STATE OF FLORIDA FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE _ : 1 1OC1S PC “HSN 9. SG Bp ye a & v. Case No. 2009005435 ro Petitioner, MANUEL MENDOZA CARDENAL, Respondent. ADMINISTRATIVE COMPLAINT Petitioner, Department Of Business and Professional Regulation (“Petitioner”) files this Administrative Complaint before the Florida Real Estate Appraisal Board, against Respondent, Manuel Mendoza Cardenal (“Respondent”), and alleges: 1. Petitioner is the state agency charged with regulating the practice of real estate pursuant to Section 20.165, Florida Statutes, and Chapters 120, 455 and 474, Florida Statutes. 2. At all times material to this Complaint, Respondent was licensed as a state certified residential real estate appraiser in the State of Florida, having been issued license number 1716. 3. Respondent's address of record is 17220 SW 77 Court, Palmetto Bay, Florida 33157. G:\LEGAL\probablecause-freab\Manuel Mendoza Cardenal 2009005435 AC.doc 1 FDBPR v. Manuel Mendoza Cardenal Case No. 2009005435 Administrative Complaint 4. On or about September 24, 2007, Respondent developed and communicated an appraisal report (Report) on a property commonly known as 5035 Palm Hill Drive, #285, West Palm Beach, Florida 33415 (Subject Property) . 5. A copy of the Report as obtained from the Respondent is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 6. Respondent appraised the Subject Property condominium at $165,000 for the client, Great Country Mortgage Bankers. 7. Petitioner received a complaint from a lender alleging certain errors in the Report after the complainant obtained an appraisal review valuing the Subject Property. 8. Respondent made the following errors or omissions in the Report: a) Respondent checked the box “no” indicating that the Subject Property was not currently offered for sale, yet indicated the assignment type as “purchase transaction”; b) Respondent stated that one unit housing trends were stable for property values, with supply and demand in balance, yet the market was in decline; ¢) Respondent, inconsistently with the one unit housing trends, stated that the “market is experiencing a correction” ; G: \LEGAL\probablecause-freab\Manuel Mendoza Cardenal 2009005435 AC.doc 2 FDBPR v. Manuel Mendoza Cardenal Case No. 2009005435 Administrative Complaint d) e) f) Respondent’s work file contained a copy of the sales contract for the Subject Property for $164,900 that was signed but not dated. A copy of the sales contract is attached hereto and incorporated herein as Administrative Complaint Exhibit 2; Respondent under date of contract stated, “not date” (sic) and recited that up to $9894.0 (sic) to be applied to buyer’s closing costs, but the sales contract has no such provision; Respondent signed the appraiser's certification, specifically stating that Respondent inspected the interior of the Subject Property. When asked in the Report to describe the condition of the property, Respondent stated: “Per sales agreement and information provided to appraiser by on-site sales office and sales representative, the subject unit has a number of upgrades such as flooring, upgraded bathroom and kitchen areas. Based on this information the subject unit is considered to be in overall good condition for type and age with no functional inadequacies noted.” If Respondent had inspected the interior of the Subject Property, Respondent would have noticed the upgrades listed, rather than having to rely on the sales staff. The statement concerning G:\LEGAL\probablecause-freab\Manuel Mendoza Cardenal 2009005435 AC.doc 3 FDBPR v. Manuel Mendoza Cardenal Case No. 2009005435 Administrative Complaint g) h) i) the upgrades is misleading and suggests Respondent did not personally inspect the interior of the Subject Property as Respondent certified; Respondent’s work file contains numerous MLS printouts concerning available potential Comparable Sales, and Respondent stated in the Report that there were over 100 sales and listings considered comparable to the Subject Property in the year leading up to the effective date