(3-357 7H Ca oy Oy 4 STATE OF FLORIDA J ae DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION». 4 + > FLORIDA REAL ESTATE APPRAISAL BOARD Oy . me . *. “ “s _ FLORIDA DEPARTMENT OF BUSINESS & oe PROFESSIONAL REGULATION, 20s DIVISION OF REAL ESTATE, Petitioner, v. CASE NO. 2001532731 DONALD G. PLUMMER, Respondent. / . ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Donald G. Plummer (“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 3060 in accordance with Chapter 475 Part II of the Florida Statutes. 3. The last license the State issued to Respondent was as a state-certified residential real estate appraiser at 200 Chicago Avenue, Valparaiso, Florida 32580-1306. 4. On or about May 24, 2001 Respondent Donald G. Plummer solely developed and FDBPR vy. Donald G. Plummer Case No. 2001532731 Administrative Complaint communicated an appraisal report (Report) for property commonly known as Unit 1, 208 East First a “Street SE. Fort Walton Beach, Florida 32548 (Property). A copy of the Report is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. The Report estimates the value of the Property at $58,500.00. 6. The effective date of the Report is November 8, 2001. 7. The Report states that March 29, 2001 was the date of the Report/Signature. 8. The Property is a two-story residence attached to another residence. 9. The Report states that the Property is a single story and detached. iS 10. The Property is within a zone classified by the City of Fort Walton Beach as “Multiple Use Main Street”. 11. The Report states that the property is within a “Single Family Residential” zone. 12. At all times material, Multiple Listing Service (MLS) data was available to appraisers in the area of the Property. 13. The Report states “MLS Listing Data is not available as property appraisers in this market are not allowed access to MLS.” See Addendum of Exhibit 1. 14. In developing the Report, Respondent did not use MLS data. 15. In developing the Report, Respondent used Metro Market Trends (MMT) only. 16. The Report states that MLS data in the area of the Property is not available as property appraisers in this market are not allowed access to MLS. 17. In developing the Report, Respondent failed to use the Cost approach. 18. In developing the Report, Respondent invoked the Departure Rule. FDBPR v. Donald G. Plummer | Case No. 2001532731 Administrative Complaint 19. The Report fails to list or explain any departures from the specific requirements of the “Uniform Standards of Professional Appraisal Practice. 20. The Report contains measurements purported to be of the Property that are not the measurements of the Property. 21. The Report contains a photograph of a property purported to be of Comparable Number One that is not a photo of Comparable Property Number One. 22. The Report contains a photograph of a property purported to be of Comparable Number Two that is not a photo of Comparable Property Number Two. . 23. The Report contains a photograph of a property purported to be of Comparable Number Three that is not a photo of Comparable Property Number Three. 24. The Report’s explanation of Comparable Number Three cites to a document of no relation to the property listed by the Report as Comparable Number Three. 25. The Report states the condition of Comparable Two as AVG/STUCCO. 26. The Report makes an adjustment for the difference in condition between the Property and of Comparable Number Two. 27. The Report states the condition of Comparable Three as AVG/STUCCO. 28. The Report makes no adjustment for the difference in condition between the Property and of Comparable Number Three. 29. The Report states the actual age of Comparable Two as 17 years. 30. The Report makes an adjustment for the difference in age between the Property and of Comparable Number Two. FDBPR v. Donald G. Plummer Case No. 2001532731 Administrative Complaint 31. The Report state the actual age of Comparable Three as 17 years. ) 32. The Report makes no adjustment for the difference in age between the Property and of Comparable Number Three. 33. On or about August 12, 2002 Petitioner requested the Respondent’s complete file concerning the Report and the Property. 34. In developing the Report, Respondent prepared grid sheets and sketchpads for the Property and for the comparable properties Respondent used for the Report. 35. Respondent failed to deliver to Petitioner copies of any grid sheets and sketch pads Respondent prepared for the Property and the comparable properties used for the Report. 36. In developing the Report, Respondent used a paired sales analysis. 37. Upon Petitioner’s request, Respondent failed to deliver to Petitioner the copies of the source records Respondent used for his paired sales analysis for the Report. 