crane oo a Sw ae STATE OF FLORIDA s | DEPARTMENT OF BUSINESS & PROFESSIONAL RE FLORIDA REAL ESTATE APPRAISAL BOA OD FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, Vv. ; os CASE NO. 9883811: LARRY CHURCH, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Larry Church (“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 tules promulgated thereunder. | 2. Respondent is currently a Florida state-certified general real estate appraiser having been issued license RZ0000599 in accordance with Chapter 475 Part Il of the Florida Statutes. 3. The last license the State issued to Respondent was as a state-certified general real estate appraiser at 1836 Jessica Court, Winter Park, Florida 32789. 4. On or about May 12, 1998, Respondent developed and communicated an appraisal report (Report) for property commonly known as 1505 S. Elsasser Street, Deland, Florida (subject we ei Ba whit dik bia. j j 4 dl 4 4 d FDBPR v. Larry Church Case No. 9883811 Administrative Complaint property). A copy of the Report is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. Respondent’s client was South Eastern Mortgage Association (SEMA). 6. Respondent signed the Report as a supervisory appraiser, and marked that he did not inspect the subject property. : 7. The subject property is a half duplex, and the Report estimated the market value as of May 12, 1998 as $65,000. . 8. The Report represented in the Date, Price and Data Source section that comparable sales numbered one and three each sold as an individual half duplex for $80,000 on 12/97. 9. During the course of the official investigation, Petitioner investigator discovered through the Volusia County Land Records that the deed stated that comparable sales numbered one and three sold as a duplex on or about December 29, 1997 for $80,000. 10. The Report failed to state that comparable sale number two sold for $40,000 on December 9, 1997, prior to the sale for $65,000 on December 9, 1997. 11. Therefore, the Report’s sales were not comparable to the subject property, which resulted in an unreasonable, misleading and unsupported estimated market value. 12. The Respondent knew or should have known that the market did not support the $65,000 estimated market value for the subject property as an individual half duplex. 13. During the course of the official investigation, Respondent admitted to Petitioner’s investigator that he prepared another appraisal himself for the subject property, and based upon his teview, he admitted that a more accurate estimate of value would be between $48,000 and $52,000. 2 wbck ka te FDBPR v. Larry Church Case No. 9883811 Administrative Complaint COUNT I Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal or other provision of the Uniform Standards of Professional Appraisal Practice (1998) in violation of Section 475.624(14), Florida Statutes (1997). ~~ COUNT II 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 (1997). ADDITIONAL ALLEGATIONS OF MATERIAL FACT 14. During the course of the official investigation, Respondent provided copies of appraisal reports developed and communicated for SEMA, including but not limited to: , a. 1563 S. Elsasser St., Deland, Florida; b. 1565 S. Elsasser St., Deland, Florida; c. 1526S. Boundary St., Deland, Florida; d. 1504S. Boundary St., Deland, Florida; e. 947N. Pine, Deland, Florida; f. 15248. Boundary St., Deland, Florida; g. 1506S. Boundary St., Deland, Florida; h. 1522S. Montgomery St., Deland, Florida; i. 1524S. Montgomery St., Deland, Florida; j. 1560 Elsasser St., Deland, Florida; FDBPR v. Larry Church Case No. 9883811 Administrative Complaint k. 1585 South High, Deland, Florida; 1. 