STATE OF FLORIDA fy Ss DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION Oy typ wf) FLORIDA REAL ESTATE APPRAISAL BOARD ad ° FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, dD 2 _ YY Ab 7a v. CASE NO. 2001-80657 PAUL ZAPPULLA, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Paul Zappulla (“Respondent”), and alleges: ESSENTIAL ALLEGATIONS OF MATERIAL FACT 1. Petitioner is a state government licensing and regulatory agency charged with the responsibility and duty to prosecute Administrative Complaints pursuant to the laws of the State of Florida, including Section 20.165 and Chapters 120, 455 and 475 of the Florida Statutes, and the rules promulgated thereunder. 2. Respondent is currently a Florida state-certified residential real estate appraiser having been issued license RD0001769 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 residential real estate appraiser under suspension at 5024 Biscay Court, Orange Park, Florida 32073. 4. On or about February 24, 1998, Respondent developed and communicated an appraisal report for the property commonly known as 5002 Knightsbridge Circle North, Jacksonville, Florida FDBPR v. Paul Zappulla Case No. 200180657 Administrative Complaint 32244. A copy of the report is attached hereto as Administrative Complaint Exhibit 1. 5. On the report, Respondent stated that the property had a 12.5 x 24.8 family room. 6. The alleged family room area was, in fact, an unfinished/incomplete conversion of a garage. 7. Subject property is a one-story, attached dwelling. 8. Comparables two and four are detached dwellings. 9. On the report, Respondent stated that comparables two and four are attached dwellings. 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 in violation of Section 475.624(14), Florida Statutes. COUNT I | Based upon the foregoing, Respondent is guilty of having failed to exercise reasonable diligence in developing an appraisal report in violation of Section 475.624(15), Florida Statutes. WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or the Department of Business and Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; 2 FDBPR vy. Paul Zappulla Case No. 200180657 ’ Administrative Complaint issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section 475.624, Florida Statutes and Rule 61J1-8.002, Florida Administrative Code. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of 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. FDBPR v. Paul Zappulla Case No. 200180657 ’ Administrative Complaint _ SIGNED this? day of Lhad Lae te rofessional Regulation By: Director, Division of Real Estate ATTORNEY FOR PETITIONER Nancy Campiglia Fla. Bar No. 0164259 FDBPR-Division of Real Estate Legal Section 400 W. Robinson Street, N308A Orlando, Florida 32802-1772 (407) 481-5632 (407) 317-7260 - FAX NC/k PCP: MC/EC/CK 5/6/02 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 4 FDBPR v. Paul Zappulla Case No. 200180657 Administrative Complaint testimony, to call and cross-examine witnesses, and to have subpoena and subpoena duces tecum issued on your behalf if a formal hearing is requested. PLEASE BE FURTHER ADVISED that if you do not file an Election of Rights form or some other responsive pleading with the Petitioner