YW Nw STATE OF FLORIDA Hota DEPARTMENT OF BUSINESS & PROFESSIONAL REGUKAFIQN FLORIDA REAL ESTATE APPRAISAL BOARD - Bry ils, FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, Petitioner, v. ; CASE NO. 98-81465 ANGEL A. BARRIONUEVO, g O- G / A} Respondent. / ADMINISTRATIVE COMPLAINT State of Florida, Department of Business & Professional Regulation, Division of Real Estate (hereinafter "Petitioner") files this Administrative Complaint against Angel A. Barrionuevo (“hereinafter "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, in particular Section 20.165, Fla. Stat., Chapters 120, 455 and 475, Fla. Stat., and the rules promulgated pursuant thereto. ‘ 2. Respondent is currently a Florida state certified residential real estate appraiser having been issued license RD0002755 in accordance with Chapter 475 Part II, Fla. Stat. 3. The last license issued to Respondent was as a state certified residential real estate appraiser at 15264 SW 69" Lane, Miami, Florida 33187. 4. On or about May 2, 1997 the Respondent appraised real property located at 1130 SW WY Nw] FDBPR v. Angel A. Barrionuevo Case No. 9881465 Administrative Complaint 103% St. in Miami. The Respondent appraised the market value to be $250,000 as of April 15, 1997. A copy of the Uniform Residential Appraisal Report is attached hereto, incorporated herein and made a part hereof by reference as Administrative Complaint Exhibit 1. 5. On or about August 6, 1997 the appraisal report was reviewed by Sherry Marder, who found the following deficiencies: a. Comparables 1 and 2 were from superior areas and had superior quality of construction and condition. Comparables 1 and 2 have significantly larger jots. b. The Respondent’s appraisal report contained mistakes which caused the final estimate of value to be excessive because a more reasonable value estimate would have been approximately $165,000. A copy of Marder’s Appraisal Review Report is attached hereto, incorporated herein and made a part hereof by reference as Administrative Complaint Exhibit 2. 6. The Respondent admitted to overvaluing the property. A copy of Respondent’s letter of January 12, 1999 is attached hereto, incorporated herein and made a part hereof by reference as Administrative Complaint Exhibit 3. COUNT I Based upon the foregoing, the 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 1-1(b), 1-1(c), and 1-4B(iii), in violation of § 475.624(14), Fla. Stat. COUNT II Based upon the foregoing the Respondent is guilty of having failed to exercise reasonable Y Nw FDBPR v. Angel A. Barrionuevo Case No. 9881465 Administrative Complaint diligence in developing an appraisal report in violation of § 475.624(15), Fla. Stat. 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, Fila. Stat., 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 § 475.624, Fla. Stat. and Rule 61J1-8.002, Fla. Admin. Code. The penalties which may be imposed for violation(s) of Chapter 455, Fla. Stat., depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease and desist order; or any combination of the foregoing which may apply. See § 455.227, Fla. Stat. and Rule 61J1-8.002, Fla. Admin. Code. WU Nw FDBPR v. Angel A. Barrionuevo Case No. 9881465 Administrative Complaint SIGNED this 3 nd day of lah WA , 1999. Livtufld Veifee> > mye Professional Regulation mo By: Herbert S. Fecker, Jr. femme oT Tas Temtristion Director, Division of Real Estate ATTORNEY FOR PETITIONER dal a Daniel Villazon Chief Attorney, Division of Real Estate Fla. Bar No. 956090 FDBPR-Division of Real Estate Legal Section 400 W. Robinson Street, N308A Orlando, Florida 32802-1772 (407) 481-5632 (407) 317-7260 - FAX PCP: DB/DG/EC 5/99 NOTICE TO RESPONDENTS PLEASE BE ADVISED that mediation under § 120.573, Fla. Stat, 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, Fla. Stat.; 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 4 WY Ne) FDBPR v. Angel A. Barrionuevo Case No. 9881465 Administrative Complaint 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. W A CERTIFIED aPMeASALS. 2 svpaty Desoto UNIFORM RESIDENTIAL APPRAISAL REPORT CMARY APPRAISAL REPOR f-9 Property Address 1150. 3 Court! Sty Miami ie} ability. Cost approach wa: re Pl Totol Estimoted Cost Hew through Marshall & Swi cost servi ni local cost rs. omparables b at ¥ eas *(Site Imp)Est."AS 1S" Value: Landscaping, Driveway, Fence, Wall & Est. Remaining ’ aR 129,200 Less Physical “uectional External B loepreciotion 1500G Rd j. io) is) }JOePreciated Volue of improvements “A"As ~is” Value of Site improv 5 INDICATED VALUE BY COS T ROACH ITEM i ‘JBJECT COMPARABLE NO. 1 1130 SW 103 Court |{1090 SW 37 Street Address Miami, Florida Miami, Florida Mia _ Proximity to subject : {Mile +/- vy 3/4 Soles Price $ Refinance; = 226,000 Jes: Price/Gross tiv. Aveo | 9.00 4 | $ 94. 24D Date and/or Inspection j||scnet/TRW-Redi Data || scnet/TRW-Redi Data | Weritication Source Public Rec. ;fublic Rec/Plat Book |Public Rec/Plat Book | _ jvatue aouustweNTs | teserprion | ceSCRIPTION | +/-)adjustment| DESCRIPTION | +(-JAdjustment | Soles or Financing eee -e\Conv Mort. Conv Mort. | Concessions $203,400 [$218,000 ' Date of Sule/ Tine 07/96” No Adj [12/96 7 | No Adj Location ~ | Suburban/Avg | Suburban/Av Suburban/Av | ‘AV gileaseno/ree Sole |Fee Simple |Fee Simple | Fee Simple | Alsite 7926 SgFt [14190 SgFt | - 7,000 [15605 SqFt ~ 7,000 _No Adi ClView [Rsdnti/Crar_iitsdnti/Ave. | + 1,500 |Rsdntl/Ave. ,+ 1,500 + 5,000 Eesian ors Aopen! Ranch/Avg. | Ranch/Ave. | Ranch/Avg. Quaiily of Construction |CBS/Average |(BS/Average | CBS/Average Clage 1978/19 Yrs {1980/17 Yrs [1981/16 Yrs | rs 44 {Condition |Updtd/Aveg. | Simiir Cond { Sightiy Sup | ~ 5,0 =. 10,000 PiAbove Grade Toto! [Barms | Boths | toto! [Barms | Baths Total [Bare | Baths MRoom Count 8 | 4 8.00 + 2,000 | 8 14 B.og + 1,000 * Iyoss Living Area 2, 20459Ft. | [+ 5,000 | 2,897 seFt.| - 12,000 = 6,000 §Bosement & Finished |MNo basement /No basement No basement O1Rooms Below Grove None None None NiFunctinoUtiity | Adequate Adequate Adequate; AlHeating/Cooling Centrai A/C _|Central A/C Central A/C Nitvergy Ericient items | Solar WtrHtr| Standard + 1,500AStandard { [Garoge/Carport Driveway 2 Car Garag | = 3,000 |2 Car Garag | - 3,900 YPorch, Patio, Deck. Patio/Deck |Patio/Deck Covd Porch {- 2,000 $ [Fireploce(s), etc. No Fireplace|No Firepiac No Fireplac g|ence, Pool, etc. CBS Wil/Lnde|Open Pool. = 7,000 |Open Pool i+ 7,000 + {,500 Extras Alarm/SecBrs|None Noted Alarm . $220,500 I¢ Z i "|Comments on Saies Comparison including the subie-t croperty’s éompatibilty to the neighborhood, ete): At time of ins: i the subject property appeared to be adequately compatible to other homes if its market area, The appraiser performed a thorough search for recent sales that were c j om _t living area and lot size. This search evidenced a limited amount of possible les which forced the appraiser to use sales slightly older than 6 months, These are still within year and are considered to be very good itdicators of value. : HEM “UOJECT j. COMPARABLE NO. t COMPARABLE NO, 2 | COMPARABLE NO. 3 Date, Priceand ota ~=jNO