1595 South High, Deland, Florida; m. 1558 Elsasser St., Deland, Florida; n. 1609 South High St., Deland, Florida; o. 1573 S. Elsasser St., Deland, Florida; p. 1575 S. Elsasser St., Deland, Florida; 15. The Reports were developed and communicated by Kimberly Byrd (Byrd), and Respondent signed the Reports as the supervisory appraiser. Copies of the Reports are attached hereto and incorporated herein as Administrative Complaint Exhibit 2A-2P, respectively. 16. The Reports stated that Respondent did not inspect the subject properties. 17. The Reports all used comparable sale commonly known as 1612 S. High St., Deland, Florida in support of the Sales Comparison Approach. 18. Investigation revealed that comparable sale 1612 S. High St. was not the property Respondent and Byrd depicted in the photograph. 19. Investigation revealed that this property had not sold since 1986, and was not sold as stated in each report for $90,000 in either October, November or December 1996. 20. The Reports stated that the comparable sales were all % duplex homes, however, comparable sale 1612 S. High St. is not a duplex, but a single-family residence. | 21. On or about September 4, 1997, Byrd and Respondent developed appraisal reports for the properties commonly known as 1563 S. Elsasser Street and 1565 S. Elsasser Street for SEMA. The properties were a duplex property. Preys ae Cet Sree a eae a FDBPR v. Larry Church Case No. 9883811 Administrative Complaint 22. Respondent used the 1612 S. High St. as a comparable sale in the Sales Comparison Approach to estimate the market values of each 4 duplex as $64,000. 23. Investigation revealed that Commercial and Residential Enterprises, Inc. (CARE) acquired the properties by quitclaim deed for $10.00, and sold it to individual known as Bobby Gaines, who purchased these properties as a duplex during October 1997 for $130,000. 24. Investigation was unable to verify comparable sales for each 4 duplex in October 1996, as stated in the appraisal reports. 25. The two properties were subsequently foreclosed upon and sold as one duplex property for $65,000 in June 1999. 26. Therefore, the appraisals for the two Elsasser St. properties reported unreasonable, misleading and unsupported estimated market values. . 27. Byrd and Respondent used 1565 S. Elsasser St. and 1612 S. High St. as two of the comparable sales in each of the above-stated appraisal reports developed for SEMA. 28. The reports listed inconsistent data regarding the same comparable sales as to the sales prices and dates of sale. 29. Therefore, all of the above-stated reports contained these two comparable sales, which were not comparable to the subject properties, and which resulted in unreasonable, misleading and unsupported estimated market values. 30. The Respondent failed to properly supervise Byrd. 31. Byrd voluntarily surrendered her license for permanent revocation, and FREAB issued a Final Order accepting it effective February 15, 2001. ~ 5 ea i bs ee ere meee ee Mee Orv eT oe CaS ba 1 4 4 i dl FDBPR v. Larry Church Case No. 9883811 Administrative Complaint COUNT II Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal or other provision of the Uniform Standards of Professional Appraisal Practice (1998) in violation of Section 475.624(14), Florida Statutes (1997). ~ COUNTIV 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 (1997). COUNT V Based upon the foregoing, Respondent is guilty of culpable negligence or breach of trust in a business transaction in violation of Section 475.624(2), Florida Statutes (1997). WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or the Department of Business and Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section 6 FDBPR v. Larry Church Case No. 9883811 Administrative Complaint 475.624, Florida Statutes and Rule 61J1-8.002, Florida Administrative Code. