oe STATE OF FLORIDA 4 DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION», Ep FLORIDA REAL ESTATE APPRAISAL BOARD / se tLe, PO Es, FLORIDA DEPARTMENT OF BUSINESS & HEIgly Py PROFESSIONAL REGULATION, hy fes ee 6 DIVISION OF REAL ESTATE, Os We Petitioner, v. CASE NO. 2003084535 DEBORAH M. HALL, Respondent. O Tl - O 2 ¥. a PL / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Deborah M. Hall (“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 4615 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 10321 Huckleberry Drive, Port Richey, Florida 34668. 4. On or about April 5, 2002, Respondent and Anthony Elgin (Elgin) developed and FDBPR v. Deborah Hali Case No. 2003084535 Administrative Complaint communicated an appraisal report (Report) for property commonly known as 7415 Flounder Drive, : Hudson, Florida 34667 (Subject Property) and estimated its value as of March 1, 2002 at $110,000. A copy of the Report is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. In each of the comparable sales utilized in the Report, Respondent and Elgin erred in indicating the actual sales prices. 6. Specifically, Respondent and Hall indicated that each of the three comparable sales closed at $110,000, $1 16,000, and $110,000, respectively, when they closed at $73,000, $74,000, and $82,000, respectively. 7. Respondent and Elgin misrepresented the estimated value of the Subject Property. COUNT I Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standard 1-1, or other provision of the Uniform Standards of Professional Appraisal Practice (2002) in violation of Section 475.624(14), Florida Statutes. COUNT II Based upon the foregoing, Respondent is guilty of having failed to exercise reasonable diligence in developing an appraisal report in violation of Section 475.624(15), Florida Statutes. COUNT II Based upon the foregoing, Respondent is guilty of misrepresentation in any business transaction in violation of Section 475.624(2), Florida Statutes. FDBPR v. Deborah Hall Case No. 2003084535 Administrative Complaint 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 Section 455.227, Fla. Statutes and Florida Administrative Code Rule 61J1-8.002. FDBPR v. Deborah Hall Case No. 2003084535 Administrative Complaint SIGNED this 2 day of / y end lr , 2004. Florida Department 6f Business an Professional Regulation By: Director, Division of Real Estate ce SEI ATTORNEY FOR PETITIONER ! Regulaties, Divi . ision of Real Estate Stacy N. Robinson Pierce, Clark Senior Attorney : ee ee Fla. Bar No. 182796 ; \ \ 4) Division of Real Estate Date acne Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 - FAX PCP: MM/CK 11/04 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 FDBPR v. Deborah Hall Case No. 2003084535 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. AELGIN APPRAISAL SERVICE 1727 GOACHMAN PLAZA DR CLEARWATER, FL 33759 727-724-9765 MARCH 4, 2002 FLORIDA MORTGAGE FUNDING 5215 W. LAUREL SUITE #100 TAMPA, FL. 33607 Re: Property: 7415 FLOUNDER DR HUDSON, FL 34667 Bortower. BOLDA, NANCY E FileNo.: 741SHUDSON In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of this appraisal is to estimate the market vatue of the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. This report is based on a physical analysis of the site and improvements, 2 locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the teport was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The value conclusions reported are as of the effective date stated in the body of the report and contingent upon the certification and limiting conditions attached. it has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. THIS APPRAISAL WAS PREPARED UNDER THE SUPERVISION OF ANTHONY ELGIN ST CERT GEN REA Sincerely, br AN tee DEBORAH M HALL ST REG ASSIST REA RI- 0005557 ADMINISTRATIVE COMPLAINT exHipit #_f PAGE OF UNIFORM RESIDENTIAL APPRAISAL REPORT File No,_7415HUDSON Property Address 7415 FLOUNDER DR. City HUDSON State FL Zp Code 34667 Legal Oescription HUDSON VILLAGE A CONDOMINIUM CB 5 PG 50 UNITS8 & 9 AND COMMON ELE County PASCO Assessor's Parcel No. 26-16-27-0200-00000-0090- Tax Year 2001 RE. Taxes $ 195. 