sales No sale within 1 yr, |Nd sale within 1 yr. Noisale within 4 yr. Source for priorsoles Jwithin 1 yr |Pub.Rec/Isc/Tax Roll |Pub.Rec/Isc/Tdx Roll |Pub.Ree/Isc/Tax Roll “ [within year of appraisol_|'Tax Rolls = _Jhoolvsis of any current agreement of sole, option, oF isting of the subject property and analysis of any prior sales of subject ond comoaraties wilhin one year of the date of appraisal ‘| Please see suppiemental addendum for review of sales contract. Neither the subject or the sales used have sold within the previous 12 months. a {INDICATED VALUE BY SALES COMPARISON APPROACH 6... eee ev ae _ [INDICATED VALUE BY INCOME APPROACH (If applicable) Estimated Market Rent $ N/A. 40. xGross Rent Multioler N/A, = $ This oppraisoris made 1X] [= J subiect to the repairs, citerctions, inspections or conditions listed below | —1 suntect to completion per plons and specifications. Conditions of Aroroisoh Valu estimate is subject to the attached statement of Limiting conditions and all addendums attached. See front page for any other conditions. {Final Reconesiation: Both the market approach and the cost approach were given equal consideration in fl the final estimate of value. The income approach was not applicable to this report as single ‘ family homes are typically not purchased for income purposes. Hi The purpose of (His oppraisyl ss 19 estimate the mv:vat vaiue of the real property that is the subiect of this revort, bosad on the above conaitions and the certilicolion, contingent +7 jond limiting conaiiions, and matvat value definition tht are stated in the attached Freddie Moc Form 4.39/Farnie Moe Form 10048 (Revised O6/93°:--_}. Ll (WE) ESTIMATE THE MARKEL-¥ACUE, AS DEFINED OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF pri] 15th, 1997) } (WHICH IS THE DATE OF b IE EFFECTIVE DATE OF THIS RE| OBES. ~~330,000.0 0 =" TIAPPRAISER ; SUPERVISORY APPRAISER HoNATURE a eeRccte ‘[Joid [Lou not 1 Ol PRYMAME KOA. YAME N/A ieepect Property | {DATE REPORF-SoneD. nd, 1997 DATE REPORT S' | BIATE CERTIFICATION # SL. Cert. Res. REA OOO2755STATE FY STATE CERTIFICATICH STATE Lijor state uictris wee STATE OR STATE LICENSE & STATE, Freddie Mac Form 70 6-93 5300 PAGE 2 of 2 Fannie Mae Form 1004 (6-93) AAA CERTIFIED APPRAISALS, INC. . A CERTIFIED aPdrorfoats, Inc, Oh MULTI=PURPOSE SUPPLEMENTAL ADUENDUM FOR FEDERALLY RELATED TRANSACTIONS Borrowers Liiant Murillo (Owner) Property Address 1 30 SW 103 Court Cily Miami (SMSA_5000) x Lender Unifirst Mortgage Cup. vy Dade (Unincorporated) Stote FL Zip Code_33174 This Mulli-Furcos Scnpleinental Addendum ior Federally Related Transactions was designed to provide the averoiser with @ convenient woy to comply wilh the current arcrosal «aris and re~vements of the Federal Ueposit Insurance Corporation (FCIC), the Office of the Comptroller of Currency (OCC). She Office cf THe! Supervsion (OTS), Ibe» solution Trust Corporation (RTC) ond the Federol Reserve. This Muiti—Pureose Supplemental Addendum is for use with any appraisal. Only those slatements which have been checked by the appraiser apply to the property being appraised. The purbose of ‘2 apprssal is to estimate the markel value of the subject property as defined herein, The function of the ‘oppruisol is to assist the above-nomed Lender in evriiciting the seiviect property for lending purposes. This is a Federolly related transaction. The srprasai is brsed cn the information gathered by the cppraiser from oublic records, other identified sources, inspection of the subject freperty ros raighharhoed, ced seiertion of comparable sales within the subject morket oreo. The orginal source of the « comparables is Soman ies Sci seca section et the market ard along with the source of confirmation, if evainoble. Tha original source is presented first. 1 sre eensierer| reapie, When coninetina information was provided, the source ceemed nost reliable has been used. wrenaple wes eet orctuded ia the report nor used os a basis for the varus conclusion, stoeren Marshall and Swift Cost Service & Local Cost Breakdowns { remented by the ceprmsers knnwi 1 j2 of tne tocal market. vernal cervacintion “= Losed on > asiimated effective ave of the subject prperty. Functional and/or extemal depreciation, if present, S speciiica'y eamessed in the vrearsal report or other addenda. i estimating the site voiue, the opproiser has relied on personal vowaage cf ihe local maket = > beawledge is based on prior and/or current analysis of site scies end /or cbstroction of sile volues from salag ch motoved. properties KX] the cuoest croneity is Incated ins area of primarily owner-occupied single fomily residences and the income Approach is not considered hy be meaningtul, Fer this reason, ine income Approach wos not used, [=] ihe Fetenated Maret Pent and «-r-3 Rent Multiplier utilized in the Income Approoch are bosed on the oppruiser’s. knowledge of the subject vormet roa ihe venta knowieda~ 5 based on prior ond/or current rentoi rate surveys of residentiol oropertiss. The Gross Rent Multiplier ie Based 2 cron anicar currant omivsis of prices ond market rates for residential properties. [=] For come reducing properties, = ql rents, vacancies and expenses Pave been reported ond onalyzed. They have been used to project future rents, vacancies ond expences According ts — M.L.S & Owner. subject not offered for sale (Past 12 Months) the subject property:” =} has not been offered tor sale in the rast 30 days. is currently offered (or sate for & N/A . davs for $ N/A Offering inicrmation was considered = |e finot reconcuiation of value. was affered for ere witiin te pont Ciena isieematon was not considered in ‘9 final reconeiigtion of value. La} Otfersa ecemetinn was not availabie ibe tegsons for unavaitobility ong the steps token by the ovproiser cre exploined later in this oddendum, > > 3 2 ¢ a County Tax Rolls the subject property: hos not transferred in the past twese months. & [E] hos transfered in the nast twelve meontng Mi resr seas whet have cecurrst in te past twelve months ore listed below ond reconciled to the copraised volue, eilher in the body ofthe resort or es tim gddenda Date Sales Price Dacument # Selter Buyer i N/A [X] Suicest s-peny ie nat located ins "EIA Special Fload Hazard Area, iatty is located ino Fi3'* Spec Flood Hazard Area. FEMA Map/Panal & Map Date Nome of Community ] *LE0635-1° 4 03/94 Dade County/ Subiect to Survey | criss, dows not participate 1% 8 Mahenal Flind insurance Fimaam + does participate in). 