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DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE vs KAREN ANN BORDEN, 03-003799PL (2003)

Court: Division of Administrative Hearings, Florida Number: 03-003799PL Visitors: 3
Petitioner: DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE
Respondent: KAREN ANN BORDEN
Judges: CHARLES C. ADAMS
Agency: Department of Business and Professional Regulation
Locations: Port St. Joe, Florida
Filed: Oct. 14, 2003
Status: Closed
Settled and/or Dismissed prior to entry of RO/FO on Thursday, December 4, 2003.

Latest Update: Dec. 26, 2024
STATE OF FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BOARD “? FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, v. CASE NO. 200181628 200180325 KAREN ANN BORDEN, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Karen Ann Borden (“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-registered assistant real estate appraiser having been issued license RI5193 in accordance with Chapter 475 Part II of the Florida Statutes. 3. The last license the State issued to Respondent was as a state-registered assistant real estate appraiser at 116 Westcott Circle, Port St. Joe, Florida 32456. FDBPR v. Karen Ann Borden Case No. 200181628 Administrative Complaint ALLEGATIONS RELATING TO DBPR CASE NUMBER 200180325 4. Petitioner realleges and incorporates paragraphs one (1) through three (3). 5. On or about November 17, 2000, Respondent and W. Dale Borden developed and communicated an appraisal report (Report 1) for property commonly known as 9220 Auger Avenue, Beacon Hill, Florida 32456 (Subject Property 1), and estimated its value at $173,000 as of November 9, 2000. A copy of Report 1 is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 6. In Report 1, Respondent failed to indicate the specific zoning classification. 7. In Report 1, Respondent indicated that the appraisal was subject to completion per plans and specifications. 8. In Report 1, Respondent indicated that she did not invoke any departure provision. 9. Respondent failed to indicate in either Report 1 or an addendum the probable time of completion of the proposed improvements. 10. In Report 1, Respondent indicated that the “As-Is” value of Subject Property 1 was $46,000. 11. Respondent failed to explain or analyze in either Report 1 or an addendum how she determined the “As-Is” value of Subject Property 1. 12. Pursuant to an official investigation, W. Dale Borden forwarded to Petitioner’s investigator a copy of allegedly the entire work file for Subject Property 1. 13. The work file failed to contain plans, specifications, or other documentation sufficient to identify the scope and character of the proposed improvements to Subject Property 1. 2 FDBPR v. Karen Ann Borden Case No. 200181628 Administrative Complaint 14. The work file failed to contain evidence indicating the probable time of completion of the proposed improvements for Subject Property 1. 15. The work file failed to contain any data to support the “As-Is” value of Subject Property 1 that Respondent estimated at $46,000. 16. Therefore, the work file failed to contain data sufficient to support the data and adjustments Respondent utilized in Report 1. 17. Subject Property 1 is located in the Beacon Hill subdivision in Gulf County, Florida. 18. Comparable sale one and comparable sale three, are located in the Gulfaire subdivision in Gulf County, Florida. 19. The Gulfaire subdivision has common areas, which include a swimming pool, tennis courts, and private beach area that are available exclusively for the residents of the subdivision. 20. Neither a community swimming pool, a tennis court, nor a private beach area is available for use with ownership of Subject Property 1. 21. In Report 1, Respondent certified and agreed that she selected three recent sales of properties most similar and proximate to Subject Property 1 for consideration in the comparison sales analysis. 22. In developing Report 1, Respondent utilized comparable sales that were not most similar and proximate to Subject Property 1, resulting in a misleading and unsupported report. COUNT I Based upon the foregoing, Respondent is guilty of misrepresentation, concealment, culpable negligence, or breach of trust in any business transaction in violation of Section 475.624(2), Florida 3 FDBPR v. Karen Ann Borden Case No. 200181628 Administrative Complaint 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 Il 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. ALLEGATIONS RELATING TO DBPR CASE NUMBER 200181628 23. Petitioner realleges and incorporates paragraphs one (1) through three (3). 