38. Upon Petitioner’s request, Respondent failed to deliver to Petitioner the MMT printout for comparable property number 3. 39. Upon Petitioner’s request, Respondent failed to deliver to Petitioner any copies of recorded documents cited in the Report. 40. Upon Petitioner’s request, Respondent failed to deliver to Petitioner copies of public records pertaining to properties used for the Report. 41. The Report explained the Property’s address as 208 #1 First Street and as 208 E. 1" Street SE. FDBPR v. Donald G: Plummer Case No. 2001532731 Administrative Complaint COUNT I Based upon the foregoing, Respondent is guilty of failing to retain, for at least five years, original or true copies of any contracts engaging the appraiser’s services, appraisal reports, and supporting data assembled and formulated by the appraiser in preparing appraisal reports in violation of Section 475.629, Florida Statutes and, therefore, in violation of Section 475.624(4), Florida Statutes. COUNT 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 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. COUNT IV Based upon the foregoing, Respondent is guilty culpable negligence in any business transaction in violation of Section 475.624(2), 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 FDBPR v. Donald G. Plummer Case No. 2001532731 Administrative Complaint license, registration or certificate for a period not to exceed ten (10) years; imposition of an : administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section 475.624, Florida Statutes and Rule 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 Section 455.227, Fla. Statutes and Florida Administrative Code Rule 61J1-8.002. SIGNED this__& _ day of upsak. , 2003. ¢ Florida Department of Business and Professional Regulation By: Jason Steele Director, Division of Real Estate Deperhment of FDBPR v. Donald G. Plummer : Case No. 2001532731 Administrative Complaint ATTORNEY FOR PETITIONER S. L. Smith, Senior Attorney Fla. Bar No. 195995 Division of Real Estate Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 - FAX PCP: MC/CK/CW 8/03 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. DONALD G PLUMMER APPRAISERS, PA ALIMITED APPRAISAL, SUMMARY REPORT 410150 File No_ 110150 APPRAISAL OF LOCATED AT: 208 FIRST STREET S.E. UNIT 1 FT. WALTON BEACH, FL. 32548 COLONIAL BANK MORTGAGE DIVISION 1962 WEST MAIN STREET ° DOTHAN, ALABAMA36303 BORROWER: DENNIS & MARIA HORNER AS OF: 19/8/04 BY: £ COMPLAINT DONALD G. PLUMMER $t.Cert Res. REA RD0003060 ZY : : re FannieMae A LIMITED APPRAISAL, SUMMARY REPORT 10180 Desktop Underwriter Quantitative Analysis Appralsal Report File Wo. 110150 THIS SUMMARY APPRAISAL REPORT 1S INTENDEO. FOR USE 8Y THE LENDERICLIENT FORA MORTGAGE FINANCE TRANSACTION ONLY. ~ Propetty Address 208 FIRST STREET S.€ UNIT 1 "Oty FT_ WALTON BEACH ____ State FL. 2p Code 32548 Legal Description FLORIOA BLANCA T/Ht UNIT 1 County OKALOOSA 7 ‘Assessor's Parcel No. 13-28-24-0924-0000-0010 Toxvew 2000 RE Tares$ 422.72 __ Specel Assessments $ NONE Bonower DENNIS & MARIA HORNER Curent Owner SAME Occupant [X]Owner _[ \Tenant T Wace Neighborhood or Projecl Name FT WALTON BEACH. Project Type |_]Pub ~_[_ ]eondominium HOAS IMo Sales Price $ N/A Date of Sale N/A Dasgiption/$ amount of joan charges/cancessions to bs paid by seller N/A Property rights appraised __[X Fee Simple T_Jkeasenod [ Map Reference 13-25-24W Census Tract NIA Nota: Race and the racial composilion of the avighborhood are not a ralsal factors. Location jucban Suburban Rural Properly values increasing [X} Stable Decining [Single family housing!Condoniriunhousiy PRICE AGE | PRICE AG? Built up Over 75% (K] 25-75% Under 25%| Oemandisupply |_} Shorlage In balance (_}Over surety | $500} Rea a 38 Low NEIGHBORHOOD Growth rate Rapid Xj Stable Stow Markeling lime Under 3 mos |X| 3-6 mos Over 6 mos NIA Low _Né- ‘Neighborhood boundaries NORTH -HOLLYWOOD BLVO. SOUTH - CHOCTAWHATCHEE BAY, EAST- 465 Hign_60(+)| N/A High Ni CHOCTAWHATCHEE BAY, WEST - HWY 85 Predominant Predominant : 142 48] NA Ni Dimensions 36 X 60 X 36 X 60 Site area 2160 Sq.Ft. +/- Shape RECTANGULAR Speafe zoning dassication and desarplion SINGLE FAMILY RESIDENTIAL Zoning compliance OX] Legal [_} Legal nonconforming (Granatathered use) TL} iitagal, attach description Ow Zoning I Highest and best use of subject property as improved (of 38 proposed per plans. and specifications): X|_ Present use Other use, attach descriplion i] Utilities Public Olner Public Other Off-site Improvements Type Pubhe = Prova! Electicity Water Steet ASPHALT Bs C) Gas Sanitary sewer_|X Altey : im ‘Na there any apparent adverse site condilns (easemen's