of the Report. Respondent chose to use a 2 year old Comparable Sale 2 in a gated community when the Subject Property was 26 years old, did not lie in a gated community, and there were other available, proximate Comparable Sales more similar in age to the Subject Property that Respondent could have used but did not; Respondent misstated the age of the Subject Property and the gross living area of Comparable Sale 2; Respondent should have used the Income Approach to valuation in that the project information clearly disclosed that there were 90 +/- units rented; The Report is misleading in that there is an oversupply of units beyond the 132 units reported for sale; G:\LEGAL\probablecause-freab\Manuel Mendoza Cardenal 2009005435 AC.doc 4 FDBPR v. Manuel Mendoza Cardenal Case No. 2009005435 Administrative Complaint k) The Report failed to disclose the proximity to the Palm Beach International Airport. 9. Respondent filed a written response to the complainant, a copy of which is attached hereto and incorporated herein as Administrative Complaint Exhibit 3. 10. Respondent used an incorrect designation. 11. Respondent falsely certified to the intended user of the Report that he had performed the appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP) that were in place at the time the appraisal report was prepared. 12. Respondent failed to exercise reasonable diligence in performing the appraisal assignment in accordance with the USPAP Standards in place at the time the appraisal report was prepared. COUNT ONE 13. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through (12) as though fully set forth herein. 14. Respondent’s professional conduct in developing and communicating appraisal reports was governed by the Uniform Standards of Professional Appraisal Practice (USPAP) applicable at the time of the appraisal report, in this case the July 1, 2006 USPAP. G:\LEGAL\probablecause-freab\Manuel Mendoza Cardenal 2009005435 AC.doc 5 FDBPR v. Manuel Mendoza Cardenal Case No. 2009005435 Administrative Complaint 15. The Conduct Section of the USPAP Ethics Rule provides as follows: 16. An appraiser must perform assignments ethically and competently, in accordance with USPAP and any supplemental standards agreed to by the appraiser in accepting the assignment. An Appraiser must not engage in criminal conduct. An appraiser must perform assignments with impartiality, objectivity, and independence, and without accommodation of personal interests. An appraiser must not accept an assignment that includes the reporting of predetermined opinions and conclusions. An appraiser must not communicate assignment results in a misleading or fraudulent manner. An appraiser must not use or communicate a misleading or fraudulent report or knowingly permit an employee or other person to communicate a misleading or fraudulent report. An appraise must not use or rely on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familiar status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. USPAP Standards Rule 1-1 provides as follows: In developing a real property appraisal, an appraiser must: (a) be aware of, understand, and correctly employ those recognized methods and techniques that are necessary to produce a credible appraisal; (b) not commit a substantial error of omission or commission that significantly affects an appraisal; and G:\LEGAL\probablecause-freab\Manuel Mendoza Cardenal 2009005435 AC.doc FDBPR v. Manuel Mendoza Cardenal Case No. 2009005435 Administrative Complaint (c) mot render appraisal services in a careless or negligent manner, such as by making a series of errors that, although individually might not significantly affect the results of an appraisal, in the aggregate affects the credibility of those results. 17. USPAP Standards Rule 1-4 provides, in part, as follows: In developing a real property appraisal, an appraiser must collect, verify, and analyze all information necessary for credible assignment results. (a) When a sales comparison approach is necessary for credible assignment results, an appraiser must analyze such comparable sales data as are available to indicate a value conclusion. 