24. On or about June 27, 2000, Respondent and W. Dale Borden developed and communicated an appraisal report (Report 2) for property commonly known as 1426 Pleasant Rest Road, Wewahitchka, Florida 32465 (Subject Property 2), and estimated its value at $37,000 as of June 26, 2000. A copy of Report 2 is attached hereto and incorporated herein as Administrative Complaint Exhibit 2. 25. In Report 2, Respondent failed to indicate the specific zoning classification. 26. Subject Property 2 included a mobile home that was manufactured in or around i971. 27. In Report 2, Respondent indicated that the actual age of the mobile home was fourteen years and that the effective age was seven years. 28. Respondent failed to disclose in either Report 2 or an addendum data sufficient to support a determination that the effective age of the mobile home on Subject Property was seven 4 FDBPR v. Karen Ann Borden Case No. 200181628 Administrative Complaint years. 29. In Report 2, Respondent indicated that she relied upon the data and or verification sources for comparable sale two she procured by exterior or inspection and public records. 30. In Report 2, Respondent indicated that she relied upon the data and or verification sources for comparable sale three she procured by exterior or inspection and public records. 31. Respondent failed to verify the data sources used in Report 2 for comparable sale two and comparable sale three. 32. Pursuant to an official investigation, W. Dale Borden forwarded to Petitioner’s investigator the entire work file for Subject Property 2. 33. The work file for Report 2 failed to contain data sufficient to support the data and adjustments Respondent utilized in the comparable sales analysis. COUNT IV Based upon the foregoing, Respondent is guilty of misrepresentation, concealment, culpable negligence, or breach of trust in any business transaction in violation of Section 475.624(2), Florida Statutes. COUNT V 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 VI Based upon the foregoing, Respondent is guilty of having failed to exercise reasonable FDBPR v. Karen Ann Borden Case No. 200181628 Administrative Complaint 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; 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. 6131-8.002. FDBPR v. Karen Ann Borden Case No. 200181628 Administrative Complaint SIGNED this _/0 day of DU bb 2003. . 7 (vv Florida Department of Business and ok on, Professional Regulation i \ ED oe By: ° Director, Division of Real Estate ATTORNEY FOR PETITIONER Stacy N. Robinson Pierce, Esquire Fla. Bar No. 182796 Division of Real Estate Legal Section 400 W. Robinson Street, N802A Orlando, Florida 32802-1772 (407) 481-5632 (407) 317-7260 - FAX PCP: MC/CK/JB 2/03 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 7 FDBPR v. Karen Ann Borden Case No. 200181628 Administrative Complaint 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. ADMINIS? RAiiS EXHIBIT # PAGE Cui LAINT i or | —— Borden Appraisal Service, inc. UNIFORM RESIDENTIAL APPRAISAL REPORT tHe NO. Amspcury rage Fo) Fietio. OOKS6207 operty D moet Adress__6220 Auger Avenue,Beacon Hil Giy Port St. Joe (area) Sie FL igCode 32456 Lega Description Lot 7, Block 11, Beacon Hill Subdivision, PB1, PG2 County Gulf _ Assessor's Patel No, S/2 of 03646-000R TaxYew 2000 RE, Taxes $ 778 72 Special Assessmets $ 0.00 Borowe, Gaylan, Ramon & Syb Curent Oyner Watson, Philp L. Occupant [| Owner (Tenant I] Vacant EM Proverty rights amrased [~] Fee Simple 1) Leasehotd Project Type {1 PUD. Condominium (HUDVA ony) HOA S$ N/A Mo. elghborhood or Project Name __ Beacon Hill Map Reforenct Gull Co. #16-C_ Census Tract 9602 ePrice $ Note Comment Dale af Sale WA Desergton and $ amour of oan chaigesiconcessions 10 be paid by eter Typical, __ Aésess 7251 W. Palmetto Park Road, Sulte 301, Boca Raton, FL 33433 Address 118 Westcott Circle, Pot St. Joe, FL_32456 : Lenger(Giient Empire Home Lending Corp. ise Karen Ann Borden, Location “Jub by Suburban |) Aus Predominant | Single bey ousieg | Preset iad uve" Built up CE Over 75% 25-75% — [_} Under 25% oveupancy $(000} (vis) [One famity _ 85__| Growth rate «= 1 Rapid ) sue () stew Slownes 100| 30 Low New |2-4 family __ {J in process Property vaties [*] increasing [_} Stable = L_} Declining (_) Tenant 220 _ Hig Mutt-family To: WA. . Demand/suppty |} Shortage bance [L} Over sumty | [7] vacam (-sn) ered Predominant YEE Commercial | Marketing time [| Under 3 mos. [S<] 3-6 mos._[~] Over 6 mos, FL vac over 5k) | 180-180 15+/-_ Mote: Race amd the ractal compenition of the naipghberheed are sot appraisal factors. Neighborhood boundaties and characteristics: _The neighborhood boundaries are: North of Canal Street, South of Highway 388; East of Highway _ ME 98; West of Georgia Avenue. Residential orfented. BaD Factors tal aflect the marketabity