enqoachments, special assessments, side areas, etc )? Tves _(X] No it'ves, attach desorption Source(s) used for physical characteristics of property XJ interior and exterior inspection 4 Exterior inspection from street LJ Previous appraisal files (mus [Assessment and tax records [_] Price Inspection Property owner Other (Describe). No of Stories ONE _ Type (Det JAlt.) DETACHEL Exterior Walls BRICK Roof Surface COMP.SHING, Manufactured Housing Llves_ {X] ‘Doas the property generally contorm to the neighborhood in Lerms of style, condition, pnd construction materiats? |X] Yes T_]No _It No, attach description. ‘Ave there any apparent physical deficiencies o¢ conditions that would atfect the soundness or structural integrity of tne improvamants or the livabitily of the property? (_lyes_[X]No It Yes, attach descrigtion NONE NOTED. ‘are there any apparent adyerse environmental conditions (hazardous wastes, lonie substances, etc.) present in the improvements, on Ine site, oF in tha immediate veinty of the subject property? ves _[X]No_IfYes, attach desorption. NONE NOTED . Tresearched the subject markel area for comparable listings and sales thal are the most similar and proximate to the subject property. My research revealed a total of 6 sales ranging in sales price fom $ 47,500 to $ 59,900. IMPROVEMENTS My research revealed a total of NIA listings ranging in list price from $ N/Ato$ NIA The analysis of the comparable sales below reflects market reaction to significant variations between Ihe sales and the subject propert SALE! SALE 2 SALE 3 208 #1 (4006-4006) 217 (4001) 204 #1C (4002) 204 #2C Address FIRST STREET QAK STREET 4TH STREET 47H STREET proximity Subject | | 2 BLOCKS EAST 3 BLOCKS NORTH - 54d 47,500 s 59,900 | PricatGrass Li. Avea_|8 0.00 ais 44.310 $ 50.420 outa & Vert Sources | INSPIPUB REC OR2317/4273 _|INSP/PUB REC OR231 INSP/PUB REC OR2309/13: DESCRIPTION TS Adstrert OESCRIPTION Rare DESCRIPTION vos aye eaeeetonen [| CONVENTIONAL ! FHA H VA H Concessions NOTKNOWN _} NOT KNOWN __} NOTKNOWN _! loateofSaleiime | 9/28/01 A 8/27/01 H 8/8/01 i Location AVERAGE AVERAGE i AVERAGE ‘ AVERAGE ; Sia TYPICAL TYPICAL : TYPICAL t TYPICAL : View HOMESANTER [HOMES/INTER + HOMES/INTER i _|HOMESIINTER _} Fi Design (Style) ZSTRYIAVG __|2STORY/AVG 4 2STORYIAVG 1} 2ZSTORYIAVG 1 EF Actuat Age (Vrs. 18 YEARS. 417_ YEARS : 100/17 YEARS ‘ -100]17_ YEARS H F4 Condition AVG/BRICK AVG/RBB H +2,000 AVG/STUCCO . +1,000 |AVG/ISTUCCO. ‘ Eq Above Grade Jou | Bama | Baths | Tas | Bom | Bans Toi | Cums | Bathe Total | Bdiny | Obs | F-{ Room Count 4+ 2 $1.50 412: 150 ¢ 4:2: 200 ! 1000. 4: 2: 200° FA Goss Livin Area 1,152 $9.Fi. 1,072 Sq Ft +2,400| 4,188 Sq Fi: -1,080 4,188 Sq Fle Fed sasorent ad Frehed | NONE NONE : NONE : [NONE : Fj Rooms Below Grade NONE NONE : NONE ‘ _| NONE : tJ GarageiCarpon__ | NONE NONE A {NONE j NONE { % WOOD FENCE [NONE T__#4,000 [NONE H +4,000 [NONE : 4 3 COV PATIO. NONE t +500 [NONE : +500|NONE_,- : Net Adj. (total) x: C1 is s.500{P) + Cs 320{L 1+ 1%): i$ Adjusted Sales Price Gross: 12.6% Gross: 7.8% Gross: 5.6% ol Comparables Net_12.2% _$ 53,300 [Net 0.5% __$ 60,220jNet_ -0.9% __$ € Date of Prix Sales | NOT AVAILABLE |NOT AVAILABLE NOT AVAILABLE NOT AVAILABLE Prica of Prix Sales_[$ OT AVAILABLE |$ NOT AVAILABLE |$ NOT AVAILABLE [5 NOT AVAl Analysis of any current agreement of sale, option, of listing of the subject property and analysis of the prior sales of s.tyect and comparables: THE SUBJECT IS LISTED FOR SALE AS OF THE DATE OF THIS INSPECTION. THE SUBJECT HAS NOT SOLD IN THE PAST YEAR ‘Summary of sales comparison and value conclusion. _ THE SELECTED COMPARABLES REPRESENT VALUE AS IT OCCURRED IN THE MARKET PLACE. ALL COMPARABLES ARE IN THE SAME MARKET AREA AS THE SUBJECT. ALL SELECTED . COMPARABLES ARE SIMILAR TO THE SUBJECTIS SIZE, STYLE AND UTILITY GENERAL MARKET CONDITIONS ARE IN BALANCE. NO CONCESSIONS ARE ANTICIPATED. LOAN DISCOUNTS, INTEREST BUY DOWNS AND CONCESSIONS AR NOT TYPICAL FOR THIS MARKET AREA. THERE ARE NO CONDITIONS FOR THE SUBJECT APPRAISAL THIS 1S A LIMIT al APPRAISAL, SUMMARY REPORT. This appraisal is made {] “as-is”, oF 0 subject to completion per plans and specifications on the basis of a hypothetice! condition thal The improvements have been comp! subject to the following repairs, alterations « conditions: Be asep On AN [_JEXTERIOR INSPECTION FROM THE STREET OR Tan UX JNTERIOR AKD EXTERIOR INSPECTION, IESTIMATE THE MARKET VALUE, AS DE ot OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT TOBES 58 500 ,AS OF 1 1/8/01 si 10CH. PAGE 10F 3 = Fannie Mae For, Anna tom aon poncced onthe ACH Decadal me bya (BAH ZT Exhibit * ™ A LIMITED APPRAISAL, SUMMARY REPORT 110156 Desktop Underwriter Quantitative Analysis