18. USPAP Standards Rule 1-6(a) provides, in part, as follows: In developing a real property appraisal, an appraiser must: (a) reconcile the quality and quantity of data available and analyzed within the approaches; and 19. USPAP Standards Rule 2-1 provides as follows: Each written or oral real property appraisal report must: 20. (a) clearly and accurately set forth the appraisal in a manner that will not be misleading; (b) contain sufficient information to enable the intended users of the appraisal to understand the report properly; and : USPAP Standards Rule 2-2(b) provides, in part, as follows: G:\LEGAL\probablecause-freab\Manuel Mendoza Cardenal 2009005435 AC.doc FDBPR v. Manuel Mendoza Cardenal Case No, 2009005435 Administrative Complaint The content of a Summary Appraisal Report must be consistent with the intended use of the appraisal and, at a minimum: (viii) summarize the information analyzed, the appraisal methods and techniques employed, and the reasoning that supports the analyses, opinions, and conclusions; exclusion of the sales comparison approach, cost approach, or income approach must be explained; 21. Respondent failed to comply with the above USPAP Standards in developing the Report. 22. Based on the foregoing, Respondent violated Section 474.624(2), Florida Statutes (2007), by culpable negligence or breach of trust in a business transaction; or has violated a duty imposed upon Respondent by the terms of a contract, whether written, oral, express or implied, in an appraisal assignment, by certifying Respondent complied with the above USPAP Standards when he did not. COUNT TWO 23. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through (12) as if fully stated herein. 24. Section 475.624(15), Florida Statutes (2007), states the following shall constitute grounds for disciplinary action: [Respondent] “(has failed or refused to exercise reasonable diligence in developing an appraisal or preparing an appraisal report.” G:\LEGAL\probablecause-freab\Manuel Mendoza Cardenal 2009005435 AC.doc 8 FDBPR v. Manuel Mendoza Cardenal Case No. 2009005435 Administrative Complaint 25. Based on the foregoing, Respondent failed to practice appraisal practice with that level of care, and skill which is recognized by a reasonably prudent appraiser as being acceptable under similar conditions and circumstances. COUNT THREE 26. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through (12) as if fully set forth herein. 27. Section 475.622(1)-(2), Fla. Stat., and Rule 61J1- 7.001(2), Florida Administrative Code, subject a real estate licensee to discipline for failing to display and disclose an appropriate designation adjacent to or immediately above the license number. 28. As set forth above, Respondent used an incorrect designation next to or above his license number. 29. Based on the foregoing, Respondent violated Section 475.622(1)-(2), Fla. Stat., and Rule 6131-7.001(2), Florida Administrative Code, when he completed the instant assignment displaying an incorrect license designation next to or above his license number. G:\LEGAL\probablecause-freab\Manuel Mendoza Cardenal 2009005435 AC.doc 9 FDBPR v. Manuel Mendoza Cardenal Case No. 2009005435 Administrative Complaint WHEREFORE, Petitioner respectfully requests the Board of Real Estate Appraisal enter an order imposing one or more of the following penalties: permanent revocation or suspension of Respondent’s license, restriction of practice, imposition of an administrative fine, issuance of a reprimand, placement of Respondent on probation, assessment of costs, corrective action and/or any other relief that the Board deems appropriate. Signed this 7 day of Fucy , 2010. CHARLIE LIEM, Interim Secretary Department of Business and Professional Regulation peg 9 Donna Christine Lindamood Senior Attorney Florida Bar No. 0273694 Department of Business and Professional Regulation ‘Division of Real Estate 400 W. Robinson Street Suite 801-N Orlando, FL 32801 (407) 481-5632 Telephone (407) 