ofthe properties in the neighborhood (pracy to employment and amenities, employment stably, appeal to aa, etc ) Ea The subject Is situated within 2 suburban residential setting. The neighborhood offers residences with a diversity of design, appeal, age, and ‘quality level, The subject conforms well with existing land use pattems. Marketing trends for the subject neighborhood illustrate the subject Be would typically sell in under 6 months. The afea is convenient to residential suppod facilities. No adverse conditions noted artet conditions in the subject neighborhood {including support forthe above conclusions related to the rnd of property values, demand/supply, and marketing time = such as data on competitive properties or sal in the neighbortood, description of the prevalence of Sates and fnancing concessions, et.) Research on the subject neighborhood indicates an increase in value trends over the recent past. Demand/supply is in bi time for the subject neighborhood Is typical to that of competitive neighborhoods. Competitive property listings rela Finencing is readily avaiabe 1 qualfied purchasers, Discounts, buydowns, rebates and other sole: concessions wil be adjusted ‘o cash equivalency, if applicable. _ . _ Project Inforruation for PUDs (it applicable) - - Is the devetoper/bulder in contsol of the Home Owners’ Association (HOA)? TT ves TJ No NA fal Appraxmaie total number of units in the subject proect = NVA Approximate total number of units for sale in the subject project NIA BME_Describe common elements and recreational facilities: _ N/A ‘Qurensions SOF x 100LS x SOR x 100°RS Topography Ste wea 0.116 Acres +/- Comer Lot [_]¥es [x] No | sue ‘Specific zoning classification and description Residential Shape Toning comptance [J Lega (|) Legal nonconforming (Grandtathered use) [_] tiega [7 ] No zoning Orainage [> Other use (eta Highest & best use as smormyes Present us n)__ Proposed Renovations. View Residential Uthitee Pablic Other Oft-site improvements Type Public Private |Landscaping Typical Ba Electricity Fa] Sheet Paved Asphatt © | Diweway Surface Concrete Gas I cutigutier Nor [] —[) | Apparent easements Standard Setbacks: Water Sidewalk _None. tt [] | FEMA Spectal Rood Hazard Area {Jyes [71 do Satay swe a Septic Tank Street lights None as FEMA Zone C Map Dale 06/02/92 Stam 5 Fl none. Alley None A FEMA Mag No, 120098 0105 C a Comments copa adeve easements, encroachments, special assessments, se areas, legal olga wwentanen roning use, ett.) isu: No, of Urits One Fourtation ConcBiocsPiers js No area Sq.Ft. None Root No. Stores = Two. Edeior Walls = StuccoWWood cram Space Yes Fished None Ceiling | Good Type (Det/Att} Detached _|Rool Sutace Cen Walls _ Good Design (Style) 2-Story Gutters & Dwmspts. Aluminum ‘Sump Pump None _|wats ExistingyProposed Proposed [Window Type Insuk Aluminum |Campness None Apparent {Foot Age (fts) 40est lSiomnSereens. Screens _|Settement None Apparent _ [Outside Entry None. Eftective Age fis.) 1 Manufactured House No isfestztion None Apparent Ba ROOMS Foyer jiviog {Dining | Kitchen | Den | Famity rn | Rec. Rm. | Bedrooms] # Baths _ aunty. Basernent Level 3 ‘Area 1 Ava i rt tot P44 Level 2 + 3 2 Bal Finished area above grade contains: 6 Rooms; 3 Besroomis} 3 Baths), INTERIOR Materds/Condtion [HEATING KTCHENEOUP. [ATTIC AMENITIES ie Foors. CpnTile,VinyvGood |Type = FWA. Retrigerator §[_] | None {2 [Feeplacets) # FPA Wals ShtrckPaintiGood [ful = _Gas____|Range/Oven [x] | Stairs Pato Wood Patio [>] | Garage Tom/Finish © _Wood/Good Candin Good {Disposal Drop Suir [_] |Deck CvDk.WdDk_ [ Bath ox —_Tile,Good. ‘COOUNG Dishwasher [| Scuttle £4 |Porch None. Bah Wansct Fibergiass/Good central Yes Faytood Floor 1 [Fence Chaint.ink Doors Masonite/Good Othe _No Microwave UC) | Heated i Condition Good WasheyDryer_{] | Fished ‘Ackdtional features (special energy efficient tems, els.) _ Roost with a widow's walk around it, meta’ outbuilding. 2Concrete Condition of the improvements, depreciation (physical, hinctiona, and external), epais needed. quaity of constucton. remadeling/additions, ec “The subject js and existing residence with proposed renovations. Physical deterioration ts typical of effective age and quality. Review of improvements Ft neighborhood and site did not reveal any ptiysical, functional or external inadequacies or super adequacies. Quality is Good-Average Condition Is Good. BB Adcerse envionmental conditions (such as, bul not limted 1a, hazardous wastes, taxc substances, etc) present in the improvements, on the site, or it te furruae idity of Gx suefort pupal. spparonl ut ebseived cuviunmeniel eunuttions wots diacuvered whitvtt would neyatively | affect the marketab Fredde Mac. Form 70 693 of the subje PAGE 1 OF 2 Fannie