Appralsal Report File No, 110150 Project Information for PUDs (it applicable)-Is ine developer/builder in controt of the Home Owners’ Association (HOA)? (J ves [} so Provide the following information for PUDs only if the developer/budder is ia contiol of the HOA and the subject property is an altached dwelling unit Total number of phases Total number of units Tolal number of units sold Total ruber of units rented Total number of units for sata Data Source(s) x Was the project created by the conversion of existing buildings into a PUD? O) ves (Jno tyes. state date of conversion ~ Q Does the project contain any muil-dwelling units? Yes [_}No Data Source ~ ‘Are the common elements completed? (_] Yes. No It No, describe status of completion: ‘Ave any common elements leased to oF by the Home Owners’ Association? TT Yes (Jno ityes. attach addendum describing rental terms and options Describe common elements and recreational faciilies: Project Information tor Condominiums (if applicable)--Is Ihe developeribuilder in control of the Home Owners’ Association (HOA)? Yes No Provide the following information for all Condominium Projects Tolal number of phases Total number of unils Total number of unils sold Total number of units rented Total number of units for sate Data Source(s) Was the project crealed by the conversion of existing buildings into 2 condominium? Yes (_} ho Ifyes, date ot conversion: Project Type. (_) Primary Residence {_] Second Home or Recreations! () Row ee Townhouse (_} Garden (] arise (J) Highrise CJ Condition of the project, quality of construction, unit mix, ele CONDOMINIUM Zire tha common elements completed? {_) Yes [_] No ifNo, dasorbe status of completion ‘Ara any common elements leased to or by the Home Owners’ Association? TL) Yes [Jno ifyes attach addendum describing rental tems and options Describe common elements and recreational facilities PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report based on a quantitative sales comparison analysis for use in the mortgage finance Wansaction DEFINITION OF MARKET VALUE: The most probable price which a properly should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acling prudently, knowledgeably and assuming the price is not afiected by undue stimulus Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed dr well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed tor exposure in the open market; (4) payment is made in terms of cash in U.S. doflars or in terms of financia! arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions’ granted by anyone associated with the sale * Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales Wansactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the justment should not be calculated on a mechanical dollar for dollar cost of the financing or concession property or transaction. Any adjus but the dotlar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership 2. The appraiser has provided any required sketch in the appraisal report to show approximate dimensions of the improvements an. the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determinatio: of its size. 3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unles specific arrangements to do so have been made beforehand. 4. The appraiser has noted in the appraisal report any adverse conditions (such as, but not limited to, needed repairs, the presenc of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Uniess otherwise stated in the appraisal report, the appraiser he no knowledge of any hidden or unapparent conditions of the property of adverse environmental conditions (including the presence ¢ hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no suc conditions and makes no guarantees or warranties, expressed or implied, regarding the condition of the property. The appraiser w not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover wheth such conditions exist Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must nott considered as an environmental assessment ‘of the property. 5. The appraiser obtained the information, estimates, and opinions that were expressed in lhe appraisal report from sources thatt or she considers to be reliable and believes them to be true and correct. The appraiser does act assume responsibility for Ine eccura ‘of such items that were furnished by olher parties. 6. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professio Appraisal Practice. 