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease and desist order; or any combination of the foregoing which may apply. See § 455.227, Fla. Stat. (1999) and Fla. Admin. Code R. 61J1-8.002. SIGNED this_|\__ day of Neue , 2002. epartment of Business and ° Professional Regulation By: : Director, Division of Real Estate artment of Professional Regulation Division of Real Estate halk ba a. FDBPR v. Larry Church Case No. 9883811 Administrative Complaint ATTORNEY FOR PETITIONER Sunia Y. Marsh Fla. Bar No. 0068896 FDBPR-Division of Real Estate Legal Section 400 W. Robinson Street, N308A Orlando, Florida 32802-1772 (407) 481-5632 (407) 317-7260 - FAX PCP: MC/DG/EC 1/7/02 NOTICE TO RESPONDENTS PLEASE BE ADVISED that mediation under Section 120.573 of the Florida Statutes, is not available for administrative disputes involving this type of agency action. PLEASE BE FURTHER ADVISED that pursuant to this Administrative Complaint you may request, within the time proscribed, a hearing to be conducted in this matter in accordance with Sections 120.569 and 120.57 of the Florida Statutes; that you have the right, at your option and expense, to be represented by counsel or other qualified representative in this matter; and that you have the right, at your option and expense, to take 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. ie 4 4 sobabbos, we Mi a a idle Se caer ees ene i cost hee ve Pardue, Heid, Church, APPRAISAL OF *** SUMMARY REPORT *** A SINGLE FAMILY RESIDENCE LOCATION +: 1505 S. Eisasser Street Deland, FL. 32720 CLIENT 3 South Eastern Mortgage Assoc. 1209 Saxon Bivd. Ste 3 Orange City. FL 32763 AS OF DATE May 12, 1998 APPRAISER : Kimberly A. Byrd EXHIBIT, oboe sid 4 steak Re dike cis il j i ‘O batt itis bt jt chr (at ng ype fr bn eve seshenn a wis wad f epety non, banat mat mavheting te » = ch on dom o imarerpiesguey pirwabaiee quinone surabelsaiaertalemten sre Somme 2 e the UO imesh (pec eveyone, replace d d 4 Velusion Setion INIFORM RESIDENTIAL APPRAISAL REPORT. Fl Na (oq ESTIMATED SITE VALUE... .. oe Seen eee tee OS. 200 Conenents on Cont Approsch (sock as, source of the cost encima, site valve, square [@) ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS : fowt eatoalacion wad, for HUD, VA and PanHA, the estimated rumeining eomeniy i] Orting __ 2,092 34 Res 44. = 345,408 Mle of te property): = -4.000 Ls Porch 200 % Res 29.= GHA, Foulp extras _,fireplace « c “Anle* Vekeo of Sie Laprovenme . OW, LS, Porch, [reve am fp 62,9845 [| aie | | Be a 4 fy Conventional: INew Convent, current under Contract for $65,000 Cc, oO! 248 S Py Th rare fsa it iat rat (of tha real property that is the subject of thin report, based on the shove conditions und certification, contingent wn Limiting candi- 1 (Some, and martes vahes deflaition that are outed in the stchad Freddie Mas Peres 430VFuanie ies Form 10048 (Revined 6/93 _.» Cit ESTOMATS THE MARERT VALUE, AS DEFINED, OF THE REAL PROPEKTY THATS THE SUBIBCT OF THIS REPORT, ASOF_May J2, 1998 | LB (WESCH 13 THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT} TOBES 5,000. 