Mav Form 1004 6/93 UNIFORM RESIDENTIAL APPRAISAL REPORT FileWo._00Ks6207 B sruateD STE VALUE Z =$ 20,000 | Comments on Cost Approach (such as, source of cost estimate, site value, ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: NA square foot calculation and for HUD, VA and FHA, the estimated remaining Dwelling 1,888 Sq AL @$_69.00_=$ 130,272 economic tte of the propeity): Site Value is supported by cor..petitive : 0 Sq A. @S_0.00 0 site sales. The nature of the subject required thal Peplacemert ppliances, Fireplace 6,000 | Cost, not Reproduction Cost, be used. Cost is supported by GaraguCapot 328 $q.A @$ 18.00 5,904 data, local contractors and component suppliers. Deprecation_ Tota Estimated Cost New 142,178 . ical for design, quality and affective age of the tess Physicd © Functionad . Depreciation _2,374| 9} 7 . Depeciated Value of improvernenis . _. "Asis" Value of Ste improvements _ INDICATED VALUE BY COST APPROACH ing Economic Life: 59 years. q TEM ‘SIBECT ‘COMPARABLE NO.2 COMPARABLE. 3 19220 Auger Avenue 721 Gulf Aire Drive 310 Nautilus Drive 200 Gulf Aira Drive Port St, Joe (area) Part St. Joe (area) Port S1. Joe (area) Port St. Joe (area) | to Sibiect BESS | 0.78 Miles South 1.2 Miles South Soest 175,000 Pes 7 160,000 tice‘Gro g Area iS 83.41 WiERutS 75.61 ‘ORB 246, Pq 134/Gutt County Ext.Insp/Public Records DESORPTION | +(-)$ Adust_| ORB 245 Pg 944/Gulf County Ext..nsp/Public Records DESCRIPTION Cony. Finance No Concessions 08/11/00 Sea Shores Fee Simple Hi 1-Site/Equal ORB 240, Pq 148/Gulf Gounty Ext,Insp/Public Records +(e Ads. |___ DESCRIPTION! (-)8 Adust_| Gonv. Finance; No Concessions} 4-Sie/Supesior, Residential Residential 2-Slory/Good [2-Story/Good Good-Average Average i Good-Averaga “Bm: Bae 20 2118 So A None : None : Average i FwAlCentrat Energy Efficiont 2-Garage EntryPorch CyrdBreezeway ! Fence : None + ot Gornparabs xter sdaeds tare bch ica eA ‘Corrments on Sales Comparison (including the subject property's compatiblity to the neighborhood, ec} ‘The subject's marketing area is experiencing increasing property vaiues of both single tamity dweitings and vacant sites. The subject conforms well with existing and use pattems. Consideration was given to each of the comparables in Illustrating the value indication via this approach. 1-Site/Superior Residential Rambier/Good jacege CvEP.CvrdPatio Sprinkler, Well CmntyPoo! fT SUBECT ‘COMPARABLE NO. $ | COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data None None None None ‘Source, for pnorsdes | Public Records | Public Records Public Records Public Records within year of aporais ‘Andiysis of any current agreement of sae, option, or sting ot subject property and analysis ol any prior sales of subject and comparables within one year of the ute of appr ‘The subject is past of a multi-site transaction along with a mobile home for a total purchase price of $64,000. The subject nor the omparables have otherwise sold over the previous twelve months. | NDICATED VALUE BY SALES COMPARISON APPROACK INOICATED VALUE BY INCOME APPROACH ( Estimated Market Rent WA ox Gross Rent Mastipfier NVA ‘This appraisal is made *asis* — [_] subject to the repais, aterasons, inspections oc condibans isted below 2} supject to completion per plans & specificatons, Conditions of Appraisat _Subject to the proposed renovations per the plans and specifications given to the appraiser. AS-IS VALUE OF THE. SUBJECT PROPERTY IS $46,000. Fina Reconciiaion The value indications from the Cosi Approach and Sales Companson Analysis support the final Vaiue estimate below. The | income Approach was omitted dus to inconclusive and insufficient rentai data on houses of this size, quality and location s 173,000. NA ‘The purpose ofthis appraisal is to estimate te markst valve of the 1e@ propery thal isthe subject ofthis report, based onthe above conditions and the certification, contingent and Emiting conditions, and markel value definition thal are staied in the aftached Freddie Mac Form 439/FNMA form 10048 (Revised 693 ). 1 (WE) ESTIMATE THE MARKET VALUE, AS DERIRED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF November 9, 2000 Be] (WHICH Is THE OATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TD BE $ 173,000 _ iy APPRAISER ‘SUPERVISORY APPRAISER (ONLY IF REQUIRED: = Signature Loo boke Singure _C. 13 pie 71 oid Not Hame_Karen Ann Borden Hane_W. Dale Borden inspect Property Date Report Signed November 17, 2000 Date Report Signed November 17, 2000 _ _. Stale Cottoaton #St Rep Acct REA RVONNATOR fale FL Stale Corhostin # St. Cea. Ree. 20,0002690 Seas EL Os State License # State Qf Slate License # State Freddie Mac Form 70 6/33 PAGE 2 OF 2 Fannie Mae Form 1004 6-93 erred SUPPLEMENTAL ADDENDUM eno 00K86207. PoruweyClem Gaytan, Ramon & Sybih Proveny Addess 9220 Auger Avenue, Beacon Hill : ‘ty_ Port St. Jos (area) County _Guif Slate FL. Tn tote 32456 AS-IS VALUE OF THE SUBJECT PROPERTY IS $46,000. LIST OF REPAIRS: . 