7. The appraiser must provide his of her prior written consent before the lender/ctient specified in the appralsal report can distrib: the appraisal report {including conclusions about the properly value, the appraiser’s identity and professional designations, @ references to any pro i: fessional appraisal organizations oF the firm with which the appraiser is associaled) to anyone other thant borrower; the mortgagee of its successors and assigns: the mortgage insurer, consultants; professional appraisal organizations; < state of federatly approved financial institution; or any department, agency, or instrumentality of the United States or any stale or ¢ District of Columbia; except that the lender/ciient may distribute the report lo data collection or reporting service(s) without having obtain the appraiser's prior written consent. The appraiser's written consent and approvat must also be obtained before the appra: can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. 8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion per pl: yaad specifications on the basis of a hypothetical condition that the improvements have been completed. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion, repz or alterations on the assumption that completion of the improvements will be performed ina workmanlike manner. PAGE 2 OF 3 ay Fannie Mae Form 2 veneer TT mmscover Exhibit. © 38 Pann Desktop Underw A LIMITED APPRAISAL, SUMMARY REPORT riter Quantitative Analysis Appralsal Report 110150 Fila No; 110450 APPRAISER S CERTIFICATION: The Appraiser ¢ 4. | performed this appraisal by comparable sales (unless \have o confirming, and analyzing data fro! in this summary appraisal report. properly and the comparable sales to develop this appraisal. 2. | have researched and analyzed comparable sales in this report thal data exists in the general market area tod 3. | have taken into consideration the factors that have appraisal report site, of on any site within the in my analysis of the property value of the adverse conditions on the marketability 0 the appraisal report and | believe, to the best of my knowl correct. 4. stated in the appraisal report o subject only to the conlingent and 5. [have no present or prospective interest in the property that is interest or bias with respect to the participants int estimate of market value in the appraisal report on origin of either the prospective owners oF occupan| in the vicinity of the sudject property of on any or contemplated future intore 6. | have no present forming this appraisal is contingent compensation for per 7. | was not required to report a predetermined v amount of the value estimate, the attainment of a specific re compensation and/or employment for performing the appraisal. a specific valuation, or the need to approve a spec 8. estimated the market value of the real property that is I further certify that | considered the cost and income app! develop them, unless | have noted otherwisé in this report. 9. | performed this appraisal as a limited apprai Appraisal Practice that were adopted and promuiga| in the place as 0 appraisal, in wh 10. 1 acknowledge th The exposure time as in the Neighborhood section of this report also consistent with the marketing time note sociated with the estimate of market value 11. 1 personally prepared all conclusions and opinions about that no one provided signi the appraiser who prepared the appra that; | direclly supervise isal Practice, agree wi Uniform Standards of Professional Appra by the appraiser's certifications numbere: APPRAISER: (1) personally inspocting from the street therwise indicated in this report that | also ins; m reliable public and/or private sources, and (3) reportin: { further certify that | have adequate information about tl the comparable gales and offerings/listings in are the best available for the subject properly evelop a seliable sales comparison ana an impact on value in my developmen aly my own personal, unbiased, and professional analy limiting conditions specified in this form the subject of this report, and j have no present or prospective person: he transaction. | did not base, eilhe! the race, color, religion, sex, age, Mm 1s of the subject property or of the other basis prohibited by law st in the subject property, and neither my current or fulure emplo' on the appraised value of the property ‘alue or direction in value thal favors t sult, or the occurrence of a subsequent event in order to receive & | did not base the appraisal reporton a requested minimum vaiuatic ific mortgage loan. the subject of this roaches to value, bul. through mutual agre sal, subject to the Dep ted by the Apprai f the effective date of the appraisal (unless | have ol ich case, the Oeparture Provision does not apply) sal Stand therwise indicated in this report that the appraisal is a compl at an estimate cf a reasonable time for exposure in the op: tor the subjec! The marketing period concluded for the subject