a fe STATE OF FLORIDA foes DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION dy es FLORIDA REAL ESTATE APPRAISAL BOARD Map A FLORIDA DEPARTMENT OF BUSINESS & Angas, 4a PROFESSIONAL REGULATION, LIEW yp &8 Ll ISM 0. DIVISION OF REAL ESTATE, OT: i NS af (_ “Ana, Petitioner, Vv. CASE NO. 2007050152 ALEJANDRO ALCORTA, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Alejandro Alcorta("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 4748 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 13361 SW 50th Street, Miami, Florida 33175. C:\Documents and Settingajennifer.mecarthy\Local Setting’ Femporary Internet FileXSOLK Bialcorta.doc 1 FDBPR v. Alejandro Alcorta Case No. 2007050152 Administrative Complaint 4. On or about March 19, 2007, Respondent developed and communicated an appraisal report (Report 1) on a property commonly known as 537 SW 3rd Street, Florida City, Florida 33034 (Subject Property). A copy of Report 1 is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. Report 1 was prepared for a refinance transaction by the owner. The Subject Property was described in Report 1 as vacant. 6. Respondent subsequently provided the lender with a revised Report (Report 2) that stated the Subject Property was owner occupied. A copy of Report 2 is attached hereto and incorporated herein as Administrative Complaint Exhibit 2. 7. The lender further obtained from the Respondent an Operating Income Statement that stated that the Subject Property had a year lease until January 1, 2008 at $2,700 per month. That Operating Income Statement is found in Respondent's work file included in Report 2. 8. Photographs accompanying Report 1 in Respondent’s work file show rooms devoid of furniture and photographs of the windows with protective shutters in place. 9. The Dade County Property Appraiser web site printout in the Respondent’s work file shows the owner at a different mailing address than that of the Subject Property and no claim of homestead exemption on the Subject Property. C:\Documents and Settingdjennifer.mccarthy\Local SettingsTemporary Internet FileSOLK Bialcorta.doc 2 FDBPR v. Alejandro Alcorta Case No. 2007050152 Administrative Complaint 10. Respondent did not view a copy of the lease. 11. Report 2 reveals photographs of the Subject Property interior that include furnishings. 12. Report 1 contains the following statement on Page 3,”Note: the Subject Property is currently vacant, therefore, the owner of the property had recently placed the aluminum hurricane shutters on all windows to avoid any type of vandalism nor theft. Photos of the Subject's windows have been attached to the original report to illustrate the windows with no hurricane damage. The Subject Property has all new single hung windows. Photos have been > attached to illustrate.” 13. Nothing in Report 1 or 2 indicated that renovation work was performed on the Subject Property accept as set forth above. 14. Both versions of the Report valued the Subject Property at $270,000. 15. Respondent checked the box on Page 1 of both Reports indicating that the Subject Property had not been offered for sale in the twelve months prior to the effective date of the Report. 16. In fact, the Subject Property had been first listed on September 25, 2006 for $295,000, subsequently dropped to $284,500, cancelled, and again listed at $250,000 as recently as March 2, 2007, before being cancelled on March 15, 2007. A copy of the MLS listing history, as obtained from the complainant, is attached C:\Documents and Settingajennifer.mecarthy\Local Setting’Temporary Intemet FileSOLK Blalcorta.doc 3 FDBPR v. Alejandro Alcorta Case No. 2007050152 Administrative Complaint hereto and incorporated herein as Administrative Complaint Exhibit 3. 17. Respondent supplied a supplemental addendum to Report 2 stating, “In response to the appraisal reviewer, the appraisers research of the Subject Property under consideration revealed that at the time of the appraisal report the status of the property had been cancelled. However, the fact the appraiser did not mark that the Subject Property had been listed for sale within the past twelve (12) months was a complete oversight on the part of the appraiser. The appraiser research had in deed revealed that the Subject Property had been listed on 09/25/2006 for $295,000 (MLSD1143372, reduced on 11/15/2006 to $284,500, and then reduced and cancelled to 250,000 on 03/02/2007.” Respondent denied any intent to mislead. 18. Respondent listed MLS and the owner as Report data sources on Page one of both Reports. In the Sales Comparison Analysis section of the Reports, Respondent indicated he used FARES/MLS and exterior observation as data sources. 19. Notwithstanding, Respondent’s work file contained MLS printouts, official records printouts from the Dade County Public Appraiser web site, and Morning Star Funding Sheets that showed inconsistencies that were neither explicitly identified by the Respondent nor disclosed in the Report, including discrepancies CA\Documents and Settingajennifer.mccarthy\Local SettingdTemporary Internet FileSOLKBialcorta.doc 4 FDBPR v. Alejandro Alcorta Case No. 2007050152 Administrative Complaint concerning the number of bedrooms and baths for Comparable Sales 1 and 3. 20. Respondent failed to maintain documentation showing the pool of comparable sale properties offered for sale and sold in the year prior to the effective date of the Report, after stating in the Reports that there were 14 comparables offered for sale and 15 completed sales of comparable properties in the Subject Property’s neighborhood within the past 12 months. 