4 i 4 { ‘ DEFINITION OF MARKET VALUE: Tha mon probable price which property should bring in 8 competicive sad open mactat wader all condiioas requinlte to « [air anin, the buyer and sxller, onch acting prudently, knowledzesbly snd sonamlng the price ie pot affected by tamhus othaaben. Layplicx bn this definition a hp coamamamation of 6 sala os of npesifad date wed the pening of tha from seior to buyer wea samailons ‘whervby: (1) buyer and eatar are typically menivatad: (2) both partie ore well nforied or well atvined, und each acting ln what be considers his ows best interest; (3) 2 reescasbis tine bs sllrwed for exponure ta the open marta: (4) peymnt bs made bn treme of eank bn U.S, detiars or in terme of finascal arrangements compersbie therate: ond (5) the prion represents tes warmest comaiZeration ‘fot tha property sohl wmalTactad by special or ereative faracing of rales pensansions® granted by anyone sesacioiad with the cal. “oe * Adjummenn ta the conmparcbien maatt be made fer spacial or crenthve flenaciag or sales concessions. Neo adjustments aru macumacy fer thes conte which ars mormatly Pad by caters ws a remadt of Waditiom or he ino market erve: thens oust aru rundily identifiable vince tha eater pays thane cocm bn virmaly aX asies ‘emections, Special ov srentive Flomacing tdjuremens oun be sonte 40 the sownparnbia property by somparinens to frenacing torma offered by 0 thin party intinatioen! andor tat bo not already inveivad in ths property or temuction. Any ofjusment shoul! net be calvained ons mechanical delinr emt of the frenacing ov coecesslon (at at dotar amo of my adjusemant shall appreciate the master’s eacicn to the fnancing oc cencesious baeed on the appraber’s jul pment, ' STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CONTINGENT AND LIMMNG CONDITIONS: ‘The epprue’s curtcon that nppeae in the appraisal report babes th faiowing comdtions: 1. Tee appre wit oath epee fr tes oltre tha fat fhe propery blag eppnied oes o . ‘The appre seme ht thie b peed ad markennbin und, tharefern, will ont render any epinlins shout the tke, The property ls opprnined on the besls of It being wmdar renpunesbie a 12. Tha appraioar has provided « stasch In the spprainal epart to chow spproaimnsta dimansioes sf the imprevensunis and the akstch Ie lachalet eoly te asst tha renter of ‘the repert in vinalining the property ond tndurvemding the opprainer’s datarminssion of i's san. 3. Ths sgyrnver b> cxaminad the evalua ined tenga tht sre provided by tha Foteroi Emergency Managua Agency (or ether date snerven) wad has noted ia toe appruiu! Papa weer the mbject btn bo teamed In ow Hamsifind Spenial Pland Hasan Aven, Besuune the appraiser is nets eerreyer, he or she mabts we puarunton, napras or pli, ropurting the denerminacion, 4 Ths eppraleer wit aot ghee wenemeny or oppens fe court bosons he er she made uo appraisal of the property In qesshen, walses epesifis arrengemanin te de vo have ese sande taforataed. : 4. The appraloer has extenoted th vive of tes tand be the oust appronch 64 bo highent and bast way and the Improvement af their sentrfinawry vehi, ‘Thess eqparae ‘voheations of the ned sed laaprowemants mmet sat be ured fa conjunctive with any edhe eppreal aad rv tevalld M they ave an weed. 4. The appear has nate fn the penal spar any afverna sonCiious (auth as, oanfed repel. depreiotion, the pronenes of heanrdews west, tenis ecbomooet, ‘at.) cheered during tes laupaction of tha ecbject property ar that be ar she bacume eware of during the normal reesarch valved be performing the appraisal Uslaw ctearwine vated ba the uppradnal repost, the upproiner hes a0 knowledge of any hidden or enappareat conthlans of the property of avers cxvirenmental condhions Cochading the pronanen of bacashous west, taxis ssbstanewt, ett,) thet would anks the property mors or has vavahis, ond hea sxmuzad that there are ino such ovations aad maken me gunranioes oy Wrasvemd, Ooprens or beplinl, rogerding the suntinion of the property. ‘The approver will pot be romptmaibie Sor aay ouch emndicicus tant do " qald or far ang anglasarig 6 tating that might be required te dhewver whether ouch contbions exit, Beceuee the appraleer i nat an expert in the field of exrirensososal hanards, the appraival repent mat aut be considered as ut exviroumaniel vasssament of the property. 