4. KITCHEN , LAUNDRY/BATH: 360sf x $25 per square foot equals $9,000 2. BEDROOM, 2/BATHS, 2/CLOSETS: 360sf x $25 per square foot equals $9,000 3. LIVING ROOM & DEN EXTENSIONS: 210sf x $26 per square foot equais $5.250 4. COVERED PORCH: 210sf x $8 per square foot equals $1,680 5. GARAGE: 234sf x $12 per square foot equals $2,808 6. DECK OVER GARAGE: 234sf x $8 per square foat equals $1,872 7. REMODEL TO INCLUDE UPGRADE OF ELECTRICAL, PLUMBING, HEATING & COOLING: 1050sf x $25 per square foot equals $26,250 8. SEPTIC SYSTEM: $4,800 TOTAL COST OF REPAIRS: $60,660 (SAME VALUE FOR COST TO CURE} "NOTE THAT PRICE PER SQUARE FOOT IS A DISCOUNTED AMOUNT DUE TO NO CHARGE FOR LABOR-IT IS THE APPRAISER’S OPINION THAT CURRENT MARKET PRICE PER SQUARE FOOT 1S APPROXIMATELY DOUBLE THE AMOUNTS LISTED. THIS APPRAISAL |S MADE “SUBJECT TO COMPLETION" PER THE PLANS AND SPECIFICATIONS SUPPLIED TO THE APPRAISER-ALSO KNOWN AS “SUBJECT TO VALUE”. co ED ADMINISTRATIVE COMPLAINT EXHIBIT # I a PAGE Sor Vk ADMINISTRATIVE COMPLAINT EXHIBIT #. PAGE 0 C t __f oraen Appraisal SeMce, ihc, FIRREA / USPAP ADDENDUM Bonower_Gaytan, Ramon & Sybil ‘Adtress 9220 Auger Avenue Beacon Hill oe City Port St. Joe (area) County Gulf State FL. Tp Code 32456 Lender/cient Empire Home Lending Corp. Se of this appraisal is to provide the appraisers best estimate of the Market Value of the unencumbered fee simpie interest in the ‘Subject real estate, exclusive of personaity and as of the effective dale. Scope : Tone TIT. In preparing the appraisal, the appraiser has inspected the neighbomood, subject propery, Tnapecied the exterior of comparable properies. lathered data on comparable seies through the appropriste valuation methods to arrive al a supportable Market Value estimate, To develop the| inion of value, the appraiser pertormad a Compiele Appraisal process, as defined by USPAP. No departures were invoked. Intended Use / Intended User = : ‘This Is a Summary Appraisai Report which is intended to comply with the reporting requirements set forth “onder Standards rule 2-2(b) of the Uniform Standards of Professional Appralsa! Practice for a Summary Appraisal Report. The Summary Appraisal Report Is a bref recapitulation | of the appraiser's data, analyses and conclusions. Supporiing documentation is 1 this report is specific to the needs of the client ang for the intended use of mortgage collateral ‘valuation/evaiuation. iat Pi = - — - - at Prior sale: _ The subject has nol sold over the past twelve months. Marketing time estimate is based on historical analysis of competitive sales form within the subjects marketing area_Estimated m 3.10 6 months. Estimsted exposure time: 6 to 8 months, Parsi ransfers, - ne set a The valuation of persona! property was. Teyond the scope of the = appraisal ‘The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the fequiremenis of the Code of Professional Ethics and the Standards of Professional Appraisal Prac Certification Supplement __—_ = z 1. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, oF an approval ol a loan, 2. My compensation is not contingent upon the reporting of a predetermined value or direction in value thal favors the cause ot the client, the amount of the value estimate, the aflainment of a stipulated resuit of the occurence ol a subsequent event. Aporaiser(s}: Leen haw Burdon Elective date / Report date: __ November 9, 2000. Karan A. Borden, St.Reg Asst R!-0005193 ~ ‘Supervisory Appraiser{s}: CS bot belo Effective date / Report date: ___Novernder 9, 2000. W. Dale Borden, St Cen Res.RD-0002909 we ons, eerie ee DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under aii conditions requisite to a tar sale, the buyer and seller, each acting prudently, inoivledgeably and assuming the price is not atfecled by undue stimafus, implicit in Ins definition is the consummation of a sale as of a specified date and the passing of sie from seller 1o buyer under conditions whereby: {1) buyer and seller are typicaly motivated: (2) both pares are wel informed or well advised, and each acting in whal he considers his own best interes, (3) a reasonable time is alowed for exposure in the open market, (4) payment is made in tens of cash in U.S. dollars oF in terms of financial arangements comparable thereto: and {6) the price epesenis the normal consideraion for the property sold unatlected by special or ereale financing or sales concessions* granted by anyone associated wilt the sale. 1 * Adustmerts 10 the compares must be made for special o creative financing or