21. Petitioner’s investigator identified additional potential comparable sale properties that were apparently not considered and not utilized by Respondent. 22. Respondent also failed to maintain Marshall and Swift subscription service data, and/or local builder’s cost records to support the Cost Approach valuation. 23. Respondent failed to obtain and maintain documentation in the work file contemporaneous with the effective date of the Report to support the site value. 24. Respondent printed out Morning Star Funding sheets and web pages from the Dade County Property Appraiser’s office, purportedly supporting the $100,000 site value for the Subject Property. The printout date appears on these pages as February 18, 2008. 25. Respondent failed to explain in the Reports how he C:\Documents and Settingajennifer.mccarthy\Local Setting&8Temporary Internet FileSOLKB\alcorta.doc 5 FDBPR v. Alejandro Alcorta Case No. 2007050152 Administrative Complaint ultimately arrived at the site valuation based upon these pages which related to four parcels of vacant land in Miami, Homestead, and Islamorada, Florida. Respondent’s work file contained no handwritten notes or calculations to show how the site value was arrived at. 26. Respondent certified that he had inspected the exterior of the Comparable Sales, and acknowledged in an interview having driven to the Comparable Sales, yet failed to note that Comparable Sales 1 and 2 were over the recommended one mile radius from the Subject Property in driving distance, in addition to the errors in linear distance software calculations described herein. 27. Respondent erred in reporting that Comparable Sales 1 and 2 were each 0.88 miles from the Subject Property. Respondent attributed the error in distance of Comparable Sale 1 from the Subject Property to a software program, yet Respondent used the wrong zip code in inputting data for Comparable Sale 1. When the correct zip code information was inputted for Comparable Sale 1, the software program reported that Comparable Sale 1 lay 2.25 miles from the Subject Property consistent with the odometer driving distance arrived at by Petitioner's investigator. 28. Respondent attempted to recreate the distance calculation for Comparable Sale 2 in the presence of the Petitioner’s investigator, resulting in a software-computed distance of 2.18 C:\Documents and Settingajennifer.mecarthyLocal SettingSTemporary Internet FileSOLK Bialcorta.doc 6 FDBPR v. Alejandro Alcorta Case No. 2007050152 Administrative Complaint miles from the Subject Property consistent with the odometer driving distance arrived at by Petitioner’s investigator. 29. The signature page differs between Reports 1 and 2 by having the same lender company name, but a different individual name and address. 30. There is a Request for Appraisal for the Subject Property contained in Respondent’s work file showing a due date of February 24, 2007 that is directed to “Douglas” or “David Wheat” and not to Respondent or to the appraisal firm owned by Respondent. A copy of that appraisal order form is attached hereto and _incorporated herein as Administrative Complaint Exhibit 4. Florida State Certified Residential Real Estate Appraiser David Wheat is not associated with Respondent. 31. Respondent made adjustments to the three Comparable Sales that are unclear, indicating “INC. BELOW” with regard to a difference in room count between Comparable Sales 1, 2 and 3, anda 36 year age difference between the Subject Property and Comparable Sale 3. No further explanation is provided for “INC. BELOW” and Respondent appears to have made separate adjustments for gross living area. 32. Respondent also adjusted Comparable Sale 3 by + $28,700 for the condition, “AVG/RENOV.” . COUNT ONE C:\Documents and Settingajennifer.mccarthy\Local SettingsTemporary Internet FileXOLKBialcorta.doc 7 FDBPR v. Alejandro Alcorta Case No. 2007050152 Administrative Complaint Based upon the foregoing, Respondent is guilty of fraud, misrepresentation, concealment, false promises, false pretenses, dishonest conduct, culpable negligence, or breach of trust in any business transaction in violation of Section 475.624(2), Florida Statutes. COUNT TWO 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. COUNT THREE Based upon the foregoing, Respondent is guilty of failure to retain records for at least five years of any contracts engaging the appraiser’s services, appraisal reports, and supporting data assembled and formulated by the appraiser in preparing appraisal reports in violation of Section 475.629, Florida Statutes, and, therefore, in violation of Section 475.624(4), Florida Statutes. COUNT FOUR Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically the Record Keeping Section of the Ethics Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. C:\Documents and Settingajennifer.mccarthy\Local SettingsTemporary Internet FilesSOLKBialcorta.doc 8 FDBPR v. Alejandro Alcorta Case No. 2007050152 Administrative Complaint COUNT FIVE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically. the Conduct Section of the Ethics Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT SIX Based upon the foregoing, Respondent has violated a standard for the development or- communication of a real estate appraisal, specifically Standards Rule 1-1l(a), (b) and (c), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT SEVEN Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-4(a) and (b), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT EIGHT Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, C:\Documents and Settingajennifer.mccarthy\Local Setting8Temporary Internet FileSOLKBlatcorta.doc 9 FDBPR v. Alejandro Alcorta Case No. 2007050152 Administrative Complaint . specifically Standards Rule 1-S{a), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT NINE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 2-1(a) and (b), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT TEN Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 2-2(b) (viii), or other provision of the Uniform. Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT ELEVEN Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 2-3, or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475,.624(14), Florida Statutes. WHEREFORE, Petitioner respectfully requests the Florida Real CADocuments and Settingajennifer.mccarthyLocal Setting&Temporary Internet File}OLKB\alcorta.doc 10 FDBPR v. Alejandro Alcorta Case No. 2007050152 Administrative Complaint 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 61J31-8.002, 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 C:\Documents and Settingajennifer.mccarthy\Local SeitingiTemporary Internet FileSOLK Bialcorta.doc n FDBPR v. Alejandro Alcorta Case No. 2007050152 Administrative Complaint of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease and desist order; or any combination of the foregoing which may apply. See Section 455.227, Fla. Statutes and Florida Administrative Code Rule 61J1-8.002. — ~ SIGNED this \>__ day of Lua Nea a , 2008. Florida Department of Busi ness and Professional Regulation \ Thomas O’Bryant, Jr. Director Division of Real Estate ATTORNEY FOR PETITIONER Donna Christine Lindamood Senior Attorney Fla. Bar No. 273694 Division of Real Estate Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 - FAX PCP: MR/CK 4/08 C\Documents and Settingdjennifer.mccarthyLocal Setting&’Temporary Internet FileSOLKBialcorta.doc 12 FDBPR v. Alejandro Alcorta Case No. 2007050152 Administrative Complaint 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 allowed by law, 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. C\Documents and Settingdjennifer.mccarthy\Local Setting’Temporary Internet FileSOLK Bialcorta.doc 3 FROM: INVOICE ALEJANDRO ALCORTA - FIRST SERVICE APPRAISAL, INC. a INVOICE NUMBER 6801 N.W. 77 AVENUE, SUITE 207 0703182 MIAMt, FLORIDA 33166 DATE EMAIL: FIRSTSERVICEAPPR@BELLSOUTH.NET 3719/2007 Telophone Number: 305-805-7272 Fax Number: 305-605-7286 ee = OREFERENCE =" TO: Internal Order 4: 0703152 DOUGLAS ‘Lender Case #: SOLORZANO & ASSOCIATES. Client File #: 443 NE CAMBELL DRIVE Main File # onform: 9703182 HOMESTEAD, FL 33030 Other Fite # on form: Telephone Number: 305-242-6333 Fax Number: 305-242-6338 Federal Tax ID: ‘AMternate Number: E-Mail: Employer 10: Lender: SOLORZANO & ASSOCIATES Purchaser /Borrower: JULIO BERRONES JR. Property Address: 537 SW 3rd STREET City: FLORIDA city County: MIAMI-DADE, Legal Description: TWN OF FLA CITY, PB 2-74, LOT 2 BLOCK 36 State: Fi. Client: SOLORZANO & ASSOCIATES Zip: 33034-4811 Full Appraisal SUBTOTAL AMOUNT PAYMENTS Check #: Date: Description: Check #: Date: Description: Check #: Date: Description: ADMINISTRATIVE COMPLAINT, SUBTOTAL EXHIBIT # 350.00 roracoue [s_ CAGE Vor Form NIV5 — “TOTAL for Windows” appraisal software by a fa mode, inc. — 1-800-ALAMODE FIRST SERVICE APPRAISAL [Page #1) 44 . FIRST SERVICE APPRAISAL Fle No, 0703152] Page #3} Summary Appraisal Report . . . . Uniform Residential Appraisal Report Fite # 0703152 The_purpose of this summary appraisal report is to provide the lender/olent with an acowale, and adequately Supported, opinion of the market value ot the subject propery. Property Address 537 SW 3rd STREET City FLORIDA CITY, Stale_Ft__ Zip Code 33034-4811 Borrowet_ JULIO BERRONES JR. Owner of Public Recor JULIO BERRONES JR. County MiAMI-OADE Legal Description TWN OF FLA CITY, P8 2.74, LOT 2 BLOCK 36 Assessor's Parcel # _16-7824-007-3840 Tax Yeat_2006 RE. Taxes $1,437.52 | Neighborhood Name FLORIDA CITY Map Reference 57-48-24 Census Tract 0114.02 Qccupant (_} Owner [7] Tenant Ex) Vacant Special Assessments $_NiA (2 Pup HOAS [7 per year [J per month Property Rights Appraised {Sd Fee Simple (~} Leasehold _{] Other (describe) Bid Assignment Type (J Purchase Transaction OX) Retinance Transaction [7 Other (describe) LenderClient_ SOLORZANO & ASSOCIATES. Addiess _443 NE CAMPBEL!, DRIVE, HOMESTEAD, FL 33030 1s the subject property curently offered forsale o has it heen offered forsale in the twelve montis priv tothe effective date ofthis appraisal? [Tes Di No Report data source(s) used, offering price(s), and date(s). MLS ON ANDIOR OWNER | S| fry | C) did] oid nt analyze the contract or sale forthe subject purchase transaction, Explain the results atthe analysis of the contract forsale or why the analysis was not performed. WA ig Fey Contract Price $ wa Date of Contract_wa Is the property seller the owner ol public record?” {_]¥es [No Data Source(s) wa Fy ther ary nancial essence (oan charges, sale concession. gi or downpayment assistance, et) to be paid by any party on behalf ofthe borrower? Clves Tito EE Yes, report the total doar amount and describe the items tobe paid. NA ty iposition of the neighborhood are not appraisal factors. iC stics rT One Unit Housing Trends “SF One-Unit Housing | Present Land Use % (X) Suburban [) Rural Property Values (_} increasing (4 Stable (CJ Dectining PRICE AGE | One-tinit Fay uit-Up _[_} Over 75% (x) 25-75% [Under 25% | Demand/Supply Shontage {XJ in Balance [_] Over Supply | $000) (yrs) | 2-4 Unit FS Grown [} Rapid 5) Stable [| Stow Marketing Time _{_j Under 3 mans (%] 3-6 mths f°] Over Smiths | a7 Low _ New | Muti-Famity Fa Neightorhood Boundaries THE SUBJECT PROPERTY IS LOCATED SQUTH OF SW 320 STREET, NORTH OF 295 High 95 | Commercial fe] SW 360 STREET, EAST OF Sw 192 AVENUE AND WEST OF US1 IN THE CITY OF FLORIDA CITY. 250+ Pred. 30+/-_} Other fej Neighborhood Description THE IMMEDIATE NEIGHBORHOOD IS PRIMARILY COMPOSED OF TRACT STYLE SINGLE FAMILY HOMES BUILT OVER THE PAST FF] 30+ YEARS. REMAINING VACANT LANO IN THE AREA IS STEADILY BEING DEVELOPED FOR SINGLE FAMILY TRACT SUBDIVISIONS. TYPICAL . RESIDENTIAL SERVICES SUCH AS SCHOOLS, PARKS, NEIGHBORHOOD SHOPPING ETC ARE READILY ACCESSIBLE. ‘Market Conditions (inchiting support for the above conclusions) ANALYSIS OF CURRENT SALES VIA PUBLIC RECORDS AND MULTIPLE LISTING SERVICES. INDICATED THAT SALES PRICES ARE STABLE, AND MARKETING TIMES ARE THREE (3) TO SIX (6) MONTHS WITH DEMAND AND SUPPLY IN OVERALL BALANCE. Dimensions 50.00 x 150.00 Area 7.500 SQ.FT. Shape_RECTANGULAR, View RESIDENTIAL Specific Zoning Classification R-1A Zoning Description SINGLE FAMILY. Zoning Gomplance &X] Legal {} Legal Nonconfomang (Grandlathered Use) {| No Zoning {"} Slegat (describe) 1s the highest and best use of subject property as improved (or as proposed per plans and specications) the present use? gives CJ No tii, desenie Public Other (describe) Public Other (describe) Off-site improvements - Type. Public Private Elecuicity J [J Water go Steet ASPHALT, im Gas NONE Sanitary Sewer OJ) Alley NONE Gi im FEMA Special Flood Hazard Area) Yes_[") No__ FEMA Flood Zone ats FEMA Map #_ 12025C03653 FEMA Map Date_ 3/2/1994 ‘Are the utilities and off-site improvements typical forthe market area?__—(<] Yes_f No _HNo, describe Ace tere any averse she condos or extemal factors (easements, encroachments, environmental conditions, and uses, gic)? [1 Yes [Na Wes, descrbe E _-General Description : Foundation Exterior Description —_-malerials/condition | interior materials/condition Units De] One [One with Accessory Unit [5 Concrete Slab (—] Crawl Space Foundation Walls CONCRETE/GOOD _| Floors TILEIGOOD # of Stories ONE Full Basement [_} Partial Basement {Exterior Walls €BS/GOOD Walls ORYWALUGOOD. Type Gx} Det. {J ait. (77 S-DetJénd Unit [Basement Area NONE. sqit| Roo! Sutace TILEIGOOD [ewe wOODYGOOD Dd Existing f] Proposed (LJ Under Const.|Basement Finish NA [Gutters & Downspouts NONE Bath Floor TILE/GOOD. Design (Style) 4-STORYIAVG. IC) Outside Entryexit Sump Pump |Window Type SINGLE HUNG/GOOD [Bath Wainscot TILEIGOOD mal ‘Year But 2006 Evidence of CJ Infestation Storm Sastyinsulated ALUMINUM/GOOD [Car Storage [_] None Dampness_{_| Settlement Sevens YESIGOOD Ed Driveway # of Cars 2 LJ None Heating ><) FWA Hwee [| Radiant|Amenities Th Woodstove(s) # [Driveway Surface CONCRETE (Stairs "J Other Fuel ELECTRIC [i] Fiteplace(s) # {4 Fence Garage # of Cars Dd Scuttle Coating [x] Central Air Conditioning |? PatiofDeck C) Porch Capon # of Cars. [-] Heated (J inividvat [1 Giher [1] Poo Bd Other coventa fat Ty Det. Buitia ances [_J Retrigerator ["] Range/Oven _[< Dishwasher Disposal_[_] Microwave [Xi Washer/Dryer) Other (describe) fir Finished area above grade contains: 7 Rooms 4. Bedrooms 2 Bathis) 1,760 _ Square Feet of Gross Living Area Above Grade Fe} Additonal features {special energy efficient items, etc}. FEATURES OF THE SUBJECT ARE: A COVERED ENTRY. SMOKE DETECTORS, TILE FLOORING, Fa HURRICANE SHUTTERS AND CENTRAL AG. THE SUBJECT PROPERTY HAS A STANDARD ENERGY EFFICIENT ITEMS bad Uescrbe the consition ofthe property (including needed repairs, deterioration, renovations, remodeling, etc). THE SUBJECT IS A NEW RESIDENCE IN OVERALL GOOD PHYSICAL CONDITION FOR IT'S AGE. NO FUNCTIONAL OR EXTERNAL INADEQUACIES WERE OBSERVED FROM THE INSPECTION OF THE PROPERTY. Are there any physical deficiencies or adverse conditions that affect the livability, soundaess, of stasctural integrity of the property? Ci Yes &xj Noi Yes, describe ADMINISTRATIVE COMPLAIN EXHIBIT # PAGE generally conform tothe neighborhood (junctional utility, style, condition, use, construction, etc)? (i) Yes [J No it No, describe Freddie Mac Form 70 March 2005 Page 1 of 6 Fannie Mae Form +004 March 2005 Form 1004 — “TOTAL for Windows" appraisal software by ala mode, inc, — 1-800-ALAMODE 95 (File No. 0703152] Page #4} Uniform Residential Appraisal Report File # 0703152 14 comparable properties currently offered for sale in the subject neighbomood ranging in price from $ 189.990 to$ 389,000 45 ___comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 160.000 to$ 285.000 FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 537 SW 3rd STREET 806 NW 8 STREET 405 NW7 STREET 585 SW 6 STREET FLORIDA CITY, FL 33034-4811 HOMESTEAD, FL 33034 HOMESTEAD, Ft 33030 FLORIDA CITY, FL 33130. Proximity to Subject 10.88 miles 0.88 miles 0.22 mites Sale Price is. NIA. : $ 250,000] s 280,000) Ss 225,000, Sale Price/Gross Liv. Area Ss. sqft|$ 177.30 sq.ft. $144.70 sq.tty $200.36 sqft Data Source(s) : © |FARES/MLS (01426103) FARESIMLS (01132635) FARES/MLS (01117191) ‘Verification Source(s) EXTERIOR OBSERVATION EXTERIOR OBSERVATION JEXTERIOR OBSERVATION VALUE ADJUSTMENTS: DESCRIPTION DESCRIPTION | +()$ ‘Adjustment | DESCRIPTION | +(-)$ Adjustment | DESCRIPTION { +()$ Adjustment Sales or Financing ‘5 {CONV. FINAN CONV, FINAN. |CONV. FINAN Concessions 2 - Date of Sale/Time ~ seh 4110/2006 10/2006 1212006. Location JAVERAGE TavERaGe AVERAGE AVERAGE Leasehold/Fee Simple FEE SIMPLE. FEE SIMPLE FEE SIMPLE FEE SIMPLE Site 7,500 SQ.FT. 5,806 SOFT, *+1,700]8,176 SQ.FT. NO ADJ17,500 SOFT. View RESIDENTIAL [RESIDENTIAL RESIDENTIAL, RESIDENTIAL, Design (Style) LSTORWAVG _|1-STORY/AVG. _ 4-STORYIAVG. 