2. The appraise china te information. eizetas, wl opinions that wore anprewed int apyril repert from sree tat bo or dt onasdare to be elnbl sod ‘okeres them 10 be tran oad correct. The appraise doce pet senume rapensibity for tha sesmracy of such hams that ware fasnbsbed by other paris. 1. The opprainer wil nat Cncoss te conten of hs appraial report ensup ts povided fr fn the Unlbrms Sudan of Profesianal Appi! Practice, 17. Tha epprioat hee bens hls or her appraisal ropert sad vaivcion ewechilon fer oa spprala! thet is sobject to enfucey compiation, repairs, er sheraions om the cmnemption that compiction of the improvements wil be performed is » workmanlike mammer. . 10. The appraiser sat provide his or her prior wridan scssant bole ts ladacic lead wpecified fa the upprainal repert cnn ditrivute the appraisal report (Iachuding ewechasleme chet Gs property voles, the appraiser's Wentity ad prefemineal designations. aiid relerenie to 'say profeional uppraiial orseaimaions or th Fcsn with \vAich ths appraiser is masccinied) to axyeus stber than the borrower; the merigages of lis accemors aad sesigns; the mortgage inswrer; consulate; professional ‘epprainsl orrsnizstions: oxy onte or faberlly approved Facial intinaian: or any Sopartaeet gency, or incrementalty of tee United Stee or aay wate or tee Diewics of Cohumbin: except tent Ge bendertétiont mery dinlite the property danciipsicn saition of tha reperi enly is dein colction ce repering servica(s) wideout Dering ts oben the appraioe’s prior writen consent. The epprilear’s wrinan eoaseat ud approval wnat sine be obminad before the spprainl oun be souveyed by axrome te te pbc hrongh dvertning, pubic recions. were, eaes, or other media. Freddie Mac Form 439 695 Paget of? Feanis Mas Form 10043 693 4 pe do exHiaiT 0 are ae oo APPRAISER’S CERTIFICATION: Ths Appriser exis and agree that 4 4 | T. Thawe researched the subject market area snd heve salected « minimum of three recent sales of propertion most timilar nnd proximate 29 the subject property for 4 . cmsidernizon in tn rales commparince madysis and hove mate s delay adjueencat whee appropri to reflect the wacket reaction te trove itm of significant variation. 1 MWe sigaificaat ium in comparnble property ia saparior to, er more favorubie than, the subject property, I bave mate « ecgetive ndjwmment to reduce the adjusted i tale price of the comparsbia and, i'a sgsifiount lnm in « comnparabie property fe inferior te or lw fevorsble than the eubject property. I heve made « positive FT thames to increase the ad pated sae price of the anemparubis, ZU have taken inne emeideration the factors that lve a impact on sive in shy development of tn aetimate of market robes ts te epprelnl report, I here wot ‘mewingly withing significa Infermadon from the epprnual reper aad 1 bellers, to he best of my kmewledes, thet oii man ant infermenion Ia the appeninl ‘Fapert ore tree and sorrect, 2, L otaad in the eppraiaal rapect only ery porecna!, enbinead, and professional snaiysis, opinions, aad conchusians, which ors oubjact only to the concingent sad Taniting specified im this form, 4.1 baw no precant or preapective interest in the preparty at a the mibjact to thie pert, sa I hove no present or prospective puresent lnerat or bie with mayest to the participants la the tramunction. I did oot bees, liner partially or complealy, ary sanlyois and/or the extmete of mavtt vaio ta the oppraica report (00 ths rene, calor, miigion, vex, hendioup, fami ates, ov wntineal origin of cher tee prospesive ewian oy eccmpants of the mibjact propery oe of the prevent owners or copa of the propertn tthe viciiry of tha esbject property. 