8s ae Flood insurance Senaram >. a ceauiar s { Fee an amergancy pe on | su-70N a FormFiil® PC—Plus™ (£00) 262-4805 JULY 1991 Forms d Worms inc, Ail Rights Reserved [X] The subject property is currently not under contract. =] The contract and/or ex-row instructions were not available for review. The unavailability of the contract is explained later in the addenda section [=J the contract anism escrow iastnyctens were reviewed, The fo"owing summarizes the contract: Contract Date Amangment Date Contract Price Seiter [=] The contract imiicoted thot oasona vroverty was not included in the sole, =} the contract indicated timt cersonar coperty was inciuded, Consisted of N/A N/A Estimated contributory vaiue is $ [X] Personat properly was not included in the final value estimate. [E] Personal property was included in ‘no final value estimate. =] the contract indicated ne financing concessions or other incentives. =] The contract indicated the following concessions or incentives: appraiser was not made aware of them. If concessions or incentives exist, (' comparables were checked for similiar concessions and oppropriate adjustments were mode, if applicable, so that the final vaiue conciusion is in compliance with the Market Value defined herein, If incentives or concessions exist, the months is considered reasonable marketing period for the subject property bosed on _ Current trends in the subject market at time of inspection. The Appraiser certifies ax) garees tert: () The analyses, opiniuns and concussions were developed, and this repart was Prepared, in conformity w:th the Uniform Standards of Frofessional | Anproisal Practice (“\J3FAP"), excei that the Departure Provision of the USPAP does not apply. net contingent uvon the reporting of predetermined vaiue or direction in value that favors the cause of the client, the amount of the volue eslimite, the attoinment of a stipulated result, or the occurence of a subsequent event. (3) This opproisol assiunent was not based on a requested minimum valuation, @ specific valuation, or the approvat of a foan. me ADDITIONAL (ENVIRONMER LIMIT Sl The value estimated is based on the as-umnption that the property is not negatively affected by the existence of hazardous substonces or detrimental environmental conditions uniess otherwise stated in this report. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. ite appraiser's routine inspection of and inquiries about thé subject property did not develop cny information that indicated ony cpparent signiticant hazatious substances or retrimental environmental conditions which would affect the Droperty negatively unless otherwise stated in this seport. ILis possible that tests and insne«tions made by a qualified hazardous substance ond environmental expert would revent the existence of hazortous substances or detrimental environmental «nnditions on or around the property that would negatively offect its volue. (2) Their compensatio Appraiser’s Sianature FA = Hecti /15, Approiser’s Mame (pripty Angel A. Barrtonuevo {TT License "X] Certification # _ 0002755 RTIFIGATION moe The co-sigring approiser hes personcily inspected the subject property, both inside ond out, and has made an exterior inspection of ll comparable Sales listed in the report, The repor! was prepared by the aporaiser under direct supervision of the co-signing oppraiser. The co—signing approiser Secepts responsibilty fer the conleris of ihe report including the value conclusions ond the limiting conditions. and confirms that the certifications reply fully to the co-ssning appraise The co-signing appraiser has not personally inspected the interior of the subject property and: has not inspeeted lie eviericr of > subject property and ai comparable soles listed in the revert. has inspected the arena of suimiect property and all comparable sales listed in the report. =5 The report was pretnied ey coruser under direct supervision of the co-signing appraiser, ihe co-signing appro'ser accepts responsibility fer the contents of f= verart, inventing the veiue conclusions and limiting conditions. and confirms that the certifications apply fully to the dosigning oppraiser io te evcerecn of the certification reqaraing physical inspections. The above describes the ievei of inspection performed hry the co-signing aprr'ser =} The co-signing appr s mel of rors svoivement in ty ‘appraisal process ond certification are covered elsewhere in the addenda section nf this appraisal. ES Signing Appraiser’s: Signature Date Prepared Co “Signing Appraisers t ” hone #& “inte —s ee saninention # todd 7 W= 70M oa FormFiil® PC-Plus™ (800) 262-4805 "ULY 1991 Forms é& Worms inc. Ail Rights Reserved WW ABPOITIONIAL COK_JNTS gy ) ADDENDUM AND SUPPLEMENTAL CATA r Li f Ca py) Lids PURPOSE OF APPRAISAL: Yun purpose of this appraisal is <2 estimate che markec viele) Be rhe defined by FUMA, FRUMC and FIRREN. The definition of market value 1s contained in thie report on He ipod S422 {Certification & faxs Limiting Conditlo: The funetion of the appraisai, fr: scpraienis done for mortgage lenders, is to iat the identified lender or assignee in the underwriting of the risk assoczacted with a residential mortgage loan. other possible usee vary according to client needa. HIGHEST AND REST USE: io ‘that re onadle and probable that supports the nish t present value, as defined, as of the effective date of the appraisal.” ahest and Beat Use arpiies to the site as well as to the improved property. In analyzing Higheat and Beat Une, the appraiser takee into consideration those uses Physically Possible to which the site can be improved, those Permissible Ui by (and use requiaticne (zoning and building codes) and deed restrictions, thos ae indicated by market, neighborhood and crsperty analyaie, and finally, the Highest and Best Use, which among the preceding alternative uses, indicates the hignest net present value. The appraieer’s opinion of Higheat and Best Vee indicated in thie report coneidnra the above factors in terms of the characteriatice of the subject in comparison to {ts neighborhood. FLOOD ZONE INFORMA Tha ELood mone information indicated in this report dees not directly address the question of whether or not Elood jurance is recnired on the property. Flood insurance requiremente are established by secondary market participants through regulation, guideline or commitment. The information given on this report refera to the location (or not) ef the eubject property in a FNMA/HUD identified Special Flood Hagard Area. The information shown on the report was derived from Plood Insurance Rate Mape (FIPH) issued by the National Flcod Insurance Program (NFIP} of the Federal Emergency Management Agency (FEMA). Qccasionaliv, a subject property will Lie on or newr u Elood zone boundary line and Lt may be difficult to determina which zone or zones are indicated. In auch Lnetances the appraisal report will indicate the most hazardous zone. Final determination of {iced zone should be verified with » property engineering survey or Flood Elevation Certificat EXTENT/SCOPE OF APPRAISAL: The appraisai is based on rasearch of the subject property! neighborhood and potential comparable anl from various data sources; a chyeical :nepection of the neighborhood and subject property (unless otherwi. noted in appraisal); information gathered fren public and/or private records, and subsequent inspection of the comparable sales. The data obtained is varified througn public records, published demographic data and sources involved in the sale transactions. The appraiasr han made every effort to verify that the data obtained La correct. This information Le presented utilizing