within twenty-one (21) days of receipt of this Administrative Complaint, the Petitioner will file with the Florida Real Estate Appraisal Board a motion requesting an informal hearing and entry of an appropriate Final Order which may result in the suspension or revocation of your real estate license or registration. Please see the enclosed Explanation of Rights and Election of Rights form. N/A sroperty Description UNIFORM RESIDENTIAL APPRAISAL REPORT File Ho, 98-08 |! Property Address 5002 KNIGHTSBRIDGE CIRCLE. NORTH City JACKSONVILLE State FL, Tip Code 322 14 Legal Oescriplion LOT 26, UNIT 1, PB~42, PG-72 KENSINGTON PARK CountyDUVAL Assessor's Parcei No_099151-1130 Tax Year 1997 AE Taxes $944, Special Assessment Botowes JAMES WATERS Curren Owner SAME. Occupant: | X} Owner Ter Sf evoperty rights appraised LX] Fee simple |] Leaganola Project Tye [J eun [ [ Condominum {KUD/VA only) OAS. Neighborhood of Project Name_ KENSINGTON PARK Map Reference P=297-3 Census Tract 135.21 Sale Pnce $ N/A. Dale of Saie N/A Descnplion and $ smaunt of joan chasges/cancessioma to be paid by seller N/A Lunder/Cilent NATIONS FINANCIAL Addiess — [7 VVacant N/A/Mo Appraiser PAUL_ZAPPULLA CREA Address 5640 TIMUQUANA ROAD, #4, JACKSONVILLE. FL. Location Urban i Suburban: Fusral Predominant ‘Single family housing | Present band use re ri use cha ae Built up Over 75x (X} 25-75x Under 25x | o¢eupancy PRICE ASE lone tamily Nottiety — (2) Likely rawth rate Rapid (O) stable Slow [X) owner'95% | 50 Low 2-4 tammy ar 4 In proces Propetty values (_} Increasing Stable Dectinng | {_) Tenant 5% BO igh 20] Muti-tamay 0] to. _ Demand/supply {_] Shortage Inbalarce over supty | (if) vacant o-s% Predomnu Commercial 0 ” Marketing ume _{"} uncer 3.mas, {X] 3-6 mos, [ ] Over 6 mos. Vacant fone 92) 65 | TSEVACANT) 35 Nate: Race and the racial comporition of (he neighborhood are not appralsal (actors. Naighborhood boundaries and characteristics; THE SUBJECT'S NEIGHBORHOOD IS LOCATED NORTH OF THE CLAY COUNTY LINE. SOUTH OF THE ORTEGA RIVER EAST OF BLANDING BLVD. & WEST OF US~17, eee. Factors thal atlac! the markelabilily af the properties in the neighbothoad (proxvenily ta amployment and amenilies, employment slabilily. appeal la inarke*, cle ) THERE ARE NO APPARENT FACTORS WHICH WOULD AFFECT THE MARKETABILITY. STABLE PRICES & Si MARKETING TIME DEMONSTRATE A BALANCE IN SUPPLY & DEMAND. THE SUBJECT PROPERTY IS LOCA’ KENSINGTON PARK SECTION OF JACKSONVILLE, THIS AREA CONSIST OF SINGLE FAMILY HOMES, TOW; + SOME VACANT LAND WHICH HAS THE POTENTIAL FOR FUTURE GROWTH. THIS NEIGHBORHOOD IS CLOSE. {On EMPLOYMENT, SHOPPING, & MAJOR ROADS SHCH AS I-295, US-17 & SR-21. coe ‘Markel conditions in Lis aubject neighborhoad (including support foc the abava conclusions ‘elated la the treffd of prupesty values, demand/aupply, ané mikey time ~~ such ag data an compelitive properties for sale in the neighborhood, description of the prevaienca of sales and financing concessions, ele.) CONVENTIONAL, FHA & VA IS READILY AVAILABLE AT RATES PURCHASERS CONSIDER ATTRACTIVE, OF LISTINGS IN THE LOCAL MLS SYSTEM IS CONSISTENT WITH OTHER SIMILAR COMPETING NEIGHBORNOC HERE ARE NO FINANCING CONCESSIONS, THIS IS CONSISTENT WITH THE MAl NSUMMARY APPRAISA! ‘ORT Project