet of GROSS BUILDING AREA GROSS BUILDING AREA (GBA) IS DEFINED AS THE TOTAL FINISHED AREA (INCLUDING COMMON AREAS) OF THE IMPROVEMENTS BASED UPON EXTERIOR MEASUREMENTS. Surfaces (Materiaisicondition) | Heating Kitchen equip. { # / unit. cond.) | Attic Car Storage No.Cers 0 DESCRIPTION OF IMPROVEMENTS. Floors. CerTile/CrptAvg. | Type Central Refrigerator = 1/Average __.|L_INene Garage Wals Drywall/Average _| Fuel Electric Rangeoven i/Average _! Stairs Carport Trimfinish Wood/Average | Condition Average Disposal A/Average _ |_jorop stair Attached Bathfoor Tile/Average i Dishwasher t/Average _| (X] seutte Detached Bath wainscot Tile/Average ! Cooting Fanvhood 1/Average Floor Adequate Doors Wood/Average Centra! Central ; Compactor None |__| Heated inadequate Other __ Average. Othe = None | washerdryer None {L_|Finishea Offstreet Condition Average Microwave None | Unfinished None Fireplace(s) None # NA Intercom None Condition of the improvements, repairs needed, quality of construction, additional features, modemizatior, etc: The overall construction ¢ and finis! all units of the Subject Property are considered to be of average quality and in average condition relative to other similar_| properties in the Subject neighborhood. The subject property has received updating throughout the years which has greatly reduced it's effective age. At the time of inspection no apparent repairs: were needed. No deferred maintenance items were noted and therefore repairs are not noted. Said overall condition was accounted for in our final value conctusion. No functional or external obsolescence was noted. Depreciation (physical, functional, and external inadequacies, etc.): No functional or external inadequacies were noted from a physical |_inspection of the property. Normal depreciation is reflected from the typs_of buildings and age. The physical depreciation _| is attributable to normal wear and tear due to age. No deffered maintenance was noted, — —~ —| @ 2 5 — Fy fe —— ~ | 3 — Bey Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on site, or In z the immediate vicinity of the subject property: TO the best of the appraiser's knowledge,_nc toxic or hazardous substances are present, fe]_It should be noted that the appraiser is not an environmental expert and recorimends that a qualified inspection be fj_undertaken, should any specific concerns be present. The value estimate reflected in this report is based on the 4 assumption that there are no adverse environmental conditions present.__ _ VALUATION ANALYSIS _. ESTIMATED SITE VALUE 2$ 45,000 Comments on Cost Approach (such as, source of cost estimate, site value, | ESTIMATED REPRODUCTION COST - NEW OF IMPROVEMENTS: square foot calculations and, for HUD and VA, the estimated remaining 4,744 Sq.Ft @$ 65.00 _ =$ 308,360 economic life on the property): The remaining economic tife is Sq. FL @$ es | greater than 30 years. The cost new and physical Sq. FL@$ =$ iti ntage based on Marshall Swift Valuation Sq.Ft @$ =$ |S late site value is based on either vacant Sq. Ft @$ = land sales or the land abstraction method or beth. Said & =s data is held on file by the appraiser. S = _ ia = £ = Es & = 5 = ES] Special Energy Efficient items =$ _ RECETVEU Porches, Patios, etc. =$ . - T Total Estimated Cost New . oes 308,360 MAR 2 6 2002 Physical Functionai Extemal . TE Less 10 pISION OF REAL ESTATE Oepreciation _ 30,836 it] DO =$ 30,836 _. Depreciation Value of improvements an oss 277,524 _. \As ia\ Value of Site Improvements . ns 3 10,000 _ INDICATED VALUE BY COST APPROACH =$ 332,500 Freddia Mac Form 72 10-94 . CickFORMS Reai Estete Appraisal Sohware by Bradford and Robbins (B100) 622-8727 Fannie Mae Form P roe . Pose 2 [re ce 10 — a 7 ee once 4 1 oar SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT | Fie no, 1404932 At least three rents! comparables should be reported and anaiyzed in this section. The rental comparables should represent the most current rental information on properties as similar and proximate to the subject property as possible. (This comparison is based on current rental data, therefore, the rental comparabies typically are not the same comparabies used in the sales comparison analysis.) The appraisal report should assure the reader that the units and properties