317-7260 Facsimile DATE 7/ZO//0 PCP Date: 7/7/10 PCP Members: MR/FO G:\LEGAL\probablecause-freab\Manuel Mendoza Cardenal 2009005435 AC.doc 10 FDBPR v. Manuel Mendoza Cardenal Case No. 2009005435 Administrative Complaint NOTICE TO RESPONDENT (S) 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 Commission 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. : G:\LEGAL\probablecause-freab\Manuel Mendoza Cardenal 2009005435 AC.doc 11 MANUEL MENDOZA-CARDENAL APPRAISAL SERVICES OF SOUTH FLORIDA 21012 SW 97th PLACE CUTLER BAY, FL 33189 Telephone Number: 305-251-8114 Fax Number: 305-251-8116 v= REFERENCES: [FO Internal Order #0724995 Lender Case #: GREAT COUNTRY MORTGAGE BANKERS Client File #: 2850 DOUGLAS ROAD, PENTH , IOUSE Main File #onform: 90724995 CORAL GABLES, FL 33134 Other File # on form: 095-0478877 Telephone Number: Fax Number: Federal Tax ID: 65-0359735 Alternate Number: E-Mail: Employer iD: = ee ay avec piss = Lender: GREAT COUNTRY MORTGAGE BANKERS Client GREAT COUNTRY MORTGAGE BANKERS Purchaser/Borrower: ALBERTO V. & DORIS A. BONILLA Property Address: 5035 Palm Hill Dr City: WEST PALM BEACH County: PALM BEACH State FL Zip: 33415-9334 Legal Description: UNIT 285 BLDG 5035 OF PALM HILL CONDOMINIUM FULL FHA APPRAISAL/PROJECT SUBTOTAL Description: Description: Description: _. SUBTOTAL TOTAL DUE Form NIV5 — "WinTOTAL" appraisal software by a la mode, inc, — 1-800-ALAMODE EXHi Bit & PAGE. l T Appraisal Services of South Florida (305) 251-8114 Borrower/Client_ ALBERTO V. & DORIS A. BONILLA File No. 00724995 Property Address_5035 Palm Hill Dr if WEST PALM BEACH County PALM BEACH State FL Zp Code 33415-9334 Lender GREAT COUNTRY MORTGAGE BANKERS TABLE OF CONTENTS Building Sketch (Page - 1) USPAP Identification .... Supplemental Addendum... VE ; NT Form TOCNP — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE EXHIBIT b pace Appraisal Services of South Florida (305) 251-8114 [Fle No. 00724995] Pane #2] Individual Condominium Unit Appraisal Report ries coraasos The @ of this sur appraisal report is to_provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject pro Property Address 5035 Palm Hill Dr Unit # 285 City WEST PALM BEACH State FL Zip Code_ 33415-9334 Borrower ALBERTO V. & DORIS A. BONILLA Owner of Public Record PALM HILL INVESTMENTS, LL County PALM BEACH Legal Description UNIT 285 BLDG 5035 OF PALM HILL CONDOMINIUM Assessor's Parcel # _42-44-11-13-001-XXXX Tax Year_ 2006 R.E. Taxes $_ NYA Project Name__ WEST PALM BEACH Phase # 4 Map Reference 42-44-11 Census Tract 0040.08 Occupant [} Owner (_] Tenant [XJ Vacant Special Assessments $_ N/A HOA$ 197.00 [_] per year DX] per month Property Rights Appraised _[X] Fee Simple Leasehold _|_} Other (describe) Assignment Type Purchase Transaction | Refinance Transaction Other (describe) Lender/Client_ GREAT COUNTRY MORTGAGE BANKE Address _ 2850 DOUGLAS ROAD, PENTHOUSE, CORAL GABLES, FL 33134 \s the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes [XJ No Report data source(s) used, offering price(s), and date(s). _—- PUBLIC RECORDS, DEVELOPER. ! did (J did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale ar why the analysis was not formed. NO UNUSUAL CONDITIONS NOTED IN THE CONTRACT PROVIDED TO THE APPRAISER. HOWEVER, APPRAISER IS NOT QUALIFIED TO RENDER OPINIONS AS TO MATTERS OF CONTRACT LAW OR TERMS OF SALE INCLUDED IN SALES AGREEMENT. Contract Price $ 164,900 Date of Contract NOT DATE __|s the property seller the owner of public record? ><} Yes [_JNo Data Source(s) REALQUEST z \s there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? I Yes NO If Yes, report the total doltar amount and describe the items to be paid. UP TO $9894.0 TO BE APPLIED TO BUYER'S CLOSING COSTS. Note: Race and the racial composition of the neighborhood are not appraisal factors. : Neighborhood Characteristics: Condominium Unit Housing Trends = Condominiuni Housing:|=Present Land Use.