5. U knee a present ar contemplated hetare insaret la the sebjest property, aad neither my current or Kener empleywant nev sy campenntion for performing tis ‘sppreiaal be costingsat on the appraised vabee of the property. 6 Twes net cuuized to pert a predetermined vaies or ieweian ia vabun that fevers tha enmneof the ena o any mnie poy, he nmeat of the vabse eniens, the saalomnant of 0 specific rem, or the cucervencs of « sobseqeant event In ovbar to recsire my compensation and/or comploymant for parfarming the sppraini. I did (est hase the appraisal report on « rapessted minioomn vaheation ,o specifie vohmiion, or the soud to oppreve a apecifie mortgage loan. dan. 7.1 pertermad thn appriial ln evnforsity wii the Uniform Steadards of Profemianal Appratea Practen tet ‘wore edapert wed prowmigrsid by ‘he Appralin! Seadarde Bowed of Tha Appreieal Foundation und that wore in place os of the effective dete of this appreisal, with the cacuption of the departare provision of these Sinmtarts, which deus ast apply, | ecknowiedge thet un eutimets of o rensonsble thane foe exposure in tha open market bs comdhion in the defahinn of market vehee and te ‘ctate | develeped bs cosaitent wh ta martsting Hs noted la the neighbertoed sation of tk ropect, lees I eve cthervive cintad in the racomctiiation section. 1. Theva porvamally Inspected the interiar sad sxteriae arene of the subject property iad the estarter of all propartie Krted oe crmparchive ln the uppreieal report. T farther cartty that I have sated soy spparset or bnewe stveree condlioas la the subject kaprovements, on the mubject ste, or on any site within the inmned ete ‘vicky of the subject property of which I ae owns end hove made atheism for these whore condidons in my enstysis of the property value to he exsmnt thet I hed ret oridemen te meppent them, I bevy cine commented shred thn offen of the of én edvern cond hens am thn marteibity of the exbjeet property. ol ea 4 * 9.1 parnenalty prepared sll conchmions tod episinas shout the real extads that were sat Sorts is the appraisal report. WT reed on significnat professices! ; welswave from any individual o+ indbridenK(s) in the performace of the appraisal or the proparvsion of the appruinal reper, J deve examed puch bealbvidhend(s) umd dachened the qpacifie waks performed by them im the recwacilintion cactive of this appraisal report. | certify that say individual oo sumed le qualified te perform the “tanks, have ast authorized anyone to make change te ony town im the report. therefore, if an unsviborined chenge is wade to the sppracel eupert, I will mis ne peta fer 8 . : as. SUPERVISORY APPRAISER’S CERTIFICATION: 110 naparvisery appraiser signed the appreinal pert, bs or sh certifies and agross thet: 4 "Lalewctly mapervine te apprainar whe prepared tt appraise! report. have reviewed the appraisal copert, agree with the sintutewtn nied smacheions of the appraier, agree to be bond by the appraiser's cortificotions membered 4 through 7 shove, and am ming full nepensibliny for the appraisal cad the appraisal report. ADDRESS OF PROPERTY APPRAISED: 1505 S. Elsasser Street $ 4 cee Deland FL 32720 : APPRAISER: : SUPERVISORY APPRAISER tonly If required): Lo wm ALLL | Dots Signed: . | ‘Sate Corser’ LARRY A. CHURCH, MAI, SRA ‘ or State Liounoe f: Sete ST. CERT. GEN, REAQOO0S99 Expirstion Dete of Cortificntion or Licunear Dig Did Not Laat property Freddie Mac Ferm 439 693 . Pree Zol Fannie Mes Form 10048 693 i 7 ee paver ea corer ates: g ke een arene ih Mads elle ke tl a, ll la late ks te el i REM oe ek. PA Ba ADDENDUM TO THE APPRAISAL : FILE NO.: AR981818 BORROWER: LAST, FIRST PROPERTY ADDRESS: 1505 S. Elsasser Street CITY: Deland , COUNTY: Volusia STATE: FL ZIP: 32720 LENDER: - LEGAL DESCRIPTION . 