1-STORYIAVG. ‘Quality of Construction |AVGICBS AVGICBS AVGICBS: JAVGICBS. Actual Age NEW 1 YEAR NO ADJ/3 YEARS. NO ADJ.|36 YEARS. INC. BELOW! Condition elses) GOOD _ GOOD |AVG./RENOV. +20,000) ‘Above Grade Total [edans.[ Baths | Yora [Bdrms.| Baths Total [Barras | Baths Tota [Bdrms_| Baths Room Count rlat2tef sate inc.secowl 6 [ 3 | 3 we.secow! 6 [3 | 2 ING, BELOW, Gross Living Area 1,760 sqft. 1,410 sqit} +15,800| 1.935 sq.ft, 7.900 1,123 sqft +28,700 Basement & Finished NONE: NONE NONE NONE Rooms Below Grade NA, NA NIA, INIA, Functional Unity AVERAGE JAVERAGE [AVERAGE AVERAGE fq Heating/Cooling ICENTRAL AIC _|CENTRAL AIC. _. CENTRAL AIC CENTRAL AIC s fr Energy Efficient items STANDARD [STANDARD _-|STANOARD ISTANDARD. Garage/Carport OPEN PARKING |OPEN PARKING. __|OPEN PARKING OPEN PARKING L PorctyPatio/Deck |COVD. ENTRY __|COVD. ENTRY ICOVD. ENTRY. COVD. ENTRY FENCE/POOL IFENCE/NONE _|FENCE/NONE. __|FENCE/NONE FENCE/NONE F KITCHEN, FLOORS ETC. STANDARD. SIMILAR. SIMILAR SIMILAR, Ey Fo Net Auster ta ea +O fs i ~_{s zoo 3+ f]- 1s 48,700, 2 Adjusted Sale Price oes Net Adj. 7.0% Net Adj. 28% NetAdi. = 21.6% Fe] of Comparables * [Gross Adj. 7.0%)$ 267,500|Gioss Ad, 2.8%|$ 272,100|Gross Adj. 21.6 %1S 273,700! Ei Od oid [_] dot research te sate ov ransler histo ofthe Subject property and comparable sales. W not, explain My research [} did XJ did not reveal any prior sales or instars ol the subject property for the thee years prior to the effective date of this appraisat. Data Source(s) _ PUBLIC RECORDS. My esearch [_] did _[} did not reveal any prior sales of Vansfers of the comparable sales for the year prior to the dale of sale of the comparable sale. Data Source(s) __ PUBLIC RECORDS. Report the results of the research and analysis ofthe prio sale or transfer history ofthe subject property and comparable sales (report addlonal prior sales en page 3) TEM, ‘SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3. Date of Prior Sale/Transter INO PRIOR SALES HISTORY {NO PRIOR SALES HISTORY _|NO PRIOR SALES HISTORY __|NO PRIOR SALES HISTORY Price of Prior Sale/Transfer INEW CONSTRUCTION WITHIN 1 YEARS. WITHIN t YEARS. WITHIN 1 YEARS: Data Source(s) PUBLIC RECORDS. PUBLIC RECORDS PUBLIC RECORDS PUBLIC RECORDS: Effective Date of Data Source(s) 03/19/2007 0319/2007, 93/49/2007, 03/19/2007, ‘Analysis of prior Sale or transter history of the subject property and comparable sales COMPARABLE SALES HAVE BEEN ANALYSED AND POSTEO ABOVE. THE PRIOR SALES HISTORY FOR THE SUBJECT PROPERTY AND Summary of Sales Comparison Approach THE COMPARABLE SALES UTILIZED IN THE REPORT ARE CONSIDERED TO BE AMONG THE GEST AVAILABLE TO. REFLECT AN ACCURATE ESTIMATE OF THE SUBJECTS CURRENT MARKET VALUE. ALL COMPARABLE SALES ARE BEING WEIGHTED AND. CONSIDERED IN THE ESTIMATED VALUE. EACH IS CONSIDERED TO BE A GOOD INDICATOR OF MARKET VALUE FOR THE SUBJECT UNDER ANALYSIS, Indicated Value by Sales Comparison Approach $270,000 Indicated Value by: Sales Comparison Approach 270,000 Cost Approach (i developed) S 270,200 Income Approach {if developed) S THE SALES COMPARISON APPROACH IS EMPHASIZED AS IT BEST REFLECTS THE ACTIONS OF BUYERS AND SELLERS IN THE MARKET PLACE. THE COST AND INCOME APPROACH ARE CONSIDERED NOT APPLICABLE. Fa iS a Ee ihis appraisal is made [X) “as is". [J subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been ; pert 1 subject to the toting repairs or alterations on the basis of a hypothetical condition thatthe reps or aterations have been completed. cr Cl subject to the ADMINISTRATIVE EXHIBIT # COMPL red inspection based on the extraordinary assumption that the condition or deficiency does not require aeration or repair: THE EXTENT OF THE APPRAISAL IS fy DETAILED IN THE ADDENDUM, LIMITING CONDITIONS AND CERTIFICATIONS, pancn. py Based on a complete visual Inspection of the interior and exterior areas of the }, defined scope of work, statement of assumptions and limiting ceriicalion, my (our) opinion of the market valle, 28 feed of real property that is the subject of this report 93/19/2007___, which is the date of inspection and the etfective date of this appraisal. Form 70 March 2005 Page 2 0f 6 Fannie Mae Form 1004 March 2005 Form 1004 — “TOTAL for Windows” appraisal software by a la mode, inc. — 1-800-ALAMODE w File No. 0703152] Pag Uniform Residential Appraisal Report File # 0703152 COST APPROACH: COST FIGURES USED IN THE COST APPROACH ARE FOR VALUATION PURPOSES ONLY. NO ONE, CLIENT OR THIRD PARTY, SHOULD RELY ON THESE. FIGURES FOR INSURANCE PURPOSES. THE DEFINITION OF MARKET VALUE ON PAGE FOUR (4) OF THIS REPORT MAY NOT BE CONSISTENT WITH. THE DEFINITION OF INSURABLE VALUE, INTENDED USE: THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDER/CLIENT. THE INTENDED USE IS TO EVALUATE THE PROPERTY THAT [S THE SUBJECT OF THIS APPRAISAL FOR A MORTGAGE FINANCE TRANSACTION, SUBJECT TO THE STATE SCOPE OF WORK, PURPOSE OF THE APPRAISAL. REPORTING REQUIREMENTS OF THIS APPRAISAL REPORT FORM, AND DEFINITION OF MARKET VALUE. NO. ADOFFIONAL INTENDED USERS ARE. IDENTIFIED BY THE