%' Location [_} Urban J Suburban Rural Property Values {_] Increasing Stable [| Declining PRICE AGE | One-Unit 50% Pay Built-Uy Over 75% 25-75% [| Under 25% | Demand/Supply Shortage 1X] in Balance Over Supply | $ (000) (yrs 2-4 Unit 40 % ¥Growth [] Rapid —_D< Stable Slow Marketing Time Under 3 mths DX) 3-6 mths Over6mths|_ 104 Low NEW | MultFami 20%. Fog Neighborhood Boundaries SUBJECT MARKET IS LOCATED NORTH OF N 10 AVENUE, SOUTH OF 257 High _35__| Commercial 10 % Fj SOUTHERN BLVD., EAST OF JOG ROAD AND WEST OF CONGRESS AVENUE. 160__Pred, 20‘ Other 10 % Neighborhood Description _ SUBJECT MARKET COMPRISES A BALANCED MIXTURE OF SINGLE FAMILY HOMES, MULTIFAMILY USES AND SUPPORTING NEIGHBORHOOD FACILITIES SUCH AS: RETAIL CENTERS, EMPLOYMENT, RECREATIONAL, HOUSES OF WORSHIP, SCHOOL, TRANSPORTATION AND OTHER NECESSARY FACILITIES ARE ALL LOCATED WITHIN CONVENIENT DISTANCE. Market Conditions (including support for the above conclusions) AS WITH MANY OTHER MARKETS IN SOUTH FLORIDA, SUBJECT MARKET HAD. EXPERIENCED RAPID APPRECIATION IN THE PAST FIVE YEARS, HOWEVER THIS DOES NOT GUARANTEE SIMILAR FUTURE RESULTS. MARKET 1S CURRENTLY EXPERIENCING A CORRECTION. MARKETING PERIOD ESTIMATED TO BE BETWEEN |S 3-6 MONTHS. Topography LEVEL TO ROAD GRADE __Size_24.16 ACRES/PROJECT Density GOOD View RESIDENTIAL/MLFAMILY a Specific Zoning Classification RM Zoning Description MULTIPLE FAMILY RESIDENTIAL (MEDIUM DENSI : Zoning Compliance [Xj Legal_ [| Legal Nonconforming — Do the zoning regulations permit rebuilding to current density? _[_] Yes [_] No {] No Zoning {1 tegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? & Yes [] No _If No, describe Utilities Public Other (describe) Public Other (describe) Off-site improvements ~ Type Public Private Electricity Bd] Water X Street PAVED ASPHALT rey Gas ial Sanitary Sewer DJ LJ Alley NONE NOTED a FEMA Special Flood Hazard Area_[_] Yes [X}No FEMA Flood Zone B, FEMA Map #_1201920165B FEMA Map Date_ 10/15/1982 Are the utilities and off-site improvements typical for the market area? I Yes No_ If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No__If Yes, describe Data source(s) for project information _ DEVELOPER, CONDOMINIUM DOCUMENTS, REALQUEST Project Description Detached Row or Townhouse [X] Garden [_] Mid-Rise High-Rise Other (describe) ‘General Description? =General Description ‘Subject Phase: Project Completed # of Stores 2 Exterior Walls CBS_|# of Units [386_!# of Phases # of Planned Phases # of Elevators 0 Root Surface SHINGL.|# of Units Completed 386_|# of Units '386__|# of Planned Units N/A Existi Proposed [Total # Parkin 773 # of Units For Sale 206 _ # of Units for Sale 206 _|# of Units for Sale N/A (J under Construction Ratio (spaces/units) 2.03/1__|# of Units Sold 180_|# of Units Sold 480_|# of Units Sold N/A. Year Built 1984 Type OPEN __|# of Units Rented i90+-*| # of Units Rented [90-+-"| # of Units Rented N/A. Effective Age 5 YEARS Guest Parking ADEQ. [# of Owner Occupied Units [50 _|# of Owner Occupied Units {50 _|# of Owner Occupied Units |N/A. Project Primary Occupancy Principle Residence (_} Second Home or Recreational Tenant Fj Is the developer/bullder in control of the Homeowners’ Association (HOA)? Bd Yes_[] No =] Management Group - {] Homeowners’ Association _[X] Developer _|_] Management Agent - Provide name of management company. Does any single entity (the same individual, investor group, corporation, etc.) own mare than 10% of the total units in the project? Cl) Yes No if Yes, Describe * PER INFORMATION PROVIDED BY ON-SITE MANAGEMENT OFFICE. 4 Was the project created by the conversion of existing building(s) into a condominium? _ x} Yes_{} No_If Yes, describe the original use and date of conversion. RENTAL APARTMENT COMPLEX CONVERTED TO CONDOMINIUM USE IN 2006. Are the units, common elements, and recreation facilities complete (Including any planned rehabilitation for a condominium conversion)? Oi Yes [1] No If No, describe Is there any commercial space in the project? Cl Yes XJ No_If Yes, describe and indicate the overall percentage of the commercial space. iia ¥ Freddie Mac Form 465 March 2005 OP Page 2 ote eee eee Panne, Mas Form 1073 March 2005 Form 1073 — "WinTOTAL” appraisal software wee mode, inc. —1-800-ALAMODE ... . .-.... 