20 17 30 E 136 FT OF W 302 FT OF S 50 FT OF N 160 FT OF S 3/4 OF W 1/2 OF SE 1/4 OF SW 1/4 PER OR 2359 CORNER LOT Subject is 1/2 of a duplex which is located on a corner lot. Subject side is on non corner side. CONTRACT According to South Eastern, subject is under contract for $65,000. No contract was provided. Comparables used: 1522 S. Montgomery sold in December 1997 for $80,000 for both units. The buyer than divided into separate parcels and sold one side for $65,000 in January 1998. ADMINISTRATIVE. COMPLAINT EXHIBIT 4 | PAGE Wor [2 02 HAR -S AN o 16 GIVES: e : PARDUE-HEID : CHURCH-SMITH - & WALLER,INC. i . E) : I certify that, to the best of my knowledge and belief, the reported analyses, opinions and . conclusions were developed, and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional ‘Appraisal Practice of the Appraisal Instimte. : ‘certify that the use of this report is subject to the requirements of the Appraisal Institute - relating to review by its duly authorized representatives. : "As of the date of this report, I, Larry A. Church, MAI, St.Cert.Gen,REA0000599 or 4 Robert Moreyra, MAI, St.Cert.Gen.REA0000534 have completed the requirements of the continuing education program of the Appraisal Institute. © EXHIAT Yo pre e ae face Stee eee oe Se See Tee a a 1 i ii, Hh ARE Sk rer ety cb A Yorrower Chen King, Beverly. Ppery Addr 1505. §, Elsasser Street_. my. Beland. cay Nolusia Suse Tig Code __312' Lawes orm Software by DAY ONF. Ine. 1993 FRONT OF SUBJECT PROPERTY REAR OF SUBJECT PROPERTY STREET SCENE Y EXHT es * a 4 a 4 4 ‘ j ‘ | Gmower Cie King, Beverly _- 4 Peopety Atte 1905 S$, Flsasser Street. 0 i tomy Volusia suse FIL. pate __32720 d 4 4 4 4 a 3 . COMPARABLE SALE # 1 1522 S Montgomery Date of Sale: 1/98 Sale Price = 65,000 Sq. Ft. 86 $7 Sq. Ft. 2 66.0569 COMPARABLE SALE # 2 1515 S Elsasser bate of Sete: 12/97 Sele Price + 65,000 Sq. Feet 1,066 37 Sq. Ft. 2 61.0902 COMPARABLE SALE # 3 1524 S. Montgomery ‘Dal Sale Price : 65,000 Sq. Ft, 986 37 Sq. Ft. = 66.0569 4 a 4 ? exert 4 pro 22 ‘LasctForm Software by DAY ONE, ler. 1993 4 i wt slik ia dah. 02 WAR -3 AHO: 17 a Vy AOMI HF AS SKETCH/AREA TABLE ADDENDUM Fie No: AR981838. § | Botower/Cient u King, Beverl: B| Prepety Asareas J 1505 _S._Elsasser Street Ei oy County ‘State Code 2p c Deland Volusia FL 32720 _ LQAMAH HHEMEMFrCOrFeyQ yma» AD C2 TRATIVE COMPLAINT ee pet Lo Le MPLAINT rea UU Hormstmearr an faa POO Cen ae Seah an AY S Coo} [:: y 4 oe es “Creat od [2 4 Bm oo he i ret Cats Grommes we OCOPVMGHE 1974 ET RTE TTT PR RES TTT 8 TEE A Te TSR ATE TRA HEI RRR TE SNORE TONGAN TS es staal ed ae ba se iid aa VE COMPLAINT. _ tt APPRAISAL OF *** SUMMARY REPORT *** A SINGLE FAMILY RESIDENCE LOCATION : 1563S. Eisasser Street Deland, FL 32720 CLIENT : South Eastem Mortgage Assoc. 1209 Saxon Blvd. #3 Orange City,FL 32720 AS OF DATE: Sept. 4, 1997 APPRAISER : Kimberly A. Byrd we varereaes Pardue, Heid, Church, “Smith & Waller, inc. rigt UNIFORM RESIDENTIAL APPRAISAL REPORT File No. AR972199 Property Addrea 1563 S. Elsasser Street. Ciy Delang Sue FL Zip Code_ 32720 Ute Deevieinn See attached addenchm/lengthy legal Cony Volusia Amemor's Parcel No. 7020-00-00-1069 Tax Year 1995, RE Taxes $1. 