prope: d in the Neighborhood section the seal estate thal were set forth in the appraisal report. ificant professional assistance to me in th 5 through 7 above, and am taking full responsi erlifies and agrees that the subject properly and neighborhood and each of the pected the interior of the subject property); (2) collecting, g the results of my inspection and analysis he physica! characteristics of the subject the subject market area and have reported the { further certify that adequale comparable market lysis for the subject properly lof the estimate of markel value in the 2 conditions in the subject improvements, on the subject } further certify that | have noted any apparent or known advers immediate vicinity of the subject property of which {am aware, have considered [hese adverse condition: to the extent thal | had markel evi f the subject property. ledge, that all statements an dence to support them, and have commented about the effec! i have not knowingly withheld any significant information fron é information in the appraisal report are true anc sis, opinions, and conclusions, which af: F partially or completely, my analysis and/or th arita! status, handicap, famitial status, or nation: present owners OF occupants of the properlit ymant nor n he cause of the client or any related party, tt report based on the sales comparison approach to valu ement with the client, did n. arture Provision of the Uniform Standards of Protessior ards Board of The Appraisal Foundation and that we en market is a condition in the definition of market val t property is consistent with the marketing time no rty at the estimated market valu further cer e development of this appraisal. 1 signed the appraisal report, he of she certified and agr SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraise isal report, have examined the appraisal report for compliance with th the slatements and conclusions of the appraiser, a gree to be be bility for the appraisal and the appraisal rei SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature: Name: Company Name: Company Address: VALPARAISO, FLORIDA 32580-1306 ture: 03/29/2001 St. Cert Res. REA RDOQ03060 Date of Report/Signa State Certification # or State License #: Signature DONALD GP’ MER Name: DONALO G. PLUMMER APPRAISERS, P.A Company Name’ 200 CHICAGO AVENUE Company Address: Date of Reporl/Signature: State Certification #: or State License # State: State: Expiration Date of Certification oF License: 4130/02 ADDRESS OF PROPERTY APPRAISED: 208 FIRST STREET S.E UNIT 1 Expiration Date of Certifica’.cn or License) — —_____-_—- SUPERVISORY APPRAISER: SUBJECT PROPERTY FT, WALTON BEACH, FL. 32548 EFFECTIVE DATE OF APPRAISALIINSPECTION 11/8/2001 _p HENDERICLIENT: APPRAISED VALUE OF THE SUBJECT PROPERTY $ 58.500 Did not inspect subject property Did inspect exterior of subject property from street Did inspect interior and exterior of subject property COMPARABLE SALES Did not inspect exterice of comparabie sales from street C) D:d inspect exterior of comparable sales from street Name: Company Name. COLONIAL BANK +] -—-Giginpany Address. 1962 W. MAIN ST, DOTHAN, AL. 36303 aoe PAGE 3 OF 3 Fannle Mae For se Aci avenger Raya nb 3808 UDI BL Tas tam aa panera DONALD G. PLUMMER ‘APPRAISERS, P.A. Exhibit. —— man- SUBJECT PROPERTY PHOTO AODENOUM Borrower. DENNIS & MARIAHORNER _______ File No 110750 a . _~Gase No. 110150 Property Address: 208 FIRST STREET SEUNTI__ oo City: FT. WALTON BEACH — Zip. 32548 Lender: COLONIAL BANK __ a ——— FRONT VIEW OF SUBJECT PROPERTY Appraised Date: November 8, 2001 Appraised Value: $58,500 REAR VIEW OF SUBJECT PROPERTY STREET SCENE Exhibit. Page. — b “ei —— COMPARABLE PROPERTY PHOTO ADDENDUM File No. 440150 Borrower. DENNIS & MARIA HORNER Property Address: 208 FIRST STREET SE UNIT1 a Case No.. 110150 a City, FT. WALTON BEACH i ____ State: FL. Zip: 32548 _ Lender: COLONIAL BANK COMPARABLE SALE #1 217 (4001) OAK STREET Sale Date: 9/28/01 Sale Price: $ 47,500 tr COMPARABLE SALE #2 204 #1C (4002) 4TH STREET Sale Date: 8/27/01 Sale Price: $ 59,900 COMPARABLE SALE #3 204 #2C 4TH STREET Sale Date: 8/8/01 Sale Price: $ 63,400 u Exhibit. 