all relevant appraisal approach: and techniquee to form an opinion of value, These approaches may - inelude the direct anies comparison, depreciated reproduction cost, and income capitailzation approaches. in the event that one or more of the approaches to value are not utilized, an explanation will be provided eleewhere in thie report. CONDITIONS OF COMPONENTS: The appraisal form used for tn:s appraisal calle fer opinions of condition on certain componente of the subject improvements including, but not limited «21 appliances, heating/cooling systema, surfaces, electrical, mechanical or piumbing systems. Tho conditions indicated in this report are based on cbheervatione made at the time of inapection. They rely on visual indicators as well ae ri onable expectations to adequacy and are dictated by neighbor- hood standards relative to marketability. These otssrvations do not constitute certification - dulred, properly licensed or legally cuailfied individvaie should be consulted. If a cortitication fe re- PERSONAL PROPERTY: Certain items nermally found in residential properties are personal property, which can be defined as i estate, From time to time purch » Th thease items not parmanentiy attached or affixed to the Janie contracts include items of personal property ne part of the contract and amie 5. might include (but are not limited to)! Refrigerator Above-ground Swimming Pool, Countertop Microwave ovens, 2 sitdoor Patio Furniturs, Window Treatments, Hasher/Dryer, Movable Oishwasher, Recreational Items. Prrsonai property itens are not included in the estimate of yatue made in this report. here possible, checx-boxea on the form are utilized ts dicate iteme that were observed at the time of inspection. SEPTIC TANRS: LE “Sectic Tank" ia ‘ndicated in the $ tection of the report, it {# noted that this is an acceptable form of wante disponal in the neighborho-d. Unies ot wise razed in the comment section of SITS or by separate addendum, no vieible problem with a septic tank was opserved at ins =a cf inspection, and the existence of s septic tank would have no tifect on the eatimate of value or rarketability. TAGE 1 OF 2 Ariditonal Comment F nem “ (B00) 262-4805 (2 ch 7G AN: Acytonal Comment Fean wy GR COITIONAL CO_CENTS a INSULATION! Inaulation in most exinting buildings is not visible. Ratings of insulation will be based on owner or ilating information as it cespar. bal with the neighborhood standard. In new homes, the report may attest the presence of insulation don building code requirements or atandard builder features at the tine of Construction, However, unless otherwise stated, the cresence of inaulation has not been physdeaily verified, INCOME APPROACH! If =he Income Approacn was omitted from thie appraieal report, there was insufficient market data Recesenry to perform an accurate cnmitaiized incoma anniysis, therefore the Income Approach w. applicable te thie arpraisal report. tnappropriate or not STE COMMENTS: The arpraiser’s physical site inspection of the subject property te limited to vieual factors which may sffect the value watinate. If a property survey was not furnished to the apprais fF, then it will be stated as eo. In such Sate, SAY AEpArent adverse easements, encroachments or other conditions which nay hegatively impact yalue or Marketebility are therefore contingent upon a survey. SEARIFICATION OF BUILDING SQUARE FOOTAGE: Thie appraisal usea actual Living area in the market analysis for both the subject property and tha comparable waiss. Depending on the nature of the ssaignment (with respect to inapection access), the ar of the subject improvements has been determined by one or more of + j@ following methods: A. survey, B. Field the equare footage figures of pertinent areas of the comparable aalas have haan abstracted from Public Records (Tax Roll Information}. Qecasionally, exact information ie obtainabie from various soure Measurement, C. Construction Plans, 0. Previous Appraisal. In most ca including office records, the abstracted living area of the comparable sopraiser's observations and inforzation obtainable. gales has been calculated to the bast of ¢! EAU VALUATION: The ‘'miform Standarin of Profeanional appraieal Practice requires the apprati sppropriate appraieal cethod or te-hniqu r fo tvalue the site by an “ The eatimate of land value in this report reflects the value of the site os {f Lt were vacant and ready to be improved to ite highest and best use. The estimate ef land value is based on one or were of the following methodm1 A) tsnd males from within the neighborhood or from competitive market arene; 3) $C) The tax sed value of the land applied to a multiplier derived by statintical analysie of property nies and their assessed values. Calculatic: Mbatraction from comparable improved wit and supportive documentation for tha above sre contained eine unere in this revort or retained in the appraiser’s file HEIGRBORHOOD PREDOMINANT VALUE: The loweet and higheat typically prevailing prices of single family residential Properties in the subject neighboriocd are reflected. Isolated extremes at either end of the range are omitted. The Predominant value will not always be the aame as the subject's appraised value. thie does not Necessarily indicate » condition sdverse to the subjects value or marketability. If, however, the appraised value ie above or below the range of prevailing prices, cr varies from the character of the neighborhood to the degree that the value would be affacted, a comment will be mada and the effect of euch a condition will be accounted for in the valuation analysis, : BUILDING PERMITS: The subject proparty may have undergone changes since ite original conatruction consiating of enclosur or additiont#) to living area. val specifically noted, any wuch additional construction appeare to have bean done in & workmanlike manner. The scope of thie appraisal ignment dees not include consideration of the Atproverente with zeaerd £9 theix conformity to municipal or regsonal building code, nor does it include verification of building permite for said additional construction, verification of butlding permits should be provided by owner a Eequired by lenders quidelines. PREVIOUS SALE / TRANSACTION AISTORY: tn compliance with the Uniform Standards of Professional Appraisal Practice and FIRREA (for renidential property), “Ii transaction history for the subject property for the one year period prior to the date of inspection ie ileted in 2nd page of appraisal report. The and comparable sal. Jes informstion presented below relates ta the subject seed in this renort, and wae taken from one or more of the data sources to which wa subscribe, The space if marked NI wine no previous sale was indicated within the past year, ZQUING COMPLIANCES Zh» opinion of toning compliance expre din this aporaiaai report ia b don the appraiser's inapection of the aubrect property and comparison to the appropriate toning erdinance. This ooinion does not represent 4 certification which can eniy be optsined from the Proper jurisdictional scthority. PAGE 2 oF 2 FormFill® PC-Flus™ (800) 262-4805 F i2ch) add 4A0OmMmemca raamxzAa MNAzmMmemrmap> GOmAYrrcorrga DUM =te No: 970417 Borrower/Client oe Murillo Property Address 4130 SW 193 Court City County Miami Dade Lender Unifirst Mortgage Corp. oO VW SKETCH/AREA TABLE ADDE COVERED PORCH 54.3! i BTH 3DRM | MASTER LIVRM ?AMRM 14.4! BDRM FYR DIN KIT 37" Y 1 pty | 19-3") pr | 20.2" conv. BDRM BDRM , BDRM 17.6 DEN SCALE; {Inch = 18 feet : = _ AREA CALCULATIONS SUMMARY LIVING AREA CALCULATIONS Area Name of Area Size Totals Breakdown Subtotals : Sua “test Floor 2284. 