20__ (24 Borrower BOLDA, NANI 3 Eins amrtnd D-pad Pete T1200 Ton 0 ca y)___HOA $ N/A Lender/Clent: HORA MORTGAGE FUNDING ‘ddiess 5215 Ww. LAUREL SUITE #100, TAMPA, FL 33607 Appraiser _ DEBORAH M HALL. Address 1727 COACHMAN. PLAZA DR, CLEARWATER, FL 33759 Location (J urban fami Q | Present land use % Suttt up (XI Over 75% (000) Os) 400 Growth rate (_] Rapid (_] stow Property values [><] Increasing [_] Deetining Demand/suppty [_] Shortage Marketing time _[_] Under 3 mos. [X] 3-6 mos, 7 Mote: Race and the racial composition of the neighborhood are not appraisal factors. Nelghborhood boundaries and characteristics: _THE SUBJECT PROPERTY IS LOCATED SOUTH OF NEW YORK AVE, NORT OF HUDSON AVE, EAST OFOLD DIXIE HWY & WEST OF US HWY 19 =4 Factors that affect the marketablity of the properties in the neighborhood (proximity to employment and amenities, employment stably, appeal to market, etc.): THIS IS ACOMPLETE SUMMARY APPRAISAL REPORT. SUBJECT PROPERTY LIES IN AN AESTHETICALLY APPEALING SCHOOL, MEDICAL FACILITIES, AND RECREATION FACILITIES. POLICE AND FIRE PROTECTION ARE ADEQUATE. Market conditions in the subject neighborhood (Including support for the above conckuslons related to the trend of property values, demand/supply, and marketing time -= such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc): THE MARKETING TIME OF 3 TO 6 MONTHS IS BASED UPON THE APPRAISER'S OBSERVATION OF THE MARKETING TIME OF LISTINGS AND SALE WITHIN THE IMMEDIATE AREA AND THE RATIO OF THE NUMBER OF LISTING TO SALE. ALSO CONSIDERED WERE THE DYNAMICS OF THE NEIGHBORHOOD, CITY AND STATE ECONOMICS PLUS KNOWN AND FORECASTED CHANGES IN. EMPLOYMENT AMONG OTHER ECONOMIC FACTORS. FHA, VA, AND CONVENTIONAL FINANCING NOTED IN AREA WITH NO. KNOWN FINANCING CONCESSIONS. Project Information for PUDs (if applicable) - - Is the developer/bullder In control of the Home Owners’ Association (HOA)? LT ves Approximate total number of units in the subject project NIA Approximate total number of units for sale in the subject project Describe common elements and recreational faciities: NIA Dimensions SEE PLAT MAP. Site area _12,800 SF MOL. Comer Lot [x] Yes [_] No Specific-zoning classification and description O400/O0MF1- CONDOMINIUM/ MANUF HOME Zoning complanee &) (] Lagal nonconforming (Grandfathered use) (| egat {_]} No zoning improve Other use (explain) Off-site Improvements. Type Public Private &® oO O Steet fights OVERHEAD. X Alley NONE FEMA Map No, 120230 0180 D. Comments (apparent adverse easements, encroachments, special assessments, side areas, legal or legal nonconforming zoning use, etc.): ALL EASEMENTS. HAVE BEEN CONSIDERED. NO SURVEY WAS SUPPLIED TO THE APPRAISER. el OOO iO iz rr DESCRIPTION OF IMPRt Bath Walnscot TILE/AVG Doors WOOD/PAINTED ‘Adidtional features (special energy efficent Rems, etc.): DOCK Condition of the improvernents, deprectation (physical, functional, and extemal), repalrs needed, quality of construction, remodeling/additions, etc.: DEPRECIATION IS DUE TO NORMAL WEAR AND TEAR. STRUCTURE IS IN GOOD CONDITION WITH NO REQUIRED REPAIRS Adverse environmental conditions (such as, but not iimited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or In the immediate vicinity of the subject property. NONE NO’ A MINISTRATIVE COMPLAINT Freddie Mac Form 70 6/93 PAGE 1 OF 2 Fannie Mae Form 1004 6/93 L6 EXHIBIT Bia Form UA2 — sal sofware by a la mode, foc. — 1-800-ALAMODE PAGE _ OF UNIFORM RESIDENTIAL APPRAISAL REPORT FigNo._7415HUDSON 50,000 Comments on Cost Approach (such as, source of cost estimate, ste value, square foot calculation and for HUD, VA and FmHA, the estimated remaining ation Section ESTIMATED SITE VALUE ESTIMATED REPRODUCTION RESIDENTIAL HANDBOOK WAS USED AS A GUIDELINE, ALONG WITH DATA OBTAINE! 