3h Page. —-——- a es, ADDENDUM Borrower. DENNIS & MARIA HORNER File No: 110150 Property Address: 208 FIRST STREET S E UNIT 1 a Case No: 110150 = City: FT. WALTON BEACH State. FL. Zip 32548 _ Lender. COLONIAL BANK FINAL RECONCILIATION NOTE THE NUMBERS SEEN IN PARENTHESIS IN THE ADDRESS BLOCK OF THE ADJUSTMENT GRID ARE DIGITAL PHOTO REFERENCE NUMBERS ANDO HAVE NO BEARING ON THE VALUATION PROCESS. NOTE - SIGNATURES ARE PLACED ELECTRONICALLY TO ALLOW FOR EOI TRANSMISSION i CERTIFY THAT TO THE BEST OF MY KNOWLEDGE AND BELIEF: t THE REPORTED ANALYSIS, OPINIONS AND CONCLUSIONS ARE LIMITEO ONLY BY THE REPORTED ASSUMPTIONS AND LIMITING CONDITIONS AND ARE MY OWN PERSONAL, IMPARTIAL AND UNBIASED OPINIONS AND CONCLUSIONS. Ts 1 HAVE NO PRESENT OR CONTEMPLATED FUTURE INTEREST IN THE SUBJECT PROPERTY. NEITHER MY - : CURRENT OR FUTURE EMPLOYMENT NOR MY COMPENSATION FOR PERFORMING THIS REPORT IS CONTINGENT UPON ANY PREDETERMINED VALUE CONCLUSION. | HAVE NO PERSONAL INTEREST WITH RESPECT TO THE PARTIES INVOLVED | HAVE MADE A PERSONAL INTERIOR AND EXTERIOR INSPECTION OF THE SUBJECT PROPERTY. GENERAL MARKET CONDITIONS ARE IN BALANCE. THERE ARE NO ANTICIPATED CONCESSIONS, LOAN DISCOUNTS, INTEREST BUY DOWNS AND CONCESSIONS ARE NOT TYPICAL OF THiS MARKET AREA. THE SELECTED SALES ARE SIMILAR‘TO THE SUBJECT IN SIZE, STYLE AND UTILITY. ete : ALL SELECTED COMPARABLES ARE IN THE SAME MARKET AREA AS THE SUBJECT. THE SELECTED SALES - . & REPRESENT VALUE AS IT OCCURRED IN THE MARKET PLACE. THE APPRAISER WILL NOT BE RESPONSIBLE TOR MATTERS THAT ARE LEGAL IN NATURE THAT MAY AFFECT THE PROPERTY BEING APPRAISED OR THE TITLE TOIT. THE APPRAISER ASSUMES THAT THE TITLE IS GOOD AND MARKETABLE AND THEREFORE WILL NOT RENDER OPINIONS ABOUT THE TITLE. THE PROPERTY IS APPRAISED ON THE BASIS OF IT BEING UNDER RESPONSIBLE OWNERSHIP. THE APPRAISER HAS OBTAINED INFORMATION IN THIS REPORT, REGARDING COMPARABLES, FROM SOURCES DEEMED TO BE RELIABLE AND ACCURATE. THE APPRAISER ASSUMES NO RESPONSIBILITY FOR THE ACCURACY OF THOSE ITEMS THAT WERE FURNISHED BY OTHER SOURCES. THE APPRAISER HAS NO KNOWLEDGE OF ANY HIDDEN CONDITIONS, INCLUDING BUT NOT LIMITED TO, ENVIRONMENTAL CONDITIONS SUCH AS PRESENCE OF TOXIC SUBSTANCES, HAZARDOUS WASTES ETC. THAT WOULD IMPACT THE VALUE OF THE SUBJECT PROPERTY. THE APPRAISER HAS ASSUMED THAT NO SUCH CONDITIONS EXiST AND MAKES NO GUARANTEES OR WARRANTIES, EXPRESSED OR IMPLIEO, REGARDING THE CONDITION OF THE PROPERTY. THE APPRAISER WiLL NOT BE RESPONSIBLE FOR ANY SUCH CONDITIONS THAT DO EXIST OR FOR ANY ENGINEERING OR TESTING THAT MIGHT BE REQUIRED TO DISCOVER WHETHER SUCH CONDITIONS DO EXIST. BECAUSE THE APPRAISER IS NOT AN EXPERT IN THE FIELD OF ENVIRONMENTAL HAZARDS THIS REPORT MUST NOT BE CONSIDERED AS AN ENVIRONMENTAL ASSESSMENT OF THE PROPERTY. IF THE SUBJECT PROPERTY WAS BUILT PRIOR TO 1978 THE DWELLING MAY CONTAIN LEAD BASED PAINT. USE OF THIS REPORT BY UNINTENDED USERS (ANYONE OTHER THAN THE CLIENT) 1S STRICTLY PROHIBITED THE APPRAISER MUST PROVIDE IS OR HER WRITTEN CONSENT BEFORE THE CLIENT SPECIFIED IN THIS: REPORT MAY DISTRIBUTE THIS REPORT, INCLUDING CONCLUSIONS ASOUT THE PROPERTY VALUE, THE APPRAISERS IDENTITY, ANO/OR PROFESSIONAL DESIGNATIONS, AFFILIATION OR ASSOCIATIONS TO ANYONE OTHER THAN THE BORROWER, THE MORTGAGEE OR ITS SUCCESSORS AND ASSIGNS, THE MORTGAGE INSURER, CONSULTANTS, PROFESSIONAL ORGANIZATIONS, AND STATE OR FEDERALLY APPROVED FINANCIAL INSTITUTION; ANY DEPARTMENT, AGENCY, OR INSTRUMENTALITY OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA; EXCEPT THAT THE LENDER CLIENT MAY DISTRIBUTE THE PROPERTY DESCRIPTION SECTION OF THIS REPORT ONLY TO DATA COLLECTION OR REPORTING SERVICES WITHOUT THE APPRAISERS PRIOR WRITTEN CONSENT. THE APPRIZERS WRITTEN CONSENT AND APPROVAL MUST ALSO BE OBTAINED BEFORE THE REPORT CON BE CONVEYED BY ANYONE TO THE PUBLIC THROUGH ADVERTISING, PUBLIC Z Supervisory Appraiser: Name: DONALD G. PLUMMER Name: | Addendum Page 1 of 3 Page.- - ADDENDUM Borrower DENNIS & MARIA HORNER File No; 110150 ~ Propeny Address 208 FIRSTSTREETSEUNITI1 ee . ___ Case No. 110150 ~~ _ City: FT. WALTON BEACH Stata. FL “2p 32548 Lender: COLONIAL BANK RELATIONS,NEWS, SALES OR OTHER MEDIA. | HAVE TAKEN INTO CONSIDERATION FACTORS THAT | AM AWARE OF THAT HAVE AN IMPACT ON VALUE IN MY DEVELOPMENT OF THE VALUE CONCLUSION PRESENTED IN THIS REPORT. | HAVE NOT KNOWINGLY WITHHELD ANY INFORMATION FROM THIS REPORT ANDO | BELIEVE, TO THE BEST OF MY KNOWLEOGE, THAT ALL STATEMENTS AND INFORMATION THIS REPORT ARE TRUE AND CORRECT. 1 WAS NOT REQUIRED TO REPORT A PREDETERMINED CONCLUSION THAT FAVORS THE CAUSE OF THE CLIENT OR ANY RELATED PARTY. THE ATTAINMENT OF A SPECIFIED RESULT, OR THE OCCURRENCE OF A SUBSEQUENT EVENT IN ORDER TO RECEIVE MY COMPENSATION AND/OR EMPLOYMENT FOR PERFORMING THIS REPORT, | DID NOT BASE THiS REPORT ON A REQUESTED CONCLUSION OR THE NEED TO APPROVE A SPECIFIC , MORTGAGE LOAN. ‘ I PERFORMED THIS REPORT IN CONFORMITY WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICES THAT WERE ADOPTED AND PROMULGATED BY THE APPRAISAL STANDARDS BOARD OF THE APPRAISAL FOUNDATION AND THAT WERE IN PLACE AS OF THE DATE OF THIS REPORT. MLS LISTING DATA IS NOT AVAILABLE AS PROPERTY APPRAISERS IN THIS MARKET ARE NOT ALLOWED ACCESS TO MLS. ADDITIONALLY ALL SALE DATA IS COMPUTERIZED