selecied as comparables are comparable to the subject property (both the units and the overall property) and accurately represent the rental market for the subject property (unless otherwise stated within the report). _ _| (TEM SUBJECT COMPARABLE RENTAL NO. 1 COMPARABLE RENTAL NO. 2 _COMPARABLE RENTAL NO. 3 Address 9690 NW 35th Street 11501 NW 41st Street 3520 NW 114th Terrace 2959 NW S2nd Avenue Coral Springs Coral Springs _ Coral Springs Proximity 1 subject Within 1.5 miles Within 1 mile Within 1 mile Lease dates (if available) NA NA NA Rent survey date 2/99 2199 2199 | 2/99 _ Data source ‘PbRecords/Measurem Obervation Obervation Obervation Pubrds/ISC PubrdsASC/MLS PubrdsASC/MLS Pubrds/ISC/MLS None None None None Rent concessions [No Units 4 No. Vac. 0 | No. Unite4 No. Vac. O Yr. Bt:1997 jNo. Units4 No. vac O Yr. Bit: 87 | No. Units2 No. Vac. O_ yr. BY: 1976 Description of Yr. Bit: 1978 Average Quality Average Quality Average Quality Property - units. CBS/Fourplex CBS/Fourplex CBS/Fourplex Average Quality__ ! design, appeal, Average D&A! Average D&A Average D&A ____ Average D&A ioe vendors 21/10 Eff. 4 . 2/2 Eff. | 12/10 Eff. 23/10 Eff. Average Cond. Average Cond Average Cond. Average Cond. Rem. Count Size Total Rm. Count Size Total Rm.Count ; Size Total Tot| Br| Bai Sq.Ft | Monthly Rent ; Tot | Br| Ba| Sq.Ft. Monthly Rent | Tot Ver | Ba! Sq.Ft Monthy Rent Individual 5 | 211.5) 1 186 | 875 5/3121 4,035} 750 614/12 | 41,569 925 an down 5 | 211.5] 1,186 | | 975 |5: 3/2/1035! 750 614/21] 1569! 925 5 2.11.5] 1.186 | 875 5131/2 | 1,035 | 800 6] 4 | 2 i 1,569 | 925 § | 2 '1.5! 1,186 875 5 | 3 | 2 | 1,035 | 850 61412 | 1,569 | 925 |__ Owner pays Owner pays _ Owner pays Owner pays Utiities, RE taxes, water, RE taxes, water, RE taxes, water, RE taxes, water, furniture, and insurance. insurance, a insurance. insurance. amenities maintenance, maintenance, Maintenance. _ maintenance included in rent & reserves for & reserves for _& reserves for _ & reserves for replacement replacement i tepiecement. feplacement ____ Average Average Average. _ Average ee Functional utility, None. None. i ___..Nene None. pestnsoting ~~ Central Similar __--Similar. Similar project amenities, etc, _ +_L¥Pical. Open Patio. Similar 1 Similar _ Similar Analysis of rental data and support for estimated market rents for the individual subject units (including the adjustments used, the sdequacy of comparables, rental concessions, #tc.) The three rental comparables listed above represent the subjects market, and support the indicated range of_cents. The _rentals utilized in the analysis are considered typical for the area and rates refiect the typical owner/tenant behavior in _ and around the subject's market area. Rents may vary depending on condition tease term, and motivations of the participants in the transactions. _ — RENTAL DATA Subjects rent schedule The rent schedule reconciles the applicable indicated monthty market rents to the appropriate subject unit, and provides the estimated rents for the subject property. The appraiser must review the rent characteristics of the comparabie sales to determine whether estimated rents should reflect actual or market rents, For exampie, if actual rents were available on the sales comparables and used to derive the gross rent multiplier (GRM), actual rents for the subject should be used. If market rents were used to construct the comparables’ rents and derive the GRM, market rents should be used. The total estimated rent must represent rent characteristics consistent with the sales comparable data used to derive the GRM The tetal_gross estimated rent_is not adjusted for vacancy. LEASES _ - ACTUAL RENTS _ ESTIMATED RENTS. Lease Date Neral _ Per Unit Total Per Unit __ Total Unit _ Begin End Vacant Unfurnished Furnished i Rents Unfurnished Furnished t Rents 41 mo-to month O Us 850 s s 41 mo-to _month ie) 4 mo-to month ie} |__1__| mo-to month Oo. /, ES Other monthly income (itemize) None noted _ __ . Vacancy: Actual last year _ NA _NA_% Estimated: 3% $4,224 Annuaty Total gross estimated = rent 3__ 3,400 Utiities. included in estimated rente:|Electic [_ |water [XJsewer [_|cas ot [X]trashcotection 'X] Tenants pay own utilities. maintenance, reserves for replacement. _ Comments on the rent schedule, actual