'D FROM LOCAL BUILDERS SUPPLIERS ON FILE IN THE APPRAISERS OFFICE. LAND VALUE EXCEEDS 33% OF TOTAL VALUE DUE TO DESIRABILITY OF WATERFRONT PROPERTY IN THIS Oepreclated Valus of Improvements “As-(s* Value of Site impcovernents _.. COMPARABLE NO. 2 COMPARABLE NO. 3. 7445 FLOUNDER DR 6716TOWERDR Address_ HUDSON. HUDSON ‘:_|HUDSON Proximity to Subj : : die 1SC OF WEST FLORIDA T-llt DESCRIPTION _i_+({-)$ Adjust NOTFOUND : NONE NOTED} FEE SIMPLE! 5,000 SF MOL} +3,900 [MANUFAG | AVERAGE i 30/ EFF 20 H TYPICAL Anpea MANUFAC View Design and Ang Age. AT/AS EFF [AVERAGE | OPF, DECK NONE FENCE,SHED Comments on Sales Comparison (Including the subject property's compatiblity to the neighborhood, etc.): THE SAME AREA AS THE SUBJECT, AND ARE CONSIDERED THE BEST AND MOST RECENT SALES THAT COULD BE FOUND. THE COMPARABLES WERE WEIGHTED GIVING MOST CREDENCE TO SALE #1 AND THE LEAST WEIGHT TO SALE #3, BASED ON SIMILARITIES AND DISSIMILARMMIES TO THE SUBJECT. SITE VALUE WAS DEVELOPED BY ABSTRACTION. COMPARABLE NO. 2 COMPARABLE NO. 3 NO PRIOR SALE WITHIN THE Lt! NO PRIOR SALE WITHIN ONE ONE YEAR YEAR . Analysis of any current agreement of sale, option, or isting of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: NONE NOTED . INDICATED VALUE BY SALES COMPARISON APPROACH INDICATED VALUE BY INCOME APPROACH (if Applicable This appraisal is made [_| subject to the repairs, alterations, inspections Conditions of Appraisal: SEE ADDENDUM Final Reconcilation: PRIMARY CONSIDERATION WAS GIVEN TO THE SALE COMPARISON APPROAGH AS IT MORE ACCURATELY. MEASURES TYPICAL BUYER/SELLER REACTION IN THE MARKET PLACE. THE COST APPROACH LENDS SUPPORT TO THESE FINDINGS. : ‘The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the ceriification, contingent and limiting conditions, and market value definition that are stated In the attached Freddie Mac Form 439/FNMA form 10048 (Revised 6/93 ). HWE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT |S THE SUBJECT OF THIS REPORT, AS . ‘Signature Name DEBORAH M HALL Date Report Signed 05, 2002 State Certification # ST REG ASSIST REA PAGE 2 OF 2 Fannie. Mae Form 1004 6-93 EX IRE T foune-f 107A tor Windows apa star by a mae, he. — 1-800-ALAMODE PAGE 2. OF. 27 ACLGIN APPHAISAL StHViLES: Borrower BOLDA, NANCY & Property Address_7415 FLOUNDER DR THE APPRAISAL is BASED. UPON THE RESEARCH AND D ANALYSIS OF THE SUBJECT PROPERTY. NEIG NEIGHBORHOOD AND COMPETING SALE AND FOR SALE LISTINGS AND LOCAL MARKET TRENDS. AN INTERIOR AND EXTERIOR INSPECTION OF THE SUBJECT PROPERTY WAS CONDUCTED. INFORMATION UTILIZED IN THE FORMATION OF THIS REPORT WAS VERIFIED THROUGH PUBLIC RECORDS AND/OR RECOGNIZED PUBLISHED DATA SOURCES. ALL REVEL ANT APPRAISAL ANALYSIS, OPINIONS AND CONCLUSIONS WERE DEVELOPED, AND THIS REPORT HAD BEEN PREPARED IN CONFORMITY WITH THE UNIFORM STANDARDS OF PROFESSIONAL PRACTICE. THIS REPORT iS INTENDED Fi BY THE ‘CLIENT LISTED HEREIN AND ANY. OTHER LENDER CHOSEN BY THE CUENT. USE OF THIS REPORT IS NOT INTENDED BY THE APPRAISER. A PARTY RECEIVING A COPY OF A SELF CONTAINED APPRAISAL REPORT, SUMMARY APPRAISAL REPORT OR RESTRICTED USE APPRAISAL REPORT IN ORDER TO SATISFY DISCLOSURE REQUIREMENTS DOES NOT BECOME AN INTENDED USER OF THE APPRAISAL UNLESS THE CLIENT IDENTIFIES SUCH PARTY AS AN THE APPRAISER HAS EMPLOYED A 120-180 DAY ( LIST TO CLOSE) MARKETING TIME ASA REASi NABLE™ MARKETING TIME PERIOD FOR THE SUBJECT MARKET. THE AFOREMENTIONED PERIOD !S CONSISTENT WITH THE DEFINITION OF MARKET VALUE, AS “THE FUNCTION ‘OF THE APPRAISAL 1s TO AID THE LENDER IN SECURING A MORTGAGE. *INCOME APPROACH COMMENTS: JUSTIFICATION FOR EXCLUSION OF THE INCOME APPROACH: THE GROSS INCOME (RENT) MULTIPLIER APPROACH IN NOT APPLICABLE WHEN FEW COMPARABLES PROPERTIES ARE RENTED IN THE COMPETIVE MARKET. THIS APPROACH IS ALSO QUESTIONABLE IN MARKET SITUATIONS IN WHICH MARKET RENTALS AND SALES PRICES DO NOT BEAR A| CONSTANT RELATIONSHIP TO EACH OTHER. IT IS OUR OPINION THAT THE INCOME APPROACH, IN VALUATION OF THE SUBJECT. PROPERTY IS NOT APPLICABLE DUE TO THE LACK