6 . EXHIBIT__© __PA [Fie No. 00724995{ Pane #3] Individual Condominium Unit Appraisal Report ries aoe” Describe the condition of the project and quality of construction. | THE PROJECT IS CONSIDERED TO BE IN OVERALL AVERAGE CONDITION. APPEAL TO THE MARKET, UNIT MIX AND QUALITY OF CONSTRUCTION ARE ALL AVERAGE. SUBJECT UNIT AND PROJECT CONFORM TO HUD/FHA PROPERTY REQUIREMENTS AS SET FORTH IN HANDBOOK 4150.2. 2 ESTIMATED REMAINING ECONOMIC LIFE: 50 YEARS. fe} Describe the common elements and recreational facilities. GREEN AREAS, PARKING LOT, TENNIS COURTS, POOLS, LAUNDRY ROOMS, CABANA g BATHS, BASKETBALL COURT, RACQUETBALL COURT. = 2 Are any common elements leased to or by the Homeowners’ Association? [_] Yes [XJ No If Yes, describe the rental terms and options. - a 8 Is the project subject to a ground rent? Yes PX] No_ If Yes, $ per year (describe terms and conditions) [a Are the parking facilities adequate for the project size and type? Bd Yes [J No_HfNo, describe and comment on the effect on value and marketablity. | LL} did 2x did not anaiyze the condominium project budget for the current year. Explain the results cf the analysis of the budget (adequacy of fees, reserves, efc.), or why the analysis was not performed. __{T IS BEYOND THE COMPETENCE OF APPRAISER TO MAKE COMMENTS IN THIS FIELD. Are there any other fees (other than regular HOA charges) for the use of the project facilities? [J Yes [XJ No __if Yes, report the charges and describe. Compared to other competitive projects of similar quality and design, the subject unit charge appears (CJ High _[X] Average [7] Low if High or Low, describe PROJECT ANALYSIS Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser? Yes_QXiNo__ If Yes, describe and explain the effect on value and marketability. a unit Charge $_ 197.00 per month X12 =$ 2,364.00 per year Annual assessment charge per year per square feet of gross living afea=$ 2.98 Utilities included in the unit monthly assessment lone [j Heat [| Air Conditioning {| Electricity (| Gas [<] Water_D<] Sewer (J Cable [ } Other (describe) 1ST FLOOR Roors CARPET/LINOL/GD. #ofLleveis ONE. Walls DRYWALL/GOOD Heating Type FWA fuel ELE |Trim/finish WOOD/GOOD i {X] Central AC - {_] Individual AC {Bath Wainscot DRYWALL/GOOD Parhaby LJ Dishwasher [_] Other (describe) Doors HOLLOW CORE/GD |{_] Other Washer/Dryer Parking Space # Finished area above grade contains: 4 Rooms 2__Bedrooms 792 Square Feet of Gross Living Are the heating for the individual units separately metered? Dx} Yes_[_] No tf No, describe and comment on compatibility to other projects in the market area. Garage Covered Dx} Open [] Microwave | # of Cars 1 OPEN SPACE IL] Assigned) Owned UNKNOWN PROVIDED TO APPRAISER BY ON-SITE SALES OFFICE AND SALES REPRESENTATIVE, THE SUBJECT UNIT HAS A NUMBER OF. UPGRADES SUCH AS; FLOORING, UPGRADED BATHROOM AND KITCHEN AREAS. BASED ON THIS INFORMATION THE SUBJECT UNIT. IS CONSIDERED TO BE IN OVERALL GOOD CONDITION FOR TYPE AND AGE WITH NO FUNCTIONAL INADEQUACIES NOTED. UNIT DESCRIPTION Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? () Yes x No_ If Yes, describe DX] Yes [i No_ if No, describe Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? My research [_] did <} did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data source(s) REALQUEST/MLS z Data source(s) fea Report the results of the research and ana ITEM. SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 Date of Prior Sale/Transfer NO PRIOR SALES NO PRIOR SALES. NO PRIOR SALES MULTI PLE LISTING SERVICE/REALQUEST i prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). COMPARABLE SALE #3 NO PRIOR SALES = £2] Price of Prior Sale/Transfer WITHIN 3 YEARS WITHIN 3 YEARS WITHIN 3 YEARS, WITHIN 2 YEARS S Data Source(s) REALQUEST/MLS. REALQUEST/MLS REALQUEST/MLS REALQUEST/MLS F°4 Effective Date of Data Source(s) 09/04/07 09/04/07. 09/04/07. 09/04/07 Analysis of prior saie or transfer history of the subject property and comparable sales. SUBJECT NOR COMPARABLE SALES HAVE CLOSED OR INDICATE PRIOR SALES IN THE PAST 3 YEARS. eee Mae Form 1073 March 2005 1-800 ection