rants, estimated rents (especially regarding differences between actual and estimated rents), utilities, ete: Rents remained relatively stable throughout the subject's market area. Typically, the tenant pays for all utilities wil exception of garbage removal and sewer, which is customarily provided by the owner, Forecasted rents are . within _ _. acceptable range based on market derived rental rates for the area. The subject's forecasted estimated market rents are well supported on a price per square foot basis as derived from the market rent analysis. RECEIVED _. MAR 2g 2002 — DIVISION OF Peal esyape CickFORMS Real Estate Appraisal Software by Bradtord and Robbins (E00) 622-8727 Freddie Mac Form 72 10-94 Fannie Mee Form sf 10-84 Page Fe ates ated { PA SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT fieno. 1404932 “The undersigned has recited thrae racent sales of properties mosi simile and proximate to the subject property and hes described and analyzed these in this analysis. there 's a significant variation between the subject and comparable properties, the analysis includes » dollar adjusiment reflecting the market reaction to those ems or an explanation supported by the markal data. 1 significant tem in the comparable property is superior to, or more favorable than, the subject property, a minus {-) aclustment is made, thus reducing the adjusied sales price of the comparable property: if a signticant fem in the comparable properly is inferigr 10, of less favorable than, the subject property, a plus (+) adjusimant is made, thus increasing the adhusied saies price of the sanperable property. [{ 1} Sales Price / Gross Monthly Rent) ITEM SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 | COMPARABLE SALE NO. 3 9690 NW 35th Street 4102 Riverside Drive 7801 NW 44th Court ; 8071 NW 44th Court ‘oral Springs Coral Springs _ Corat Springs Coral Springs Within 1 mile_ Within 1_mite Within i mile ss ales price 325,000 TX'unt [runs 315.0001 [Xluw [ jrums 345,000 | [X]unt [ lrums 315,000 Sales price per GBA__|$ 68.51 $ 79.63 s 100.00 s Gross monthly rent $ 3,400 s 2.950 i$ 2,800 $ _. Gross mo. rent mutt. (1) 95.59 106.78 112.50 Sales price par unit s 81,250 $s 78,750 $ 78,750. $ Sales price per room __| $ 16,250 s 15,750 s 19,688 s __| Data and/or ISC/TRW ISC/TRW ISC/TRW Verification Sources Public Records | __Public Records Public Records Public Records J ADJUSTMENTS DESCRIPTION j DESCRIPTION +£2.55 Adjustment DESCRIPTION. \ st $ Adustment DESCRIPTION | ' +t) $ Adjustment Sales or financing Conventional + Conventional 5 Conventional , concessions Cash Equiv. ' Cash Equiv. _! Cash Equiv, | . Date of salertime 10/98 Closed 12/98 Closed_|_ 12/98 Closed _| Location Average Average 1 Average 1 Average \ Leasehoki/Fee Simple, Fee Simple Fee Simple _' Fee Simple | Fee Simple _' Site 6718 sq ft 7,500 sq.ft. i -800_7,500 sqft. | -800|_ 8,629 sq.ft. ' -1,900 Pa View Residential Street_| Residential Street _' Residential Street_1 Residential Street, a Design and app: Fourplex |_ Fourplex/Avg. . | Fourplex/Avg._|_ Fourplex/Avg._! $7 Quality of construction | Average D&A | Average D&A, Average D&A_| Average D&A ‘ F] Age 21/10 Eff. 26/10 Eff. | 48/10 Eff, 4 24/10 Eff, 4 3 Condition Average Average ' Average ' . Average i FA] ross Building Area 4,744 sqn| 3,956 fey +14,820 3,150. san) +23.900 4,094 san! +9,800 < Not fm. count | No} NO Rm. count _| No! Ne] Rm. count _| no j Ne:| fm. count_| No, 2 units! Tot! ee | Ba! vec! suis, Tot | er| Be vec! units} Tot| Br | Be vec unte| Tot] Br | Be | Vac! BY unt Ltts{2 15,0/4,513| 2/0; il4l2] sto; ifat2f2 to. Ly breakdown 4 5.1.2. 1.510114 ! 513/2 1/0! See Size_1/4/2/141/0) See Size, 1 42 2/10, See Size = 4/5:2 1.5101 1'5:3/1 10! 114] 2/ +10! 