APPRAISER. MARKET ANALYSIS: THE MARKET ANALYSIS HAS UTILIZED COMPARABLE SALES CONSIDERED TO 8E AMONG THE BEST AVAILABLE TO REFLECT AN ACCURATE ESTIMATE OF THE SUBJECTS CURRENT MARKET VALUE. ALL ARE SUBJECT TQ THE SAME MARKET INFLUENCES AS THE SUBJECT AND EACH IS CONSIDERED TO BE A GOOD SUBSTITUTE PROPERTY TO THE SUBJECT UNDER CONSIDERATION. APPROPRIATE ADJUSTMENTS HAVE BEEN MADE TO COMPENSATE FOR DIFFERENCES BETWEEN THE SUBJECT AND THE COMPARABLE SALES UTILIZED IN THE REPORT. IT SHOULD BE NOTED HOWEVER , THAT THE ADJUSTMENTS REFLECT THE CONTRIBUTORY VALUE OF THE VARYING ITEMS AND DOES NOT REFLECT THEIR ACTUAL COST. IMENTS IN THE RECONGILIATION OF VALUE, TOWARD THE MIDDLE OF THE ADJUSTED RANGE HAS SEEN GIVEN TO THE SUBJECT UNDER CONSIDERATION. DDITIONAL COM SUBJECT PROPERTY: by NOTE: THE SUBJECT PROPERTY IS CURRENTLY VACANT, THEREFORE. THE OWNER OF THE PROPERTY HAD RECENTLY PLACED THE ALUMINUM HURRICANE SHUTTERS ON ALL WINDOWS TO AVOID ANY TYPE OF VANDALISM NOR THEFT. PHOTOS OF THE SUBJECTS WINDOWS HAVE BEEN ATTACHED TO ORIGINAL REPORT TO ILLUSTRATE THE WINDOWS WITH NO HURRICANE DAMAGE. THE SUBJECT PROPERTY HAS ALL NEW SINGLE HUNG WINDOWS. PHOTOS HAVE BEEN ATTACHED TO ILLUSTRATE COST APPROACH TO VALUE (nol required by Fannie Mae) Provide adequate inornaion {for the lender/client to replicate the below cost figures and calculations. ‘Support for the opinion af site value (summary of comparable land sales or ather methods for estimating site vatue) INDIVIOUAL SINGLE FAMILY VACANT LAND SALES WERE NOT AVAILABLE TO THE APPRAISER FROM WITHIN THE IMMEDIATE AND SURROUNDING MARKET AREAS . THE SUBJECT ESTIMATE SITE VALUE. WAS OBTAINED VIA ABSTRACTION TECHNIQUE. Fa fe] ESTIMATED [”] REPRODUCTION OR _[) REPLACEMENT COST NEW OPINION OF SITE VALUE postu 5 Source of cost data MARSHALL AND SWIFT HANDBOOK AND BUILDER OWELLING 4,760 Soft. @$ 95.00 Fr Quay rating tom cost service av. Effective date of cost dala 1212006 NONE SFt.@$ Ed Comments on Cast Approach (gross living area calculations, depreciation, et.) 8 COST INFORMATION OBTAINED FROM MARSHALL ANO SWIFT COST {Garage/Carport SqA@$ [J HANDBOOK & LOCAL AREA BUILDERS WHERE AVAILABLE. SITE VALUE [Tota Estimate of Cost-New, ESTIMATED THROUGH ABSTRACTION TECHNIQUES OR FROM VACANT _ [Less Physical Functional | Extemal SITE SALES WHEN AVAILABLE, SUBJECT'S LAND TO VALUE RATIO IS. Depreciation TYPICAL FOR THE SUBJECTS NEIGHBORHOOD, WITH NO ADVERSE, Depreciated Cost of improvements. EFFECT ON MARKETABILITY. -As-is" Value of Site Improvements Estimated Remain ‘conomic Lie UD and va only) 60 Years INDICATED VALUE BY COST APPROACH a sip 1 INCOME APPROACH TO VALUE {not required by Fannie Mae) el ftimaed Monthly Market Rent § NA X Gross Rent Multiplier NA, =$ ‘ndicated Value by Income Approach F2] Surmmary of income Approach (incksding support for market rent and GRM) THE INCOME APPROACH IS NOT UTILIZED AS THERE IS INSUFFICIENT DATA IN ORDER TO. ESTIMATE. AN ACCURATE ESTIMATE OF G.R.M FOR THE SUBJECT. " PROJECT INFORMATION FOR PUDs (i applicabfe) isthe cegaiirs contol the Homeowners Association (HOA)? ["] Yes f ]No Unittype(s) [[] Detached ["] Attached Provide the following information for PUDs ONLY il the developer/builder is in control ol the HOA and the subject property isan attached dwelling unit Legal Name of Project 3 Total number of phases Total number of units Total number of units sotd [54 Total number of units rented Total number of units for sale ‘Data source(s) Fe] Was the project created by the conversion of existing building(s) into aPUD? —_{_J Yes_f] No If Yes, date ot conversion, fa Does the project contain any mutti-dweliing units? __[_] Yes_{_} No_Data Sour E- Are the units, common elements, and recreation tacities complete? __|_] Yes Noo, describe the status of completion YR cheb elements teased to or by the Homeowners’ Association? (| Yes_:__| No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 Page 3 of 6 Fannie Mae Form 1004 March 2005 qi Form 1004 — "TOTAL for Windows® appraisal software by a la mode, inc. ~~ 1-800-ALAMODE File No. 0703152] Page #6] Uniform Residential Appraisal Report File 0703182 This feport form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by taw or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including. the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visuat inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verity, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal repost is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a Property should bring in a competitive and open market under all conditions requisite to a fair 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 a sale as of a specified date and the passing of title 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 or she considers his or her own best interest: @)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 sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the saie. “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 faw in a market area; 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 should approximate the market's feaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature thal affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader 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 this appraisal report whether any portion of the subject site is focated 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, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, 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 research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property {such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. 