sales concessions. No adusiments we necessary : for those costs which are normally oai¢ by selers as a restft of traction or faw in a market area, these costs ae readily Identifiable ; ‘ince the seller pays these costs in virualy all sales transactions. Speci o creative financing adjustments can be made to the : comparable property by comparisons to financing terms offered by a tied party instiutional lender that is not already involved in the : property of transaction, Any adistment should not be calculated on a mechanical dolar for dolar enst of the financing or concession but the dolar amourt of any adjustment shoud approxima the market's reaction to the financing ar concessions based on the appraiser's iadgemert. STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The apraser’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 elther the property being appraised or the tite tof. ‘The appraiser assumes that the file is good and marketable and, therefore, wilt not render any opinions about the title The property is appraised on the basis of it being under responsitHe ‘ownerstip, 2. The appraiser has provided a skeich in the appraisal report to show approximate dimensions of the improvements ‘and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination ct its size. 3. The appraiser has examined the avalable flood maps thal art provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisa seport whether the subject site is focated in an identified Special Alood Hazard Area. Becasse the appralser is not a surveyor, ne or she makes 10 Quaramiees, express or implied, regarding this determunation. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific amangements 10 do ‘so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach af its highest and best use and the improvements af their contributory value, These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they ae so tsed 8. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wasles, toxic ‘substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research awoWved in pertorming the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse enwionmental conditions {including the presence et hazardous wastes, toxic substances, etc.) that woukl make the property more or less valuable, ant as assumed that thers ae no such conditions and makes no guarantees or warranties, express or Implied, regarding the condtion of the property The appraiser veil not be responsibie for any such conditions that do exist or for any engmeerin oc testing that might be required to discover whether such conditions exist Because the appraser is not an exert in the field of environmental hazards, the apprasal feporl must not be considered as an emmronmental assessment ot the property. 7. The appraiser oblained the information, estimates. and opinions thal were expressed in the appraisal repor ftom sources that he or she considers to be reliable and believes them to be bue ant cortect The appraiser does not assume responsibilty for the accuracy of such items that were fumished by other patties. A. The appraiser wit not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satistactory compietion, repairs, oF allerations on the assumplon that completion of the improvements wit be performed in a workmantike manne. 40. The appraiser must provide tis oF her prior wniten consent betore the lender/cient specified in the appraisal report can distibute the appraisal report t (including conclusions abou! the property value, the appraiser's identity and professional designations, and references 10 ary protessional anpraisal ‘orgartzations or the firm with which the appraiser is associated} to anyone other than the borrower, the mortgagee or Hs successors and assigns; the mortgage ADMINISTRATIVE COMPLAIN insurer, consuttants; prolessiona appraisd organizations, any slate ot federaly approved financial institution, or any department, agency, of instumentalty of the Unted Siales or any stale or the Distict of Columbia: except that the lender/cient may distibxe the property description section of the repo only to data EXHIBIT ee collection or reporting service(s} without having lo obtain Ihe appraiser's prior written consent. The appraiser's written consent and approval must also \( be oblaned before the apprasa can be comeyed by anyore 0 the public through advertising, public relations, news, sales, of ather media. PAGE ____ 2. OF 4 Freddie Mac Form 439 6-93 Page { of 2 Fannie Mae Form 10048 6-93 iuf ete a yee fe APPRAISER’S CERTIFICATION: The Apgrase: certifies and agrees that: 1. (have researched the subject maket area and have selected a minmum of three recent sales of properties most similar and proximate to the subject property {or