24 : 1.30 X 26.80 assaf : 23.00 X 17.60 404,80 100 X 22.20 424.20 | TOTAL LIVABLE “cunced) 22aa 2284 TRERT Form 2753 oa 50S fas TckeERMenieels fede ad EEE baled es es PEPTTT REL EPESE STAT OE Figg = Sb sere ae ae ro Ra ASP EE ed bs. PRATT ORE eae ape Cay. SAE 5 ‘ mS _§ jp dis ne Parwinke. = PaREECCEEEEEE® [20 canna! eceeetet ts LSUSRapeEs SEMAN) | aR L [7] Bt ge 1 Cu —- - ae (at ote Se TL TE ESE TTEL IER EL edt ab + ian iad nro as el 7 c.. +! rl ve ; al ume ts a C41 Fart ony i f dead taser ts \I _ eel ity os [ake os i INTERNATION Ay i g 2 i > le j , He N25) tt a tf . . , i aa VS \w| Im PP Ohi h ae a pee ref ee a FFI p asp Al < wae [alae ees th . Tas SENS 5d RY QUALIFICATIGHS FER -lok TANG, : Angel A. Barrionud¥py (sso | Ae wi “ ate Certified necinerthir ‘ Real Estate Appraiser Lic No RD 0002755 Approximately 10 years involved in the field of Real Estate fo presen: ‘Real bBslate Appraiser, Residential ana smail income properties Staff oppraiser for "Appraisal Connection, inc" up to 03/96 ‘Over 1°50 appraisal assignments succesfully completed. “Attenued numerous courses and seminars on Real Estate appraising for licensing requirements and continuing education. including: Enviromental Screening, Appraisal Review, Income Analysis CA-1, AB-L & AB-2 “Licensed Real Estate salesman, Lic No C524019 *E & O Insurance proof upon request. “FHA Appraiser roster. 1987 to JGO4: *Real Estate Salesman, First Service Realty, Inc “Practiced Real Estate sales and some management of rental properties. ‘Won various sales distinction awards “Assisted with the management, refurbishing and valuing (URAR) humerous FNMA foreclosures in the S. Florida FNMA REO program. “Attended numerous courses offered by FNMA dealing with the . servicing, valuing, marketing and management of their REO properties. "Attended numerous courses on marketing, vaiuine, vanagement listing, ete offered by the Miami Board of Realtors, GRI program, CRS ‘program and other recognized Reali Estate instructors and organizations. ‘Affiliations: National Assoctation of Realtors . Appraisal Section. Miami Uoard of Realtors “Resident of Dade County since !968 ‘Attended Miami Senior High and Miami “Work experience before Real Estate: Dade Communit: College sport and Import. 10 Years. aedl da 1437 STATE OF FLORIDA Department of Business and Professional Reguiation | FLORIDA REAL ESTATE APPRAISAL BD DATE 13. ] BATCH NUMBER, N = ’ 109/10/1996 }96901495 RD -0002755 _ | The i Named bade TIFIEG eitiey APPRAISER | j Inti envi Bd FUSE as. ne | REAL Expiration date: Nov 30, 1998 ESTATE| ATE! BARRIONUEVO, ANGEL A —————————— 45264 SU 169TH LANE | APPRAISAL MTAML FL 3318? i | { — LAWTON CHILES o RICHARD T. RARRELL _SECTION| GOVERNOA DISPLAY AS REQUIRED BY LAW SECRETAR | SATIORAL ASOCATON OF ALTOS + 4 coe a en - TARY | “tditonal Comment Fon £300 FormFil!® PC-Plus™ (800) 262-4805 . (2ch CERTIFICATION This is a summary appraisal report which is intended to comply with the reporting requirements set forth under standards rule 2-2 (b) of the uniform standards of professional appraisal practice for a summary appraisal reports. As such, it presents only summary discussions of data, reasoning, and analyses that were used in the appraisal Process to develop the appraiser's opinion of value. Supporting documentation that is not provided with the report Concerning the data, reasoning, and analyses is retained in the appraiser’s file. The depth of the discuseion contained in this report is specific to the needs of the clients and for the intended use of this report. The appraiser is not responsible for unauthorized use of this report. I certify that, Lo the best of my knowledge and belief: 1) The facts and data reported by the appraiser and used in the appraisal process are true and correct, 2) The analyses, opinions and conclusions in this appraisal report are limited only by the assumptions and limiting conditions stated in this appraisal report, and are my personal, unbiased professional analyses, opinions and conclusions. : . 3) I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved, 4) My compensation is not contingent on an action or event resulting from the analyses, opinions or conclusions in, or the use of this appraisal report. 5) My analyses, opinions and conclusions were developed, and this appraisal report was prepared in conformity with the ' Uniform Standards of Professional Appraisal Practice. 6) I did personally inspect the subject property. 7) My analyses, opinions or conclusions were developed, and this report has been prepared in conformity with the re- quirementa of the State of Florida for State-Certified Appraisers. : 8) The use of this report is subject to the requirements of the State of Florida relating to review by the Appraisal Board of the Department of Professional Regulation. ao 5 \ BAL LAL S- 2-99 Appraiser ~ Date ia ACI/1993 @ CERTIFIED APP he SALs. INC. a) Cracmve Mae Fon tia B18 DEFINITION OF MARKET YALUEt The most probable price which a property should bring in a competitive ond open market Uncler alt conattions requisite to a foir sale, the buyer ond seller, each acting prudently, knowledgeably ond assuming the price is rot affected by undue stimulus. ‘mpiicit in this definition is the consummation of a sale os of a specified dete and the possing of tille from seifer to buyer under conoitions whereby: (!) buyer and seller ore typically motivated: (2) both parties gre well informed or weil advised, ond each acting in what he considers his own best interest; (3) ¢ reasonable time is allowed for exposure in the open merit: (4) payment is made in terme of cash in U.S. dollars or in terms of financial arrangements comparable thereto: and (5) the price represents the normai considerotion for the property sold unaffected by special or creative financing er sales concessions granted by onyone associated wilh the sole, sAdjusiments to the comprmubles must be mode for special or creative financing or soles concessions. No adjustments cre necessary ‘or ihose costs sich are normally paid by sellers as a result of trodition or low in a market areg; these costs ore readily identifiable since (be seller pays these costs in virtually all sales tronsactions.' Special or creative financing adjustments con be made to the comparable property by comparisons lo financing terms offered by a third party ‘nstitutionol lender that is not aiready involved in the property or transaction. Any adjustment should not be calculated on o me— chanical doilor for dollar cost of