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, this appraisal report must not be considered as an environmental assessment of the property. intpoce : . Vishal bP itp. appraiser has based his or her appraisal report and valuation conclusion for an appraisat that is subject to satistactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 March 2005 Page 4016 Fannie Mae Form 1004 March 2005 Form 1004 -—— “TOTAL for Windows" appraisal software by ala made, inc. — 1-800-ALAMODE. or Uniform Residential Appraisal Report File # 0703152 APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that: 1. } have, at a minimum, developed and reported this appraisal in accordance with the scape of work requirements stated in this appraisal report. 2.1 performed a complete visual inspection of the interior and exterior areas of the subject property. | reported the condition of the improvements in factual, specific terms. | identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. | performed this appraisal in accordance with the requirements of the Uniform Standards of Piofessional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. | developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. | have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. | further certify that | considered the cost and income approaches to vaiue but did not develop them, unless otherwise indicated in this report, 5. | researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject Property for a minimum of three years prior to the effective date of this appraisal, uniess otherwise indicated in this report. 8. | researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. | selected and used comparable sales that are locationally, physically, and functionatly the most similar to the subject property. 8. | have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 8. | have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject Property and the comparable sales. 10. | verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. | have knowledge and experience in appraising this type of property in this market area 42. | am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. | obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisat report from feliable sources that | believe to be true and correct. 14. | have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. | have noted in this appraisal report any adverse conditions (such as, but net limited to, needed repairs, deterioration, the Presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that | became aware of during the research involved in performing this appraisal. | have considered these adverse conditions in.my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. | have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all Statements and information in this appraisal report are true and correct. 16. | stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. | have no present or prospective interest in the property that is the subject of this report, and | have no present or prospective personal interest or bias with respect to the participants in the transaction. f did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital Status, handicap, familial status, or national 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 or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that | would report (or present analysis supporting) a Predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. | personally prepared all conclusions and opinions about the reai estate that were set forth in this appraisal report. 4 i relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, | have named such individual(s) and disclosed the specific tasks performed in this appraisal report. | certify that any individual so named is qualified to Perform the tasks. 1 have not authorized anyone to make @ change to any item in this appraisal report; therefore, any change made to this appraisat is unauthorized and 1 will take no responsibility for it, ADMINIST RATIVE COMP 1 BM Be COMPLAINT, 20. | identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. ~ Freddie Mac Form 70 March 2005 Page 5 of 6 Fannie Mae Form 1004 March 2005, ote RC RE Forrn 1004 — "TOTAL for Windows” appraisal software by a2 mode, ine, — 1-B00-ALAMODE 44 [Fle No, 6703152] Pane #6] Uniform Residential Appraisal Report File # 0703152 21. The iender/client may disclose or distribute this appraisal report to: the borrower; another tender at the request of the borrower; the mortgagee or its successors and assigns; mortg i secondary market pariicipants; data collection of 22. | am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject te certain laws and regulations. Further, | am also Subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market Participants may rely en this appraisal Teport as part of any mortgage finance transaction that involves any one or more of these parties. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal feport may result in civil fability and/or criminal penalties including, but not timited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. | accept full responsibility for the contents of this appraisat report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser {or the appraisal firm), is qualified to pertorm this appraisal, and is acceptable to perform this appraisal under the applicable state taw. 4. This appraisal report compties with the Uniform Standards of Professional Appraisal Practice that were adopted and Promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an “electronic record" containing my “electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable ang valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature al Signature Name ALEJANDRO ALCORTA Name Company Name FIRST SERVICE APPRAISAL, INC. _ Company Name Company Address 6801. NW 77 AVENUE SUITE # 207 Company Address MIAMI, FL 33166 Telephone Number 305-805-7272 _ Telephone Number Email Address FiRSTSERVICEAPPR@BELLSOUTH NET Email Address Date of Signature and Report 03/19/2007 _ _ Date of Signature Effective Date of Appraisal 03/19/2007 State Certification # State Certification # 0.4748 or State License # or State License # State or Other (describe) State # _ _ Expiration Date of Certification or License State FL . Expiration Date of Certification or License 3173072008 = —=~S=S*«SUBECT PROPERTY i Did not inspect subject property (7 Did inspect exterior of subject property from street ADDRESS OF PROPERTY APPRAISED. 537 SW 3rd STREET FLORIDA CITY, FL 33034-4811 _ Date of Inspection : APPRAISED VALUE OF SUBJECT PROPERTY $ 270,000 J Bid inspect interior and exterior of subject property LENDER/CLIENT Date of inspection Name NELSON PALACIO ~ GOMPARABLE SALES Company Name SOLORZANO & ASSOCIATES Company Address £43 NE CAMPBELL DRIVE, HOMESTEAD, FL 33030} Did not inspect exterior of comparable sales from street (J Did inspect exterior of comparable sates from street Email Address _NPALACIO@SOLORZANOASSOCIATES.COM Date of Inspection ADNUNISTRATIVE COMPLAIN Freddie Mac Form 70 March 2005 Page 6 of 6 Fannie Mae Form 1004 March 2005, Form 1004 — "TOTAL for Windows" appraisal sottware by a fa mode, inc. — 1-800-ALAMODE Joc Eile No. 0703152] Page #9) e #9 Building Sketch (Page - 1) ‘Borrower/Clent_ JULIO BERRONES JR. Propemty Address 537 SW 3cd STREET City_ FLORIDA CITY County MIAMI-DADE State FL Zip Code_ 33034-4811 Lender_SOLORZANO & ASSOCIATES: BATH FAMILY KiTCHEN BEDROOM BEDROOM 108 BEDROOM i COVERED ENTRY AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Description Net Size Net Totals Breakdown Subtotals First Floor 1789.6 1759.6 First Floor 25.0 x 2325.0 1016 x : 4434/6 COMPLAINT Net LIVABLE Area (Rounded) 2 Items (Rounded) | Form SKT.BldSkI — “TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE Jol [File No. 07031521 Page #10] Subject Photo Page Borower/Client_ JULIO BERRONES JR. Property Address _537 SW 31d STREET City FLORIDA CIty County MIAMI-DADE State Ft Zip Code 33034-4811 Lender SOLORZANO & ASSOCIATES: Subject Front 537 SW 3rd STREET Sales Price NA Gross Living Area 1,760 Total Rooms 7 Total Bedrooms 4 Total Bathrooms 2 Location AVERAGE View RESIDENTIAL Site 7,500 SQ.FT. Ouatty AvGICES Age NEW Subject Rear Subject Street Form PICPIX.SR — “TOTAL for Windows" appraisal software by a lamode, ine. — 1-800-ALAMODE [File No. 0703152} Page #11 Subject Interior Photo Page Borrower/Client JULIO BERRONES JR. Propeny Address_537 SW 3rd STREET City FLORIDA CITY County _MIAMI-OADE State_Ft Zip Code 33034-4811 Lender_SOLORZANO & ASSOCIATES Subject Interior 537 SW 3rd STREET Sales Price NIA Gross Living Area 1.760 Totat Rooms 7 Totat Bedrooms = 6 Total Bathrooms. 2 Location AVERAGE, View RESIDENTIAL Site 7,500 SQ.FT. Quality AVGICBS Age NEW Subject Interior Subject Interior Form PICPIX.S!— “TOTAL for Windows" appraisal software by a {a mode, inc. — 1-800-ALAMODE fo3 File No, 0703152] Page #12) PHOTOGRAPH ADDENDUM Borrower/Ghent JULIO BERRONES JR. Property Address $37 SW 3rd STREET City FLORIDA CITY County MIAMI-DADE 7 State FL Jip Code __ 33034-4811 Lender. SOLORZANO & ASSOCIATES. SUBJECT PROPERTY - WINDOW SUBJECT PROPERTY - WINDOW SUBJECT PROPERTY - WINDOW Form GPICPIX — "TOTAL fer Windows" appraisal software by a 1a mode, inc. — 1-800-ALAMODE Comparabie Photo Page ite No. 07031 Page #13) Property Address $37 SW 3rd STREET aie JULIO BERRONES JR. Form PICPIX.CR -- “TOTAL for Windows” appratsat software by 2 la mode, inc, — 1-800-ALAMODE City FLORIDA city County MIAMI-DADE Slate FL Zip Code 33034-4811 Lender SOLORZANO & ASSOCIATES Comparable 1 806 NW 8 STREET Prox. to Subject 0.86 miles Sale Price 250,000 Gross Living Area 1,410 Total Rooms 6 Total Bedrooms 3 Total Bathrooms = 2 Location AVERAGE View RESIDENTIAL Site 5,806 SQ.FT, Quality AVGICBS Age 1 YEAR Comparable 2 405 NW 7 STREET Prox. to Subject 0.88 mites Sale Price 280,000 Gross Living Area 1,935. Tota! Reams 6 Total Bedrooms = 3 Total Batwooms 3 Location AVERAGE, View RESIDENTIAL Site 8,170 SQFT. Ovality AVGICES Age 3 YEARS Comparable 3 885 SW 6 STREET Prox. to Subject 0.22 mites Sale Price 225.000 Gross (iving Area 1,123 Total Rooms 6 Total Bedrooms 3 Total Bathrooms = 2 Location AVERAGE View RESIDENTIAL Site 7,500 SQ.FT. Quaity AVGICBS Age 36 YEARS [File No. 0763152! Page #14) Location Map Borrower/Client JULIO BERRONES JR. Property Address §37 SW 3rd STREET. City FLORIDA CITY County MIAMI-DADE _ State Ft. Zip Code 33034-4814 Lender SOLORZANO & ASSOCIATES 2 Tale Pani, 5 tovrswvst F ieeaan a one a ; tev tan at Mesranst Nw -ttth St & ‘Comparable #2 405 NW 7 STREET. (0.88 rhiles} apy sina) ‘Nbttdthr St th Ave z 3 a. z Nw WW 8 STREET (0.95 mites} ah U5 MAN, aay, Buoy Ms Law sed. NW Srd “Terrace: -* i NW 3rd St Mey nd St, NE1st.Ave.... ‘BAY FERS EB Comperabte ETERS aggap'y th St a. (0.22mi SATIS 'SW-oh Terface ~ S08 9In SE