1/4) 2/210: ___jalstatsslolaist3tato; tlal2l4 lor tlat2t2ia! - Basement description None None ! : None! ~ None 1 | Functional ublty Typical Typical ' Typical |} Typical! _. Heating/ooating Central Central Central | “Central | Parking owoft ste _'_ Open Parking | Open Parking ! | Open Parking 1 Open Parking 1 Project amenities and Open Patio Similar ' No Adj Similar ' No Adj. Similar ' No Adj, fee (If applicable) None None None - __None Standard ta Standard 1 fara 02 1Xe+ | eS 23,1 bert eee S 2.900 _| 6,02 s___ 338,100 s__ 322,900 motivation in that markety:Each of the reported sales provided a reliable indication of the market value for the Subject Property. They have been carefully analyzed and all adjustments are made based on market data as demonstrated herein or held _| on file in the appraisers office. Based_on the collective analyses and the reported data the market value of the Subject Property as of the indicated date is reported below. {TEM |___ SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data None ° None Nore None Soures for prior sales - within year of appraisal ISC/MLS _ISC/MLS ISC/MLS ISC/MLS Anaiysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of stibject and comparables within one year of the date of appraisal: The appraiser is not aware of any pending contract for sale on the Subject Property, nor have we discovered any prior sales or listings for sale of the Subject Property within the last 12 mon! Tota’ gross monthly estimated rent $3,400 x gross rent multiplier (GRM) 95.59 325,006 __ INDICATED VALUE BY INCOME APPROACH Comments on income approach {including expense ratios, if available, and reconcifation of the GRM) Further analysis of the Subject Property income) capitalization and GIM supports the Subject value at the small income property rate. INDICATED VALUE BY SALES COMPARISON APPROACH s 325,000 INDICATED VALUE BY INCOME APPROACH $ 325,006 | INDICATED VALUE BY COST APPROACH $ __ 332,500 [] subject to completion per plans and specifications This appraisal is made [_X ]\as ist subject to the repairs, alterations, inspections, ar conditions listed below Comments and conditions of appraisal: The scope of this summary appraisal report is. detailed inQttel AUAgAdum, limiting conditions and certification, as reported herein. _ MAR 2.6 2002 Final reconciliation: The greatest weight is given to the Sales Comparison and Income Capitalization Approaches to_vé alue as they tend to best reflect the actions of the market for small residential incomeiprapertigsx:- the Gast Approach to Value__| | supports the value conclusions. ‘The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, nased on the above conditions and the certification, contingent ‘and iimiting conditions, and market vaiue definition that are stated in the attached Freddie Mac Form 430/Fannie Mae Form 1004B (Revised June, 1993___. 1 QWE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF April 3, 1999 RECONCILIATION (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ _ 325,000. . APPRAISER: SUPERVISORY APPRAISER {ONLY IF REQUIRED}: Signature State Reg. Asst REA Signature (XJ oid Joi No Name JUAN CARLOS SUAREZ Name William D. Rutan State Cert Res REA Inspect Property Date Report Signed April 3, 1999 Date Report Signed _ April 3, 1999 State Certification # State State Certification # _RD 0002791 state _FL_| Or State License # RIL0002778 State FL Or State License # State FL Freddie Mac Form 72 10-04 ClickF ORMS Real Estete Appraisal Softwara by Bradiors and Robbins (820) 622-8727 Fannie Moe Form 1025 ‘off sen 4 t

Docket for Case No: 04-003178PL

Issue Date	Proceedings
Nov. 04, 2005	Petitioner`s Response to Respondent`s Motion for the Department of Administrative Hearing to Relinquish Jurisdiction and to Close Case and Petitioner`s Motion to Proceed with a Formal Hearing filed.
Nov. 04, 2005	Order Closing File. CASE CLOSED.
Nov. 04, 2005	Respondent`s Motion to Relinquish Jurisdiction and to Close Case filed.
Oct. 27, 2005	Respondent`s Response in Opposition to Petitioner`s Motion to Abate the Case filed.
Oct. 25, 2005	Petitioner`s Response to Respondent`s Motion for the Voluntary Surrender of License and Motion to Object the Closing of the Case and Motion to Abate the Case, and Motion for Teleconference filed.
Oct. 21, 2005	Respondent, Juan Carlos Suarez`s Surrender of Registered Assistant Apraiser`s License and Motion to Close Case filed.
Oct. 05, 2005	Order Granting Petitioner`s Motion to Take Deposition.
Oct. 05, 2005	Order Granting Petitioner`s Motion to Add Exhibits.
Sep. 26, 2005	Petitioner`s Motion to Add Exhibits filed (exhibits not available for viewing).
Sep. 23, 2005	Petitioner`s Motion to Take Deposition of the Custodian of Bank Records by Telephone and to use Deposition Against Respondent in Formal Hearing, and Motion for Teleconference filed.