438-1 G Special Asscaaments $/A. Borrower & i Owser Popp, William _ Occupest: J teoane _[3¢]_vecace sighs spp Sienple Leachold Project Type wo _[ 1 Genet GUDAe nn Hoas None Do. Neighborhood or Project Nase (730 Reference 17 Cenmm Tract 902.01, Sale Price $ $75000. Duis of Sele UndrContrt. Description and § amount of loan charyes/conceaions to be pail by seer T/A Leoder\Ctiet_ South, rene: 121 Lvd. 32720 s a - i Address: X, Dr. ando, 32804 Location = [_] Uren ‘Suburban Runt ‘| Predocnioant Paints fit Boone | Prenat tad’ ‘Land use change Banep — (_] Overs [x] 25255 Under 25% | SUPMY $ (000) yr) | Ove family _70_| (3K) Noe tixety [7] raey Growth te [_] Raped OC] subie Sloe GO owner 35 tow 5 24 family __20 In process Propeny watucs[__] increasing [X] Stable Dectaing | (3 } Tenant 10 50 High ‘Mula farnity "Tar Demaniinppty{_] Shormge [X] ta betance!_} Over aupoty | [96] Vacane (0-5%) —_ Commercia! ting tiene Under 3 mos. 36 moe, Over 6 mon. Mecast (over $%) 75 20 Oo . Nou: Race wad the racial composition of the atighborhood are not sppmiaa! facton. Subject neighborhood is west of 17-92, north of Neha foc ot cer: zilve Springs State 1 Fark, south of SR44_& east of Lake Beresford. — is ‘Marker conditions im the abject seighbochood (inchading support fer the above comchmions related to the trend of property value, demend/eupply, wed marketing time - - such o date om ‘cvepattive propertin for mls in the acighborbood, deecriptioe of the prevalence of sales sad fioamcing conceasions, e.): ons the. Troject lafarmation for PUDe (If applicable) - - Io the developer (ineibter in control of the Home Owners” Association (HOAIT Yo Ne Approsimats tte! number of waits in the subject project N/A + Approsimeta lolal mumber of wns for sala in the vubjact project, N/A, . Describe common elements snd! recreational fectTuies: N/A, Dincasions ject. to. Sina ___8,000 Sq.Ft, MOL Subject to survy _ comerta [re fx} xe Spucife pening Chmifcation wed description i-Fami 10 Units or Zoning compiieace [X] Legat_[_] Legal nonconforming (Gracdfathered we) [_] Tegal L__] Ne zoning Lighast dt bast wee ss Present use Orner woe {exples Uli Public Other Off-Sinc Improvementa ° Type Public Private Bercy Ox Sire Asphalt. bo ow OO iv, Cetpmer _None | Waser Gj Sten None f) CI Suauy sever [X] Satis Overhead s(x] Storm ere Atey None, imi Comencat (apparent abverte crsniats, excroechments, special aeecmments, elite areas, Dege! or legel nonconforming zoning wee, .): Typical utility easements ic, eto. a it s: is ject. ~ Flood zone i ject to * : GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Unie, Foundation Sb Concrete Area Sq. R. None. Roof No. of Storie Enerioe Wate i Cowl Space ‘1 Finbhed Ceiling AVE [ox] ‘Type (DeLJAn), Roof Surface ingle Basement None Celtiog woe Avg (xe Design (Style) Guciers & Dewpts. ALLIM, Same Pump None Walle Foor Existing Proposed i Wastow Type um. Dempoce None Noted | Feor None Ags (fen) Effective Axe (Yn. ROOMS. Living Basemens| Level i Level 2 Finished area sbove grade contains: 6 Rooms; 3_Bedroom{s); 2 Bae): 1,284 ware Feet of Groay Living Ares J INTERIOR —Materiale/Condiaion HEATING KITCHEN EQUIP. | ATTIC AMENITIES CAR STORAGE: rf Foon i Tye Forced | Reftigentoe Nose | Frepmceta 80] | Nene Wats Fed Elec RaegeOves [X]| Sein | po (J |camee 1. Fotean. Trica iN Condition AVG. —|Diepont (X]] Drop sir [¢] [Dee Wood Ex) | Anuter Yes hath Floor Vi CoOUNG F/R — | Dishwasher GJ] seutte () | poet Front Gx] | peuched tah Wainer ‘Tile, Ceunt Yes | raattoee [X]] row (| Fee Boils Doors aX Other = _ None | Microwave Heated ) | Pex (2) |eampon Condision .__|w ce Finishod Driveway Additional (eanures (special energy efficiem tes, c.}:__C@iling fans, Wood deck w/ privacy, shaded lot, mirrored closet |_doors, pul] down stairs in garage for attic ‘Condiaion of the improvements, depreciation (physical, functional, and external), repain needed,