the financing, or concession but the dollar omount of any adjustment should approximate the markel's reaction to the fineincing or concessions based on the opproiser’s judgment. ° STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The oppraiser's certification that appears in the oppruisal report is subject to the followin conditions: } The appior Fowl not be responsibie for matters of o ledol nature that offect either the property being opproised or the title fo it, The approiser assures that the title is good ond marketable ond, therefore, wil not render any opinions about the title. The properly is cppraised on the basis of it being under responsible ownership. The appraiser bas provrind @ sketch in the appraisal reoort to show approximate dimensions of the improvements and the sketch is incluced ony to assist the reader of the report in visualizing the property ond understanding the opproiser’s determi— nation of its size 3. The appraiser hes eomm the avaiable flood mops that ore provided by the Federal Emergency Management Agency (or other dota sources) wt has noted in the oppraisoi report whether the subject site is focoted in an identified Speciol Flowd Hozard Area. couse the appraiser is not a surveyor, he or she mokes no guarantees, ‘express or implied, renarding this. rietermination, 4 The appraiser will ot give testimony or appear in.court because he. or she made on appraisal of the property in question, unless specific arrangements 10 do so have been made beforehand. 5. The appraiser hs estimated the vaiue of the land in the cost opproach atils highest ond best use and the improvements at their contritutory vaius. Ther» separate valuations of the land and improvemenis must not be used in conjunction with any other appraisal and are invoid if ‘ov ore so used. 5, The aperaiser hos noted » {he approisol report any coverse conditions (such os, needed repairs, depreciation, the Presence of Inzardous wrstes, toxic suibsiances, etc.) observed during the inspection of the subject property or that he or she become aware of Hurting the wvinai research in ived in performing the oppraisci, Unless otherwise stated in the oopraisal report, the approiser has nn knowledge of ony niideno: ssnapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would moke the property more or less valuable, and has assumed that there are no such conditions and makes ng girrantees or worronties, express or implied, regarding the condition of the property. The appraiser wiil rol be responsible for ony s11:h conditions thot do exist or for any engineering or testing that might be required to discover whether sich conditions ews! Because the approiser is not an expert in the field of envirormental hozards, the appraisal report must not t2 considered as “1 environmental assessment of the property, 7, The apnraiser obta.neg ti formation, estimates, ond opinions that were expressed in the appruisal report from sources that he or she considers {to be ‘eliable and believes them to be true ond correct. The appruiser does not ossume responsibilily for the accuracy of such itmns that were furnished by other porties, B. The appraiser wis rot csciose the contents of the ocproisal report except os provided for in the Uniform Standards of Professiona: Aeprarsat Preeti», O. The oppraiser nas pasea is er ner oppraisai report and valuation conclusion for on appraisai that is subject to satisfactory cempletion, rescrs, cr citeraticns on the assumption thot completion of the improvements wil be performed in a workmonike corner “) The aptaoiser must can distribute theo cenciusions about the property value, the opproiser's identity and professionoi Masignotions. nia raferences ss any crofessional appraisal organizations or the firm with which the coproiser is associated) to anyone other then the pes ve cvnriqoges or is successors and assigns: the mortagge insurer; consultants: professional approisal 2 or fovteraily approved financial institution; or ony department, agency. or instrumentality of the United States Fany stgta or the Cistrict + *roiumbig: excent tht the fender/ciient may distribute the property description section of the report only to data crnecton or rerertns) service(s) without having to cblain the oopraiser's crior wrilten consent. The approiser’s written consent neq tetova the spproisal can be conveyed by anvane to the Dublic through advertising, public relations, erganrzotions; om pd approval must a's C8 ot cas, een, OF a sy “sae tof 2 06-93 “cenie Mae form i048. Nw OOWas certipien apne BAS. INC. APPRAISER’S CERTIFICATION: The Appraiser certifies cna carees thot: fava tesenvched the surimcl morket area ana have seected o minimum oi inree recent sales of properties most simior ond vimaie > he supject reoperty for consideration in the soles comparison onoivsis end have made adollar adjustment snen appicerote to reflect ine market reaction to those items of significont vareven. Ifa significont item in a comporabie itoperty = Certor to, or vwure favorgdle than, the subject property, | have mode a negative adjustment to reduce the jusled ccs price of if comoaroble ard, if a significant item in o comparable property is inferior to, or less favorable tery the Cornperty, (have made a cesitive odjustment to increase the adjusted soles crice of the comparable. 2 f have pen into consideration the facters that have ga impact cn voiue in my evelopment of the estimate of market value > the appraisal report, F tss2 not knowingy withheld ony s'gnificant information from the opprassai report ond | believe, to the best of my bamwiedae, that nil statements ang information in the opproisal revert cre ive and correct. 31 slated in ire appraisal rerort only my own personal, urciosed, ond professionat cnutvsis, opinions, and conciusions, which rite subject ory to the continuent and limiting congitions specified in this form. $f have no present or pre-nective interest in the property that is the subject to ths report, and | have no present or pros— Sective Persnm interest or ‘1s wilh respect to the participants in the transaction. i'd rot base, wither partially or comptetely, my walysis Griieor the estimate nf morkel value in the appraisal report on the roce, co‘or, religion, sex, handicop, fomitial status, or patronal oncin of either the prospective owners or occupants of the subject property or of the present owners or occupanis of the properties in tre vicinity of the subject preoerty, 51 fave no vresent or couenplated future interest in the subject property, and neitner my current or future employment nor ‘auen for performed this appraisal is contingent on the appraised vaiue ct ine oroperty. BL was ert routed (9 terre a predetermines vaiue or cirection in value that favors the couse of the client or ony related party, the amount of the vinue estimate, the ottaiment of a specific result, or the occurrence of a subsequent event in order ‘9 receive my compensation ind/or employment for cerforming the appraisal. | did rot base the onpruisal report on a ‘requested . of the need to crprove @ specific mortage joon. tenimum vewuntion, @ evectii~ valu 11 performed this opproisut m conformity with the Uniform Standards of Professional Accroisal Practice that were adopted and promulgated hy the Approisar Standards Boord of The Appraisal Foundation and that were in pioceas of the effective dote of this eppraisa, vith the exception of the departure provision of those Standards, which does not apply. { ocknowledge that on estimate ef a reosonate time for exonsure in the open market isa condition in the definition of market value and the estimate | developed *5 consistent with the marketing ime noted in the paighborhood section of this report, unless | have otherwise stated in the reronetiation section, 2 | have personawy inspecten the interior ond exterior areas of the subject property and the exterior of all Properties listed as omparables in the appraisal report. 