Jul. 06, 2005	Order Re-scheduling Hearing (hearing set for November 14 through 16, 2005, 2005; 9:30 a.m.; Miami, FL).
Jun. 08, 2005	Petitioner`s Motion for a Teleconference to Reschedule a Hearing Date filed.
Mar. 25, 2005	Notice of Telephone Conference filed.
Mar. 08, 2005	Order Continuing Case in Abeyance (parties to advise status by April 11, 2005).
Mar. 01, 2005	Petitioner`s Motion for a 60 Days Continuance on the Present Abeyance filed.
Feb. 24, 2005	Notice of Absence (filed by R. Marx).
Feb. 18, 2005	Letter to DOAH from O. Valladares regarding schedulling hearing on Respondent`s Motion to Compel Stuart Blum to Provide Testimony filed.
Feb. 17, 2005	Respondent`s Motionto Compel Stuart Blum to Provide Testimony and Incorporated Memorandum of Law in Support filed.
Jan. 31, 2005	Re-Notice of Taking Deposition Duces Tecum filed.
Jan. 11, 2005	Order on Motion to Strike Petitioner`s "Second Reply to Respondent`s Request for a Stay to Formal Hearing" and for Sanctions.
Jan. 07, 2005	Order Granting Continuance and Placing Case in Abeyance Execpt for Discovery (parties to advise status by March 1, 2005).
Dec. 28, 2004	Respondent, Juan Carlos Suarez` Compliance with Order on Motion to Stay Proceedings (filed via facsimile).
Dec. 16, 2004	Respondent, Juan Carlos Suarez` Motion to Strike Petitioner`s " Second Reply to Respondent`s Request for a Stay to Formal Hearing" and for Sanctions (filed via facsimile).
Dec. 15, 2004	Petitioner`s Second Reply to Respondent`s Request for a Stay to the Formal Hearing (filed via facsimile).
Dec. 14, 2004	Order on Motion to Stay Proceedings (on or before December 29, 2004, Respondent may respond to the assertion that the charges against him are dissimilar from the matters at issue in this case).
Dec. 13, 2004	Re-notice of Taking Telephonic Deposition (S. Blum) filed via facsimile.
Dec. 10, 2004	Respondent, Juan Carlos Suarez` Reply to Petition`s "Motion to Oppose Respondent`s Request for a Stay to the Formal Hearing" (filed via facsimile).
Dec. 08, 2004	Petitioner`s Motion to Oppose Respondent`s Request for a Stay to the Formal Hearing (filed via facsimile).
Dec. 02, 2004	Respondent. Juan Carlos Suarez` Motion to Stay Proceedings but not Discovery and Incorporated Memorandum of Law (filed via facsimile).
Nov. 18, 2004	Amended Notice of Taking Deposition (filed via facsimile).
Nov. 12, 2004	Re-Notice of Taking Deposition Duces Tecum (W. Rutan) filed via facsimile.
Nov. 10, 2004	Order Regarding Deposition and Rescheduling Hearing.
Nov. 10, 2004	Order Granting Continuance and Re-scheduling Hearing (hearing set for February 4, 2005; 9:30 a.m.; Miami, FL).
Nov. 10, 2004	Notice of Taking Deposition (L. Federman and M. Cibene) filed via facsimile.
Nov. 08, 2004	Notice of Taking Deposition (S. Blum) filed via facsimile.
Nov. 08, 2004	Petitioner`s Motion to Take Deposition by and to Use against Respondent in Formal Hearing, and Motion for Teleconference (2) (M. Cibene and L. Federman) filed via facsimile.
Oct. 21, 2004	Notice of Taking Depositions Duces Tecum (W. Rutan and M. Vega) filed via facsimile.
Oct. 01, 2004	Petitioner`s Response to Respondent`s First Request for Production (filed via facsimile).
Sep. 22, 2004	Order of Pre-hearing Instructions.
Sep. 22, 2004	Notice of Hearing (hearing set for November 23, 2004; 9:30 a.m.; Miami, FL).
Sep. 17, 2004	Petitioner`s Amended Unilateral Response to Initial Order (filed via facsimile).
Sep. 17, 2004	Respondent`s Unilateral Response to Initial Order (filed via facsimile).
Sep. 15, 2004	Petitioner`s Unilateral Response to Initial Order (filed via facsimile).
Sep. 08, 2004	Request for Formal Administrative Hearing Pursuant to Fla. Stat. 120.57 filed.
Sep. 08, 2004	Administrative Complaint filed.
Sep. 08, 2004	Agency referral filed.
Sep. 08, 2004	Initial Order.