OF RELEVANT AND CONSISTENT DATA NECESSARY TO RENDER A RELIABLE VALUE INDICATION VIA THE GROSS RENT MULTIPLIER ANALYSIS. *THE STATEMENTS OF FACT CONTAINED IN THIS REPORT ARE TRUE AND CORRECT. *THE REPORTED ANALYSIS, OPINIONS, AND CONCLUSIONS ARE LIMITED ONLY BY THE ASSUMPTIONS AND LIMITING CONDITIONS AND ARE MY PERSONAL, IMPARTIAL AND UNBIASED PROFESSIONAL ANALYSIS, OPINIONS AND CONCLUSIONS, *LHAVE NO PRESENT OR PROSPECTIVE INTEREST IN THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT AND NO PERSONAL INTEREST OR BIAS WITH RESPECT TO THE PARTIES INVOLVED, ANY SPECIFIED INTEREST OR BIAS HAS NOT AFFECTED THE IMPARTIALITY OF MY OPINIONS AND CONCLUSIONS. “MY ANALYSIS, OPINIONS AND CONCLUSIONS WERE DEVELOPED, AND THIS REPORT HAS BEEN PREPARED IN CONFORMITY WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE. *THE APPRAISER HAS MADE A PERSONAL INSPECTION THAT IS THE SUBJECT OF THIS REPORT. THE SUPERVISORY APPRAISER DID/DID NOT MAKE A PERSONAL INSPECTION OF THE PROPERTY. “NO ONE PROVIDED SIGNIFICANT PROFESSIONAL ASSISTANCE TO THE PERSON SIGNING THIS REPORT. *THE WORD "NEIGHBORHOOD" HAS BEEN ELIMINATED FROM USPAP, BUT SOME FORMS STILL CONTAIN THE WORD AS THEY HAVE NOT BEEN UPDATED, ANY REFERRAL TO NEIGHBORHOOD SHOULD BE INTERPRETED. AS MARKET AREA 1. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or an approval af a loan. 2. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result or the occurrence of a subsequent event. Effective date / Report date: _ MARCH 4, 2002 DEBORAH M. HALL, RI-0005557 Effective date / Report date: _ MARCH 1, 2002 ANTHONY ELGIN,RZ-0001589 ADMINISTRATIVE COMPLAINT myer: Form PUA — “TOTAL for Windows apralsa software by aa mode, nc. — 1-800-ALAMODE EXIST ae nl 23 ee ‘OF ite NO. {41 OHYUSUNL Pade #1) Subject Photo Page Property Address 7415 FLOUNDER DR HUDSON County PASCO Lender FLORIDA MORTGAGE FUNDING Subject Front 7415 FLOUNDER DR Sales Price NIA Gross Living Area = 1,008 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2 Location WTRFRT View TYPICAL. Site 12,800 SF MOL Quality AVERAGE Age 17/15 EFF Subject Rear Subject Street Nik biel WON, CT evita ayy ota Comparable Photo Page Borrower/Client_ BOLDA, NANCY E Property Address_7415 FLOUNDER DR Gity_HUDSON County PASCO Lender_ FLORIDA MORTGAGE FUNDING Comparable 1 6724 CURLEW LA Prox, to Subject =: 1.04 miles Sale Price 110,000, . Gross Living Area 957 Total Bedrooms = 3. Tota Bathrooms = 2 Location WTRFRT View TYPICAL Site 8,220 SF MOL Quaftty AVERAGE Age 411 EFF20. Comparable 2 Address 6716 TOWER DR Prox. to Subject 1.64 miles Sale Price 116,000 Gross Living Area © 1,200 Total Rooms 7 Total Bedrooms 3 Total Bathrooms = 2 Location WTFRT/SUPER View TYPICAL Site 5,000 SF MOL ‘Quality AVERAGE Age 31/ EFF 20 Comparable 3 Address 6530 TOWER DR Prox. to Subject 1.74 miles Sale Price 100,000 Gross Living Area 1,100 Total Rooms 7 Total Bedrooms «= 3 Total Bathrooms = 2. Location WTFRT/SUPER View TYPICAL ‘SRe 5,000 SF MOL Quality AVERAGE Age 30/ EFF 20 exnieir al Fom PPI — TA Wow pas star by al, — SOP ALA el 30 Location Map Borrower/Clem_BOLDA, NANCY E. Property Address_ 7445 FLOUNDER DR County PASCO. ‘ ‘Subject . g| 7415 FLOUNDER DR | frat Ln Comiparable #4 fl 6724 CURLEWLA. . "(4.0 mites) Compatable #2. 6746 TOWER DR (1.6 miles) AD SiRALIVE COMPLAINT “Fo MAP.LOC — TOTAL Nt org sofrare by aa mode, he. — 1-20-ALAMODE Ne pian he. — -800-ALAMOOE eho PAGE 7? OF 3¢ Flood Map Bonowe/Clent BOLDA, NANCY E Property Address _7415 FLOUNDER DR Cty _HUDSON Guay PASCO Lender FLORIDA MORTGAGE FUNDING 415 FLOUNDER OR a ADMINISTRATIVE CO MPLAINT EXHIBIT gl __——— PAGE OF Form MAP.Fiood — "TOTAL for Windows" appraisal software by ala mode, inc, —- 1-800-ALAMODE 32 . Plat Map BorowerCient_ “BOLDA, NANCY E Property Address_ 7415 FLOUNDER DR City HUDSON County PASCO. Lender FLORIDA MORTGAGE FUNDING ) Subject 7415 FLOUNDER OR a ADMINISTE: EXHIBIT # Form MAP.PLAT — “TOTAL for Windope’aprasal sft yy a fa mode, inc, — 1-8 ee OE TIVE COMPLAINT (bile No. /41SHUUSUN! Page #11 Borrower BOLDA, NANCY E File No. 7415HUDSON Property Address_7415 FLOUNDER DR City HUDSON County PASCO State FL Zp Code 34667. Lender FLORIDA MORTGAGE FUNDING APPRAISAL AND REPORT IDENTIFICATION This appraisal conforms to one of the following definitions: Complete Appraisal (the act or process of estimating value, or an opinion of value, performed without Invoking the Departure Rule.) Limited Appraisal (The act or process of estimating value, or an opinion of value, performed under and resulting from invoking the Departure Rule.) report is one of the following types: Self Contained (A written report prepared under Standards Rule 2-2(a) of a Complete or Limited Appraisal performed under STANDARD 1.) Summary (A written report prepared under Standards Rule.2-2(b) of a Complete or Limited Appraisal performed under STANDARD 1.) Restricted {Awritten report prepared under Standards Rule 2-2(c) of a Complete or Limited Appraisal performed under STANDARD 1 for client use only.) Comments on Standards Rule 2-3 | certy that, to the best of my knovledge and belief: * The statements of fact contained In this report are true and correct. + The reported analyses, opinions, and conctuslons are limited onfy by the reported assumptions and limiting conditions, and are my personal, Impartial, and unbiased Professional analyses, opinions and conclustons. * Ihave no (or the specified} present or prospective Interest in the property that is the subject of this report, and no (or the specified) personal interest with respect to the parties involved. + Thave no bias with respect to the property that Is the subject of this report or the parties involved with this assignment. ‘+ My engagement In this assignment was not contingent upon developing or reporting predetermined resutts, * My compensation for completing this assignment is not contingent upon the davelopment or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the Intended use of this appraisal. ° My analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Apprafsal Practice. + thave (or have not) made a personal Inspection of the property that is the subject of this report. + No one provided significant real property appralsal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant feat property appraisal assistance must be stated.) Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-3, 1-4, plus any USPAP-related issues requiring disclosure: APPRAISER: SUPERVISORY, nly if required): Signature: Me ber L)} Ait Signature: “Name! DEBORAH M HALL Name: AN Date Signed: April 05, 2002 Date Signed: April 05, 2002 i State Certification #: ST REG ASSIST REA State Certification #: ST CERT GEN REA RZ-0001589 of State License #: ‘or State License #: RZ-0001589 State; State: FL Expiration Date of Certification or Licanse: Expiration Date of Certification or Ucense: 14/30/02 Gel od =] id Not inspect Property EX ee COMPLAINT “ T # - A ELGIN APPRAISAL SERVICES PAGE —_ Zp fms rosa by ala mode, inc, — 1-800-ALAMODE ” ie) {file No. 741SHUDSONI Page #3) Supplemental Addendum Fle No. 744 5HUDSON Borower/Clert_ BOLDA, NANCY E Property Address 7415 FLOUNDER DR Cily HUDSON County PASCO lender FLORIDA MORTGAGE FUNDING DIGITAL SIGNATURES ELECTRONIC SIGNATURES ARE UTILIZED IN THIS REPORT. THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE AND THE APPRAISAL STANDARDS BOARD STATE THAT ELECTRONICALLY AFFIXING A SIGNATURE TO A REPORT CARRIES THE SAME LEVEL OF AUTHENTICITY AND RESPONSIBILITY AS AND INK SIGNATURE ON A PAPER COPY REPORT (THE TERM “WRITTEN RECORDS" INCLUDES INFORMATION STORED ON ELECTRONIC, MAGNETIC OR OTHER MEDIA). ALL ELECTRONIC SIGNATURES IN THIS REPORT HAVE A SECURITY FEATURE MAINTAINED BY INDIVIDUAL PASSWORDS FOR EACH SIGNING APPRAISER. NO PERSON CAN ALTER THE APPRAISAL WITH THE EXCEPTION OF THE ORIGINAL SIGNING APPRAISER(S). REGARDING THE LEGAL DESCRIBTION: APPRAISER SPOKE TO PASCO COUNTY ZONING BOARD AND PASCO COUNTY PROPERTY APPRAISER ( KURT LOWE) AND ALTHOUGH THE LEGAL DESCRIBTION STATES CONDOMINIUM AND COMMON ELEMENTS, THIS PROPERTY IS A SINGLE FAMILY WATERFONT MOBILE HOME. THE HIGHEST & BEST USE REMAINS SINGLE FAMILY MOBILE HOME AND THE CURRENT USE CODE FOR THE PROPERTY 1S SINGLE FAMILY MANUFACTURED HOME. Name DEBORAH M HALL Name ANTHONY ELG Date Signed - April 05, 2002 Dat, 05, 2002 Stale Cetticaton # STREG ASSIST REA AROIVigag BLT Testis ‘ REA RZ-0001589 State FL Or Slate Ucense # roam Or State License # = RZ-0001! State FL maa : Form TADD2 —- “TOTAP YANG aws* software by ata rage, ine, — 1-800-ALAMODE Wt see bpd arse ete cree ce DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions fequisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and‘ assuming the price Is not affected by undue stimufus. Implicit in this definition Is the consummation of a sale as of a spectfled date and the passing of title from seller ta buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well. advised, and each acting in what he considers his own best Interest; (3) a reasonable time Is alowed for exposure in the open masket; (4) payment Is made in terms af cash in U.S. dotiars or in terms of financial arrangements comparable thereto; and (5) the price Tepresents 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-spectal or creative financing or sales concessions, No adjustments are necessary for those costs which are normally pald by. sellers as a result of tadition or law in a market area, these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional fender that Is‘ not already Involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar. cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement, STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraser’s certification that appears In the appraisal report Is subject to the following conditions: : 1. The appraiser witl not be responsible for matters of a legal nature that affect elther the property being appralsed or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the tite. The property is appraised on the basis of K being under responsible ownership. . 2. The appraiser has provided: a sketch in the appralsal report to show approximate dimenstons 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 of its size. 3. The appralser has examined the avalable flood maps that are provided by the Federat Emergency Management Agency (or other data sources) and has noted In the appraisal report whether the subject site is located in an Identified Speclal Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes ‘NO guarantees, express or Implied, regarding this determinatlan. 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 arrangements to da so have been made beforehand. _ 5. The appraiser has estimated the value of the land In the cost approach at fis highest and best use and the Improvements at their contributory value. These ‘Separate valuations of the land and Improvements must not be used in conjunction with any other appraisal and are invalid #f they are so used. 6. The appraiser has noted In the appraisal report any adverse conditions (such ‘as, needed repairs, depreclation, the presence 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. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (Including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, 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 exist. Because the appraiser Is not an expert in the field of environmental hazards, the appraisal report must not be considered a3 an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and oplnions that were expressed In the appraisal report from sources that he or she considers to be telable and belleves them to be true and correct. The appraiser does not assume responsibilty for the accuracy of such ftems that were furnished by other parties, 8. The appraiser wil 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 appralsal report and valuation conclusion for an