1 further certify that | have noted any apparent or known adverse conditions in the subject trorovements, cn the subject site. oronany site within the immediate vicinity of the subject properly of which | om aware and have made odiustmenis for tims adverse conaitions in my analysis of (he property vaiue to the extent that lhod market evi— dence to suport them..| Iie alsa commenied obout the effect of the adverse conditions on the marketability of the subject Property. 3 f cersommiy prepared ail «nciusions ana crinions about the real estate that were set forth in the approisot report. If | relied - on sianficant Professional nesistance from env incividual or individuals in the performance of the appraisal or thé preporation of - the opproisn! report, | Hive named such incividual(s) and disclosed {he sbecitic tasks performed by them in the reconciliation section of Us onpraisai ret. I certify that any individual so nomed is quatified lo oerform the tasks. | have not authorized onvane to inaice a change tr ny ilem in the report: therefore, if on unauthorized change is made to the opproisal report, | will take no responsioility for it agrees that: | directly supervise the appraiser who prepared the ooproisal report, have reviewed the appraisal report, ogree with the statements and conclusions of the appraiser, ogree to be bound by the appraiser's certifications number 4 through 7 above, and cm taking full responsibilily for the oppmaisci and the cppruisal report. | SUPERVISORY APPRAISERS CERTIFICATION: If 2 supervisory approiser sianed the acoraisal report, he or she certifies ond ADDRESS OF PROPERTY APPRAISED: 1130 SW 103 Court io} APPRAISER: ? SUPERVISORY APPRAISER (criy if required): ae $e . | Sanature: : S‘anoture: “ rtgme: ANE L i Barrionucy Some: N/An--~~------------- === === Fame lame: : “ate Sianed: Hay and, 1997 bate Signed: ape State Certification #: SL. Cort. Yes REA 0002755 State Cerlification #: : or State License #: ' | - Stoter | Fccittion Sata ef Carte stinn a Licence: 1198 F spiration Date of Certificotion or License: . i [=]oid [Ted ot inswect Property ! 7 i ‘vba Kae Fern ha BG ae) “se 2oi2 ynnie Mae orm 10048 06-93 met om G.F. Hansen .os, oasis spencaastatl Appra GFHLQS File # Sorrower| Property Address! Review Appraiser Review Date ‘For Reference GAY isal Review as ore 148700 MURILLO 1130 SW 103RD STREET MIAMI SHERRY MARDER, MAI 8/6/97 “UNITED COMPANIES LENDING. iNC BATON ROUGEKQUALITY CONTROL) DO6UZ I 2204 GARNET AVENUE, SECQND FLOOR. SAN DIEGO, CA, 92109 619.483.6101 619.483.9493-fax U 4 Residential Appraisal Field Review Report File No. 148700 @ accuracy ol the market valu | The purpose of this review 19 to determine ie completeness ano accuracy of the data in an appraisal report and to verily thi eslimate ag of the effective date of the oria:nal appraisal, The appratsai review must address ail factuat, judgmental ano appraisat technique This field review ts a spot-check on the original appraisal report as oart of a mortgage qualily review. it atlach a copy of the original appraisal report to this report.) crepancie: s not intenged to be used as # new appraisal. (Pleas | Property Address_ 1130 SW 103rd Court. CilyMiami State L Zip Code 33174 Legal Description Confirmed Property Rights Appraised FEE SIMPLE Client Reference Number Ellective Date of Original Appraisal and Field Review APPRAISAL DATE 4/15/97 REVIEW DATE 8/6/97 Borrower Murillo Review Appraiser Sherry J. Marder, MAI Company NameG.F, Hansen Loan Quality Services Address 2204 Garnet Avenue, Suite 102, San Diego, CA 92109 Telephone Number 619 - 483-6101 and the comparables used i at e pubject properly. Additione photographs are suggested if any adverse conditions that were not noied in the original appraisal report are observed. (wor :: The review appraise in the original appraisal report, using th j@ and reasonably available.) Based on th 3 nd a ceview ot the relevant market data ic the subject market area, respona to the fotiowing questions, form an opinion about the puproprtateness ot the appraisal methods and techniques the were used. and indicate any areas of disagreement (giving reasons for the differences). Oo not limit your respanses to the space provided; allach a a ndum, if necessar Provide a sales and refinance nistory tor the subject property for the last three years (if itis reasonably av. review appraiser considers to be retiable.) ‘ Conveyance ] Sales Price Askina Price | Mortgage Amount Grantor/Grantee Data Source 1 | je trom source that th Recordation Date | NO_SALE/REFINANCE HISTORY FOR THE | SUBJECT WITHIN THE PAST 3 YEARS |PER EXPERIAN @ Is the appraisers overall degcrotion of the neighborhood complete and accurate 2 original appraisai may be inaccurate or incomplete, and the review report may be based on substantially jess information than was or may be available to the party preparing the original appraisal report. G.F. Hansen Loan Quality Services will not be liable for any loss, damage. or rury caused in whole or in part by G.F. Hansen Loan Quality Services’ negligence in procuring, compiling, interpreting, communicating cr delivering any data or report. 5.The Review Anoraiser does not accept responsibility for factors which are indeterminable due to the iimitations of the review itseif, or which exist as 4 resuit of errors, omissions or intentional muisrepresentation, in the documents submitted for review. 7.The Review Aopraiser does not certify tne accuracy of the tegal description, flood zone map or panel numbers, uniess otherwise noted in the review recort. The Review Appraiser does not certify the status of comparables sales information and is not obligated to obtain independent > ~narabies sates information. 