consideration in the sdes comparison analysis and have made a dolar adjustment when appropriate ta reflect the market reaction to those Items of sug ificant vaiaion. If a significant item in @ comparable property is superior 10, or more favorable than, the subject property, { have made @ negative adustment to reduce ‘the adusted sales price of the comparable and, i a significant item in a comparable property is inferior to, or less favorable than the subject property, | have made a positive adjustment to increase the adusted sales price of the comparable | 2 t have taken info consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. { have nat > ‘mowingly withheld any significant information from the appraisal report and | believe, 10 the best of my knowledge, that all statements and information in the appraisal report are tue and correct. . 3.1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditons specified in thes torn, 4. Fheve na present or prospective inferes in the property that is the subject to this report, and | have no preseni or prospective personal interest or bias with respect to the participants in the transaction. | did not base, either partly or completely, my analysis and/or the estimate of market value in the apprasa report ‘on the race, coiot, religion, sex. handicap, farnlia status, or national orgin of ether the prospectve owne's or occupants of the subject property oF ot the present ‘onmers or occupants of the properties in the vcinty of the subject property 5. [have no present or contemplated future interest in the subject property, and neither my current or future employment not my compensation for performing this ‘aopraisa Is contingent on the appraised value ofthe property 6 | was not requited to report a predetermined valve oF direction In value thal favors the cause of the client or any related party, the amount of the value estimate, the attainment of @ specific resull, or the occurence of a subsequent event in order lo receive my compensation and/or employment for performing the appraisal. | ‘did not base the appraisal report on a requested mirumum valuation, a specific valuation, or the need to approve a specific mortgage foan, 7. | performed this appraisal in conformity with the Uniform Standants of Professional Appraisal Practice that were adopted and promulgated by the Appraisal ‘Standards Board of The Appraisal Foundation and that were in place as of the affective date of this appraisat, with the exception of the departure provision of thase . ‘Standards, which does nat apply. i acknowledge that an estimate of a reasonable bme for exposure in the open market is a condition in the definition cf market value . and the estimate | developed is consistent with the marketing time noted in the neighborhood section of this report, uniess | have otherwise stated in the reconoiation section. 8. Ihave personally inspected the interior and exterior areas of the subject property and the extenor of al properties listed as comparables in the appraisal report { futher certty thal | have noted any apparent or mown adverse conditions in the subject improvements, on the subject sile, or on any sie within the immediate Vicinity of the subject property of which | am aware and have made adjustments for these adverse condilions in my analysts of the property value to the extent that Thad market evidence to support them. Ihave also commented about the etfect of the adverse conxitions on the marketability ofthe subject property 9. | personally prepared aii conciusions and opinions about the real estate that were set forth in the appraisal report #1 selied on significant professional assistance from any indvidual or individuals in the pertormance of the appraisal or the preparation of the appralsat report, { tae named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. { certify that any individual so named is qualified to perform ‘the tasks. I have not authorized anyone to make a change to any item in the report, therefore, if an unauthorized change is made to the appraisal report, | will take ne responsibilty for it. SUPERVISORY APPRAISER’S CERTIFICATION: I a supewisory appraiser signed the aopraisa report, he or she certfies and agrees thal 1 rectly supervise the appraiser who prepared the appraisa! repor, have reviewed the appraisal report, agree with the statements and conclusions of the appraise, agree lo be bound by the appraiser's certtications numbered 4 through 7 above, and am laking fll responsibility forthe appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: (9220 Auger Avenue,Beacon Hitl, Port St. Joe (area), FL 32456 APPRAISER: SUPERVISORY APPRAISER (only It required): Nave: _Karen Ann Borden Name: W. Dale Borden Date