Information for PUDs (II applicable) - ~ {s the developar/builder in control of the Home Ownurs’ Assaciation (HOA)? Approximate total number ol unis in the subject project N/A i NA 0 Topography Sileatea 9500 SQ.FT Corner Lot Yes No | Size 200 SQ.FT, Specilic raning classification and descripian RESIDE! f R-1 Shape Taming camptiance (X) Legal rencontomring (Grandathereduse) [_Jllegat L_) No toning Drainage o_L | ome [Mighes! & best use ag ij lus her use (expiaing N/A * Vinwe Utuitles Public Otner Olt-site improvements Type Public Pavate | Landscaping Etactneity ‘Sirent VI Driveway Surtece LE goss Curb/guiler CURB & CUTER Apparent easements NONE NOTED. __. Water Sidewatk = YES FEMA Speciat Flood Harata Area | JY3 (3) No | Sanlary sewer Steet lights YES. FEMA Zone X Map Oate U4 15/89 Slom sewer Ailey. NONE. L_FEMA Map No, 120077~01 Comments (apparent advarae sazamants, encroachments, special asseasmenta, slide areas. illegal of legal nonconforming zoning, use, elc.): NON! THE SUBJECT SITE IS TYPICAL OF THE GENERAL AREA . GENERAL DESCRIPTION EXTERION DESCRIPTION FOUNDATION: BASEMENT INSULATION: No, of Units 1 ~ Foundalian CONCRETE, Slab YES Ara SqFt. N/A Raol - No, ol Stories \ Extecior Wala = COQUINA Crm Space NONE. | KFinished N/A Coin ag AVG i Type (Del/att) ATTACHED} Hoat Surface SHINGLE | Basement NONE | Ceiling N/A. Walls, AVG x Design (Style) STORY _| Gutters & Dwnspls, NONE ‘Sump Pump NONE. Walls N/A Floor MH existing/Proposed EXISTING! Window Type THERMAL | Dampness NONE Floor = N/A None __. - Age (¥e3.) 1987 Slorm/Scteens = NONE/YES. Sattement NONE, Outside Entry N/A. Unknown, ftective Age (Yrs) 4 - 8 Manutectured ouse_NO Infestation NONE, HP/THRL _WNDWS 3 ROOMS Foyer | uving | ining {xitcnen [den FamityAm| Rec. tm | ecrooms | a aaths | taundry | Other | saa Sati Bayernent | Level x a ae) i i 2 2 x qdevei 2. QLEVEL 3 : Finished area above grade contains: & Rooms: 2 Bedioom{s): 2 Bath(s): 1, 136 Square Feet ol Gio: Living Area INTERIOR —Materials/Condition | HEATING KITCHEN EqUIP, ATTIC AMENITIES CAR STONACE Floors VINYL/CRPT-AVG|type CNTR _|Retrigecatar — (P}| None Flreplace(s) 8 none (3; gvvails DRYWALL/GOOD |Fuei ELECT |Aangesoven (F] stairs Patio Garage wolcas Tim/Finish ~=WOOD/GOOD CanditionAVG Disposal Ei | Orop Stair Deck Allached BahFloer §=- CARPET /GOOD. COOLING Dishwasher FJ j Scuttle Porch 1 XJ } detach: Bath Wainscot C.T./GOOD Central YES Fan/Hood F) | Floos Fence 1 GQ) | auut-in Doors WOOD/AVG Olber ~ NONE. Microwave [P}|Healed Pool msm wilion AVG, washer/Oner_ [P| Finished ALARM Driveway __ PAVED. Additional tealures (special energy efficient items, elc.): FRONT COVERED PORCH, HEATPUMP. Condition atthe improvements, depreciation (physical, lunclional, and external). repairs needed, qualily of construction, remodeling/addilions, cle. THERE ARE NO REPAIRS NEEDED. THE SUBJECT BUILDING APPEARS WELL MAINTAINED. ‘Adverse eavitonmental candilions (such a3, but nol fimited fo, hazardous wasles, toxic substances, etc.) present in the improvements, on the sile, af in the immediate vicinily of the subject property, THERE WERE NO ADVERSE ENVIRONMENTAL CONDITIONS NOTED AT TIME. PROPERTY INSPECTION EFFECTING THE SUBJECT OR SURROUNDING PROPERTIES. EROPERTY PAGE | OF 2 Mac Form 1b ten en eatnt en AE GE remap ern UNIFORM RESIDENTIAL APPRAISAL REPORT Fite No. garoar ‘aluatlon Section ESTIMATED SITE VALUE “5 15,000] Comments an Cosi Appraacn (such as. source of coal ettimaie. ESTIMATED REPRODUCTION COST- NEW OF IMPROVEMENTS. site value, squave (ool calculation and for HUD, VA and SrtA. As Dweling 1,136 54.Ft 95 56.40 «3 64,070 estimated cemarrung econoinuc lite uf the property) - $o.Fl as . CLA 24.42 x 4 ~S ADD. FEATURES ~ AMENITIES - 4,000 . 