8.Tht Review Scoraiser wili not be liable for any consequential damages or icst profits, even if advised of their possibility, in connection with the review rarert, G.F. Hansen oan Quality Services’ liability for any and ail losses, damages or injuries arising out of any act or omission of G.F. Hansen L7an Quality Services Associates in connection with the review report, shail be limited to the amount received by G.F. Hansen Loan Quatity Services for such report ~2nder_shouid insure that the items below are address in the appraisal if this a federally ceiated transaction, on of appraisat. Extent cf the appraisal process; Subject property offering information: Sales history of subject property: ara data; Current sales contract; Market overview; Additional lenvironmentall limiting conditions; Appraiser's signature and 9 signing appraiser § certification: Co-sianing appraiser's sianature and licensescertification. Purpose ans * : FEMA flooa licensevcertin Date: 4 GF Hansen toan Quality Services, inc. comer < Y ANGEL A. BARRIONUEVO State Certified Residential Real Estate Appraiser 15264 S.W. 169th Lane Miami. Florida 33187 Tel: (305) 256-4470. Fax: (305) 256-0334 January 12'". 1999 Loraine Styles Moore Investigation Specialist IL 401 NW 2" Avenue. S-614 Miami. FL 33128 Re: DBPR Case # 9881465, Our File No 970417 Dear Loraine Stvles-Moore: In response to the review of the above referenced appraisal report. the following should be noted. This appraiser has re-evaluated the original report against the review and the following observations were made. There is no doubt in my mind that I overvalued the subject property. By no means do I agree with the tinal estimate of value concluded by the reviewer in which it is stated that [ over appraised the subject by 29%, However. | now know that I allowed myself to be swayed by a previous appraisal report that the owner had in which a similar value had been concluded and also by the owners claim that they had turned down an offer on the property just 2 months before for $220,000. Said offer was not considered because at the time they were not marketing the property and decided that it was to their advantage to refinance instead. T have reviewed my work and that of the review appraiser and have concluded that the reviewer chose the sales on the very low end of the vaiue scale. possibly due to safely playing the inability to an interior inspection. I still believe that the subject was not totally valued out of the market and that given proper exposure and marketing time. there exists the possibility of a sale at or very close to the appraised value. The choice of sales were deemed correct having come trom within the subjects overall market area in which there exists a value range described on the first page of the report. Based.on the above. We have taken steps to assure that in the future we remain conservative and do not overvalue as it appears we did in this case. Sincerely, _ Angel A. Barrionuevo State Certified Residential Real Estate Appraiser, RD 0002754 EXHIBIT___5” PAGE T+ Y Y FILED | Reguiation rtment of Business and Professional meme DEPUTY CLERK cam Prd eel STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BOARD DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE Petitioner vs. CASE NO. 98-81465 ANGEL A. BARRIONUEVO Respondent / ORDER On October 12, 1999, the Florida Real Estate Appraisal Board heard this case upon a Motion to Withdraw filed by the Respondent's attorney. The Respondent was properly served with the Notice of Hearing and failed to appear. After completely reviewing the record and being otherwise fully advised, the Board ORDERS that the motion be GRANTED and attorney Steven W. Johnson be allowed to withdraw as attorney of record for the Respondent. This Order shall be effective immediately. Division of Real Estate TIFICATE OF SERVICE | HEREBY CERTIFY that a true copy of the foregoing was sent by U.S. Certified Mail to: Steven W. Johnson, Esquire, 1801 E. Colonial Drive, Suite 101, Orlando, Florida 32809; Angel A. Barrionuevo, 15264 SW 69" Lane, Miami, Florida 33187; and a copy provided to Daniel Villazon, Esquire Post Office Box 1900, Orlando, Florida 32802-1900 this | $ day of Novembet- 1999. th. thibdbe JRM:JS o STATE OF FLORIDA on DEPARTMENT OF BUSINESS AND FROFESSIONQL AO LATION FLORIDA REAL ESTATE APPRAISAL BOAR” 07 FLORIDA DEPARTMENT OF A ‘OMe BUSINESS AND PROFESSIONAL He REGULATION, FDBPR CASE NO.: Petitioner, VS. ANGEL A. BARRIONUEVO, Respondent. MOTION TO WITHDRAW COMES NOW the the undersigned attorney, and states: 1. It has come to the attention of the parties that the undersigned had some prior contact with the Respondent’s case while employed with the Petitioner. 2. Although the Respondent has agreed to waive any conflict of interest issue, the Petitioner’s General Counsel’s office has refused to waive the issue, and therefore opposes further employment by the undersigned on the part of the Respondent. WHEREFORE, the Undersigned requests the Florida Real Estate Appraisal Board will enter an order releasing the undersigned trom further representation of the Respondent herein. U J Respectfully submit ” VA ‘ , Esquire STEVEN W. JOHNSON, P.A. 1801 East Colonial Dr. #101 Orlando, Florida 32803 Telephone (407) 541-0707 Fax (407) 541-0708 Florida Bar # 288731 Attorney for Respondent CERTIFICATE OF SERVICE | HEREBY CERTIFY that a true copy of the foregoing has been furnished by mail delivery to Daniel Villazon, Esquire, Division of Real Estate, 400 W. Robinson Street STE N-308, Orlando, Florida 32801 this (7 day of Lh rete _-_, 1999. Steven W. Johnson, Esquire Attorney for Respondent CC, os. ahurmery

Docket for Case No: 00-000610

Issue Date	Proceedings
Dec. 26, 2000	(Petitioner) Stipulation filed.
Dec. 26, 2000	Final Order filed.
Dec. 14, 2000	Order Closing File issued. CASE CLOSED.
Dec. 11, 2000	Motion to Relinquish Jurisdiction (filed by Petitioner via facsimile).
Oct. 02, 2000	Order Continuing Case in Abeyance issued (parties to advise status by December 14, 2000).
Sep. 25, 2000	Motion to Continue to Hold Case in Abeyance (filed by Petitioner via facsimile).
Jul. 25, 2000	Order Continuing Case in Abeyance sent out. (parties to advise status by September 25, 2000)
Jul. 24, 2000	Motion to Continue to Hold Case in Abeyance. (filed by Petitioner via facsimile)
May 24, 2000	Order Continuing Case in Abeyance sent out. (Parties to advise status by July 24, 2000.)
May 22, 2000	(Petitioner) Status Report and Motion to Hold Case in Abeyance (filed via facsimile).
May 22, 2000	(Petitioner) Status Report and Motion to Hold Case in Abeyance (filed via facsimile).
Apr. 20, 2000	Order Granting Continuance and Placing Case in Abeyance sent out. (Parties to advise status by May 19, 2000.)
Apr. 18, 2000	Notice of Appearance (Thomas V. Infantino, filed via facsimile) filed.
Apr. 18, 2000	(Respondent) Motion to Continue Hearing Set for May 3, 2000 (filed via facsimile).
Mar. 13, 2000	(S. Johnson) Order w/cover letter filed.
Mar. 08, 2000	Order of Pre-hearing Instructions sent out.
Mar. 06, 2000	Notice of Video Hearing sent out. (hearing set for May 3, 2000; 9:00 a.m.; Miami and Tallahassee, FL)
Feb. 21, 2000	(Petitioner) Unilateral Response to Initial Order (filed via facsimile).
Feb. 09, 2000	Initial Order issued.
Feb. 04, 2000	(S. Johnson) Motion to Withdraw filed.
Feb. 04, 2000	Order filed.
Feb. 04, 2000	Administrative Complaint filed.
Feb. 04, 2000	Respondent`s Answer to Administrative Complaint and Request for a Formal Hearing filed.
Feb. 04, 2000	Agency Referral Letter filed.