Signed. _November 17, 2000 Dae Signed: November 17, 2000 Stale Certfcaton # Si. Reg. Asst, REA RI-0005193. State Certfication # St. Gert. Res. RD-0002908 or Site License # a Stde License # - side Flonda Sta Fiorida A Expration Date of Cericalion or License. November 30, 2002 Expiration Date of Cerificabon of License November 30, 2002 DMINISTRATIVE COMPLAINT ois —L] nd Not inspect Property EXHIBIT ¢_ | Fo ona. PAGE oF ——_ ——— Frege Mac Form 439 6-83 Fannie Mae Form 10048 684 142 Building Sketch Fle No. DUKS62U/} Page #11 |BorowerCient_ Gaytan, Ramon & Sybil _. . Property Address 9220 Auger Avenue, Beacon Hilt ~ City Port St. Joe (area) County Gulf State FL ‘Fpcose 32456 Lender_Empire Home Lending Corp Dining Area Living Room SKETCH CALCULATIONS. Total Living Area Totat Garage Area ADMINISTRATIVE COMPLAINT EXHIBIT # PAGE 2. OF ———l{_ —= tee yw. wngueur rage ere Plat Map et_Gaylan, Ramon & Sybil [Property Address_ 9220 Auger Avenue,Beacon Hill City Port St. Joe (area) County Gulf State Lender Empire Home Lending Comp ~ FL Tip Code 32456 | ADMINISTRATIVE COMPLAINT. EXHIBIT # { PAGE _ K OF {( 144 Location Map ‘BorgwerClie Gaylan, Ramon & Sybil _ ~ Property Adsress 8220 Auger Avenue Beacon Hill ee Gity_ Port Si, Joe (area) Couny Gul : a State FL Tp Gade 32456 Lender_Empire Home Lending Corp. Parkwood Tramroad Sujet 9270 Auger Avenue Gut of Mexico. ADMINISTRATIVE COMPLAINT. EXHIBIT #. PAGE OF i 2006 Merny Coy GOT ADMINISTRATIVE COMPLAINT. EXHIBIT #_____f PAGE (oO. or ____{| Subject Photo Page (Gorower/Client Gaytan, Ramon & Sybil ___ Property Addess 9220 Auger Avenue Seacon Hil City_Port St. Joe (area) County Gulf Slate FL Lender Empire Home Lending Corp. Subject Front 9220 Auger Avenue . ‘Sales Price Note Comment Grass Uving Nea 1,888 Tota Rooms 6 Told Bedrooms «= 3 Total Bathrooms: a Location feacan Hilt View Residential ste 1-Site/Typical Quatty Good-Average Age AdDesvEt Subject Rear Subject Street ADMINISTRATIVE COMPLAINT EXHIBIT #____—f PAGE (cop — Comparable Photo Page Irma, uynapeus Fue Ht Bonower/Ciet_ Gaytan, Rai Property Addeess 9220 Auger Avenue Beacon Hill City Port Si. Joe (area) _Lounty Gulf State FL 32456 Lender Empire Home Lending Corp. Comparable t 721 Gulf Aire Drive . Prox ty Subject 078 Miles South Sale Price 175,000 Gross Living Area 2.098 Tota) Roums. 6 Tola Bedrooms: 3 Tota Battwooms = 2 Location Golf Aire View Residential Site 1-Site/Superior Qualty Good-Avarage Age ANareS Comparable 2 310 Nautilus Drive Prox. to Subject 1.2 Mites South Sale Price 160,000 Gross Living Avea 2,116 Total Rooms 6 Tota Bedrooms: 3 . Total Bathooms = 2 Location Sea Shores View Residential Site 1-Site/Equal Quality Average Age AGIES Comparable 3 209 Gulf Aire Orive Prox. to Subject 1 Mite South Sale Price 184,000 Gross Lwin Area 2,013 Tolal Rooms 6 Tota Bedrooms = 3 Total Bathrooms = 2 Lucation Gutf Aire View Residentiat Sile 1-Site/Superior Oualty Gcod Age ASIEA ADMINISTRATIVE COMPLAINT EXHIBIT , 3 +4 _l + PAGE __.__-{- OF {File No CoKs6121, Page #2] APPRAISAL OF REAL PROPERTY LOCATED AT: 1426 Pleasant Rest Road Potion of $33 - TSS - RAW. ORB 231, Pg 255 Wewahitchka (area), FL 32465 FOR: Capital Cy Bank 504 Monument Avenue, Part St Joe, FL 32456 AS OF: June 26, 2000 BY: Karen Ann Borden State Registered Assistant Appraiser #R!-0005 193, Borden Appraisal Service 116 Westcott Crcle Port St. Joe, FL 32456 Borden Appraisal Service, Inc. Form GA2 — “TOTAL for Windows” appraisal software by a la mode, inc. — 1-800-ALAMODE 19 ADMINISTRATIVE COMPLAINT EXHIBIT # pace gor Borden Appraisal Service, inc. File Nu, UH lage ett Prop. i UNIFORM RESIDENTIAL APPRAISAL REPORT File Na, OOKs6121 _ Propeiy Addess 1426 Pleasant Rest Road Cty Wewahitchka (area) Ste FL Zip Cue 324015 Lega Description Portion of $33 - TSS — RAW, ORB 231, Pg 255 andy Gulf Assessor's Parcel flo. _03426-540R TacYea 1999 RE Tawes $ 207 46 ssessmrtiy £0, EY Borrower Newsome, David Curent Owner Carr. William H., Jr. Occupant: [°] Owner [| Tenant Ver att Property ights appraised |] fee Simple | = Leasehokd Project Type [| PUD. [1 Comtominive {HU0/VA only) HOA $ N/A. ittu. Neighborhood i Projecl Name Overstreet Map Relerenci ‘Sde Price $27,000 Dite of Sake 07/01/00 Descriphon and § amount ol oan chargeyegncessins 19 be pad by salar Typical Lender/Cient_ Caprtat City Bank _. Rékhess 504 Monument Avenue, Port St. Joe, FL. 32456 _ Aporaiser___Katen Ann Borden Adiiess 116 Westcott Circle, Port St Joe, FL. 32456 Location 1 j Urban 1; Suburban i; Rural Predominant ‘Single tamiy hoveing Preaem land une % Land use change Buik up [_! Over 25% { '25-75% — [-* Under 25%. Occupancy $(000) tyts) [One family __100. [
Source:  Florida - Division of Administrative Hearings

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