12.42 x zi x1 : : Garage/Carport Sq FL es * . Total Sq. Ft. oq Toul Estimated Cost New Ss 68,070 Leas Physical Funclional | External Depreciation 8,090 $0 $0 +s 4,000 Depracialed Value of impravements “3 60,070 : a “As-I3" Value of Site Improvements “$ 4,000 To INDICATED VALUE BY COST APPROACH +s 79,100 ~~ TEM. SUBJECT COMPARABLE NO. 1 COMPARABLE NO 2 COMPARAB E N03 $002 KNIGHTSBRIDGE CIRCLH4963 KNIGHTSBRIDGE 6637 PERIWINKILE 4961 KNIGHTSBRIDGE Adsiess JACKSONVILLE {CIRCLE NORTH DRIVE CICRLE NORTH Proximity 19 Subject [SAME BLOCK [1.25 MILES WEST SAM BLOCK Sales Price A NZ : 91,900 5 11,000 3 Price/Gyoss Lv, Areal $ 0.008 71.090 s 66.210 3 Trho9y Dala and/or INSPECTION [PUBLIC RECORDS MLS/PRD.0.M.-15 PUBLIC RECORDS Verllicalion Sources. VALE ADASTVENTS| DESCRIPTION DESCRIPTION | (dt Aston DESCRIPTION | <()4Adatnnt DESCRIPTION —_ | +())Aagninan Seles of Financing [ZA CONV : VA : CONV Concessions aR | i : Oale of Sate/time | 0/24/96 3725/97 : 16730797. : 12725797, Location AVERAGE AVERAGE, r AVERAGE = TAVERAGE. Leaschold/Fea Simple | FEE FEE : FEE 7 sie 35 100 5 x 100 35_x 100 View AVERAGE AVERAG! TAVERAGE CE TY -ATT/AVG2-STY=-ATT/AVG: -4,000 Quanly of Constrcton, Aged Condition ren) VERY GOOD __-9,000 RAGE Above Grade Jota) | Munn | Oainy | total | Bdvme | daine | {Pao Roam Count 6: 2: 6. 1° ; Si 2) 2 Gross Living Area, 1,136 tq Ft 1,280 sy.Ft i ~3,200 Sasement Finished NONE ONE PATIO/WO DECK 1-FIREPLACE UTILITY Porch, Patio, Deck, Fiseplace(s), ele, Fence, Pool, ec, FENCE : KIT. & BTHS STANDARD PCT A a 6 x)= is 11,200 Net Ad, (total) ‘Adualed Salen Price Groms:14.5 of Comparable, ‘ # 2123 79,800 74.400 arr Comments on Sales Comparison {including he subject property's compalibility lo Ine neighborhood, elc. ):; SALES #1 & 3 ARE OVER SIX OLD DUE TO_THE LACK OF RECENT SIMILAR SIZE & STYLE SALES IN THE NEIGHBORHOOD. . COMPARABLE NO, 1 COMPARAQLE NO, 2 | COMPARABLE HC. 3 N/A N/A ITEM SUBJECT Date, Price and Dela} {7A N/A Source for priar sales win year of appralsal ‘Analysis of any current agreement ol sale, option of listing af the subject property and analysis ol any prior sales at subjecl and comparables within one yeat of he dat cl apinusal: ADUINE COMPLAINT PROPERTIES IN THIS NEIGHBORHOOD ENJOY A STABLE TO SLIGHTLY INCREASING RESALE VALUE. AL hel alle ths INDICATED VALUE BY SALES COMPARISON APPROACH. be _ 79,000; EXHESh) gi A RF OIA TED VALUE BY INCOME APPROACH {II Applicuble) Eatimaied Market Ren! § N/A (Mo. xGross Rent Multiplier N/A + $ i N/A! This appraisatis made LX] “esis” — (_J subject to the repairs, alleralions, Inspections or conditions Iisled below ‘subject (© completion per plans art yecificalons. | Conditions of Appraisa, THE APPRAISER BASED HIS VALUE OF THE SUBJECT PROPERTY ON THE YALUE OF SI‘? '.AR, COMPARABLE