AND PURGED WITHIN 30 DAYS AFTER THE SALE 1S CLOSED. LOT LINE MEASUREMENTS ARE ESTIMATED FROM THE PLAT MAP PROVIOED BY THE COUNTY APPRAISER, IF A MORE EXACT MEASUREMENT IS REQUIRED IT 1S RECOMMENDED THAT A CERTIFIED SURVEY BE OBTAINED. EQUAL CONSIDERATION IS GIVEN ALL THREE COMPARABLES. DONALD G. PLUMMER St.Cen.Res.REA RDOO03060 DENNIS & MARIA HORNER 208 #1 1ST STREET FT. WALTON BEACH, FLORIDA 32548 PRIVACY POLICY NOTICE TITLE V OF THE GRAMM-LEACH-BLILEY ACT (GLBA) GENERALLY PROHIBITS ANY FINANCIAL INSTITUTION, DIRECTLY OR THROUGH ITS AFFILIATES FROM SHARING NONPUBLIC PERSONAL INFORMATION ABOUT: YOU WITH A NONAFFILIATED THIRD PARTY UNLESS THE INSTITUTION PROVIDES YOU WITH A NOTICE OF ITS PRIVACY POLICIES AND PRACTICES, SUCH AS THE TYPE OF INFORMATION THAT IT COLLECTS ABOUT YOU AND THE CATEGORIES OF PERSONS OR ENTITIES TO WHOM IT MAY BE DISCLOSED, IN COMPLIANCE WITH THE GLBA, WE ARE PROVIDING YOU WITH THIS DOCUMENT, WHICH NOTIFIES YOU OF THE PRIVACY POLICIES OF DONALD G.PLUMMER APPRAISERS, P.A. (DGP) WE MAY COLLECT NONPUBLIC INFORMATION ABOUT YOU FROM THE FOLLOWING SOURCES: INFORMATION, SUCH AS YOUR SOCIAL SECURITY NUMBER, THAT WE RECEIVE FROM YOU, YOUR LENDER, OR OTHERS INVOLVED iN YOUR TRANSACTION, SUCH AS THE REAL ESTATE AGENT, ON APPLICATIONS OR OTHER FORMS; INFORMATION ABOUT YOUR TRANSACTIONS WITH US, OUR AFFILIATES, OR OTHERS, SUCH AS YOUR LOAN ACCOUNT BALANCES, PAYMENT HISTORY, PARTIES TO TRANSACTIONS, TRANSACTION EXPENSES AND YOUR HOME'S APPRAISED VALUE INFORMATION WE RECEIVE FROM A CONSUMER REPORTING AGENCY, SUCH AS YOUR CREDITWORTHINESS AND CREDIT HISTORY. UNLESS IT IS SPECIFICALLY STATED OTHERWISE IN AN AMENDED PRIVACY POLICY NOTICE, NO ADDITIONAL NONPUBLIC PERSONAL INFORMATION WILL BE COLLECTED ABOUT YOU. WE MAY DISCLOSE ANY OF THE ABOVE INFORMATION THAT WE COLLECT ABOUT OUR CUSTOMERS OR FORMER CUSTOMERS TO OUR AFFILIATES OR TO NONAFFILIATED THIRD PARTIES AS PERMITTED BY LAW. vee ad Le Appraiser Supervisory Appraiser: OE Name: CONALD G PLUMMER Name: Addendum Page 2 of 3 ADDENDUM Borrower: DENNIS & MARIA HORNER _ File No: 110150 _ Property Address: 208 FIRST STREET S € UNIT + - Case No: 110150 City: FT. WALTON BEACH Stale. FL Zip 32548 Lender: COLONIAL BANK WE MAY DISCLOSE THIS INFORMATION ABOUT OUR CUSTOMERS OR FORMER CUSTOMERS TO NONAFFILIATED COMPANIES THAT PERFORM MARKETING SERVICES ON OUR BEHALF OR WITH WHOM WE HAVE JOINT MARKETING AGREEMENTS. ENTITIES WITH WHOM DGP HAS A JOINT AGREEMENT HAVE AGREED TO PROTECT THE PRIVACY OF OUR CUSTOMER'S NONPUBLIC PERSONAL INFORMATION BY UTILIZING SIMILAR PRECAUTIONS AND SECURITY MEASURES AS DGP USE TO PROTECT THIS INFORMATION AND TO USE THE INFORMATION FOR LAWFUL PURPOSES. WE 00 NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT SPECIFICALLY PERMITTED BY LAW. WE RESTRICT ACCESS OF NONPUBLIC PERSONAL INFORMATION ABOUT YOU TO THOSE EMPLOYEES WHO NEED TO KNOW THAT INFORMATION IN ORDER TO PROVIDE PRODUCTS OR SERVICES TO YOU. WE MAINTAIN PHYSICAL, ELECTRONIC AND PROCEDURAL SAFEGUARDS THAT COMPLY WITH FEDERAL REGULATIONS TO GUARD YOUR NONPUBLIC PERSONAL INFORMATION. ‘ ” Supervisory Appraiser: Name: DONALD G. PLUMMER : Name: ner Addendum Page 3 of 3 Exhiiit! ——— ° FLOORPLAN Borrower: DENNIS & MARIA HORNER File No.:__110150 ~ Property Address: 208 FIRST STREET S.E UNIT 1 Case No.: 110150 City: FT. WALTON BEACH State: FL. Zip: 32548 Lender: COLONIAL BANK aa Living Room Sketch by Apex 1V Windows™ a AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Code Description Size Totals Breakdown Subtotals First Floor 576.00 576.00 Firat Floor Second Floor 576.00 576.00 18.0 x 28.0 504.00 8.0 x 9.0 72.00 Second Floor 18.0 x 28.0 ~ 504,00 8.0 x 9.0 . 72,00 TOTAL LIVABLE {rounded) | 41152 J 4 Areas Total (rounded) | 4152 TRCAT ee ares FLOORPLAN Borrower: DENNIS & MARIA HORNER FileNo.: 110150 Property Address: 208 FIRST STREET S.E UNIT 4 Case No.: 110150 City: FT. WALTON BEACH State: FL. Zip: 32548 Lender: COLONIAL BANK ~ 8.0" ! CLOSET : Bedroom fd 6 Ey o o N N . Bedroom 18.0" Sketch by Apex IV Windows ™ : es mos - “s wooing st ing Page.

Docket for Case No: 03-003577PL

Issue Date	Proceedings
Dec. 04, 2003	Order Closing File. CASE CLOSED.
Dec. 03, 2003	Motion to Relinquish Jurisdiction (filed by Petitioner via facsimile).
Oct. 31, 2003	Notice of Hearing (hearing set for December 18, 2003; 10:00 a.m.; Shalimar, FL).
Oct. 31, 2003	Order of Pre-hearing Instructions.
Oct. 09, 2003	Unilateral Response to Initial Order (filed by Petitioner via facsimile).
Oct. 01, 2003	Administrative Complaint filed.
Oct. 01, 2003	Notice of Appearance, Request for Discovery (filed by S. Johnson, Esquire).
Oct. 01, 2003	Petition for Formal Hearing filed.
Oct. 01, 2003	Agency referral filed.
Oct. 01, 2003	Initial Order.