SALES. THE SALES IN THE NEIGHBORHOOD SUPPORT THE MARKET VALUE. | Final Reconciliation AFTER ADJUSTING FOR; DESIGN & APPEAL, CONDITION, SQ.FT. & ALL OTHER AMENITIES - THE 1 APPRAISER ESTIMATES THE MARKET VALUE OF THE SUBJECT PROPERTY TO BE $79,000 OR $69.54 FER SQ.FT. | FAAS OF 2/24/98, FE The purpose of his appralaal is Wo estimate the markel valve of he reat property that the subject ofthis repor. based onthe above conditons and be cerlicavon, coningent ‘andlimiling conditions, and market vaiue definition thal are staled in tha attached Freddie Mac Factn 439/F annie Mas Form 10048 (Revised 6/97, ) 4 1 (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, Of THE REAL PROPERTY THAT [S THE SUBJECT OF THS REPORT, AS OF FEBRUARY 24, 1998 Ef (wHict is THE OATOF iw HON AND THE EFFECTIVE DATE OF THS REPORT) TOBE $ 79,000 Fy APPRAISE) SUPEAVISORY APPRAISER (ONLY IF REQUIRED): Signalute Signalute Coa (tid Not Name PAUL /ZAPP! rate CREA Name Inspect Property Date Report ined “FEBRUARY 24, 1998 Date Report Signed _. Stale Ceriifcalion® RD #0001769 Slate FL. _ State Gettiicaton Suie . Or Stale Ucense # State Gr Stale License 8 ~~ State freee Mote 70 Jia fee an endnote et Reece lee E90 Fam «Mae Fm 008 AR STATU-CURTIFIED RESIDENTIAL APPRAISER, PAUL ZAPPULLA & ASSOCIATES N/A Jemental Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT Fite No, 98-041) vem | _supyecr |____.... COMPARABLE NO 4 COMPARABLE NO 3 {COMPARA BUEN 6 KNIGHTSBRIDGE CIRCLE8750 PINE VALLEY LANE Aaaress JACKSONVILLE Proxumily (0 Subject 1/2 MILE WEST Sales Price 3 N/. $ 70,900 $ Price/Gross Liv Area! $ 0.00 us 60.294 3. C2 I$ Data Source INSPECTION S/PR D.O.M.-10 Veritication Source | . VALUE ADASTMENTS| DESCRIPTION DESCRIPTION HY Agate DESCRIPTION 113 Apt DESCRIPTION Sales or Financing {N/A (CONV : : Concessions H Oale of Sale/Time_| 2/24/98 [7/18/97 Hi : Location | AVERAGE JINFERIOR nan #54000 1 LeasetuhiFee Serple | FEE FEE : : Sile 35 X 100 IERREG-TYP. View AVERAGE IAVERAGE, : Design and Appeal_| 1-STY~ATT/AVGI -STY-ATT/AVG ' Quahty of Consinecton | COQUINA. IBRK_FT/FRAME | Age 1987 1988. H Condition coop IAVERAGE i 45,0001 ‘Abave Grade Jota) | Binney | Bathe : Foor Covel ei 2: a ‘My Gross tiving Area $136 $q Ft Fy Basement & Fiushed | NONE INONE Rooms Below Grade Functional Unity _| AVERAGE CNTRL /| | Eoaray Ethcrent items] Garage/Carport ONE Porch, Patio, Ovck, |coveneD POR e(s}ete. | ALARM Fence, Pool, etc__| FENCE. KIT, & BTHS| STANDARD. Nel Ad (ola ‘ Adjusted Sales Price 01 Comparadi Comments on Sales Comparison (including tha subject propaity's compatibshly In Ihe neighborhood, elc. ): Burm | Gatne Total | Ades jaime! otal | Béeme | Batts = 900. Sqft +O). 3 - 4,600/[T> (J- 3s irOS3221,7 Gross; 0.0 MPARADLE 6 STEM. Dale, Price ond Dala |N/A Source tr prior sales vyeitin year of appraisal a ‘Anatyaia af any currant agreemnent of sale, option. of isting of the aubject property and anatysis of acy prior sales ol subject and comparables wnttun one year ul the dal: of apyiaisal, COMPARABLE WO. § ADDITIONAL CO! 1 SUBJECT PROPERTY PHOTO ADDENDUM N/A Fila No. 98-04 | 1 FRONT VIEW OF SUBJECT PROPERTY ATT: $002 KNIGHTSBRID i CIRCL JACKSONVILLE, FL. 32244 Appraised: FEBRUARY 24, 1998 Appraised Value: $79,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE COMPARABLE SALES PHOTO ADDENDUM. N/A Filo Nu. 98-0441 COMPARABLE SALE #1 4963 KNIGHTSBRIDGE CIRCLE NORTH Sale Date: 2/25/97 Sale Price: $91,000 COMPARABLE SALE 42 6637 PERIWINKILE DRIVE ‘Sale Date: 10/30/97 * Sale Price: $71,000 (Gut Agreement ih COMPARABLE SALE #3 4961 KNIGHTSBRIDGE CICRLE NORTH. Sale Date: 2/25/97 Sale Price: $91,000 wee Mb annen TE COMPARABLE SALES PHOTO ADDENDUM N/A File No. 98-0477 COMPARABLE SALE: #4 8750 PINE VALLEY LANE Sale Date: 7/18/97 Sale Price: $70,900 SKETCH ADDENDUM Byrower Chet JAMES WATERS Propeity Acniess 5002 KNYCHTSBRIDGE CIRCLE NORTH ~~ Gay JACKSONVILLE County DUVAL State FL Loner NATIONS FINANCIAL, aH Aving Bedroom Room se Ding Gu Room Bars Bedroamn 0 a | tm Room 12.5 Diveineood Duane Fe ine (80 14.2 1004 rope yen een MAP SKETCH ADDENDUM -Burrowee/Chen_ "JAMES WATERS Property Aciwess E CIRCLE NORTH —-~—-- JACKSONVILLE. County DUVAL NATIONS FINANCTAL BUILDING SKETCH LOCATION MAP [*SUBJECT PROPERTY] Hatt Landing: Epona an RATIVE COMPLAINT. T de 5 — or [CO N/A File No, 98-0441 DEFINITION OF MARKET VALUE: Tho most probabla price which a proparty should bring in a competitive and opun naikot under ail conditions requisite to a fair sale, the buyer and sellut, each acting prudently, knowledgeably and assuming the price Is tot affected by undue stimulus. Implicit in this definilion 1s tha consummalion of a sale as of a specified dala and ihe passing ol hla tron sellar lo buyer under conditions whereby: (1) buyer and sailer are typically motivaled: (2) both partias are well informed or welt wivisi ¢, and each acting in whal he considers his own best inlorest; (3) a reasonabio lime is atlawed for exposure in the open market; (4) js.ymer,* 's made in terms of cash in U.S, dollars of in terms of financiat arrangements comparable therelo; and (5) the prica represents ths norman consideration tor the property sold unaffactad by spaciat or creative financing of sales concessions* granted by anyone associate.: § uth the sale, “Adjustments to lhe comparables must be made for speciat or creative financing or sales concessions, No adjustments ara necessary fo those cosls which are normally paid by sollers as a result of tradition or law in a market aroa; theso costs are roadily identifiable sinco Ite seller pays lhese cosls in visually all salos Iransactions. Special or crealiva financing adjustments can ba made to the comparabie propa.ty by comparisons to financing terms offerad hy a third party inslitulional lender that is not already involved in the property or Iranseutie.s, Any adjustment should not be calculated on a mechanical dollar for dollar cost of tha financing or concession but the dollar amont ot ary adjustment should approximate the markat’s reaction to Ihe financing or concessions based on the appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's cattification that appears in the appraisal report is su’, ex t to the following conditions; 1. The appraiser will nol be rosponsible for matiars of a legal nature that affect either Iho property being appraised or the tille lo 1, The appraiser assumes that the {it}e 1s good and markotable and, tharatora, will not fonder any Opinions about the ttle. The propurty 13