appraisal that Is subject to satisfactory completion, repals, or alterations on the assumption that completion af the Improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appralsal report (including conclusions about the property valie, the appraiser's Identity and professional designations, and references to any professional appraisal organizations or the fim’ wih which the appraiser is associated) to anyone other than the borrower, the mortyagee or its successors and assigns; the mortgage insurer, consuttants; professional appralsal organizations; any state or federally approved financial Institution; or any department, agency, or instrumentality of the United States ot any state or the District of Columbla; except that the fender/clent may distribute the property description section of the report only to data Collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. ADMINISTRATIVE COMPLAINT Freddie Mac Form 439 6-93 - 1of2 : . Fannle Mae Form 10048 6-93 PAGE —) Kerr FAPPFEAISA OF ices ~ Foim ACR —~ “TOTAL for Windows" appraisal software by ala mode, inc. — 1-800-ALAMODE 36 ile No. 741SHUDSONT Page #9) APPRAISERS CERTIFICATION: The Appraser certifies and agrees that: 1. [have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those Items of significant variation. ff @ significant item In a comparable property Is superior to, or more favorable than, the subject property, | have made a negative adjustment to reduce the adjusted sales price of the comparable and, If a significant Rem In a comparable property Is inferlor to, or less favorable than the subject property, | have made a posttive adjustment to increase the adjusted sales price of the comparable. 2. | have taken into consideration the factors that have an impact on value In my development of the estimate of market value in the appraisal report. | have not knowingly withheld any significant information from the appraisal report and 1 belleve, to the best of my knowledge, that all statements and Information In the appraisal report are true and correct. 3, | stated in the appraisal report only my own personal, unblased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4, ‘have no present or prospective Interest in the property that Is the subject to this report, and | have no present or prospective personal interest or bias with respect to the participants in the transaction. | did not base, efttier partially or completely, my analysis and/or the estimate of market value In the appraisal report on the race, cotor, refigion, sex, handicap, familial status, or national origin of either the prospective awners or occupants of the subject property or of the present owners or occupants af the properties in the vicinity of the subject property. §. (have no present or contemplated future interest In the subject peoperty, and nelther my current or future employment nor my compensation for performing this appraisal Is contingent on the appraised value of the property. ~ 6, 1 was not required to report a predetermined value or direction in value that favors the cause of the cllent or any related party, the amount of the value estimate, the attalnment of a specific result, or the occurence of a subsequent event in order to recelve my compensation and/or employment for performing the appraisal. | id not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage foan. 7. | performed this appraisal in conformity whh the Uniform Standards of Professional Appralsal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision af those Standards, which does not apply. | acknowledge that an estimate of a reasonable time for exposure in the open market is a condition In the definition of market value and the estimate | developed is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated in the feconciliation section, 8. [have personaly inspected the interior and exterior areas of the subject property and the exterior of al properties Isted as comparables Inthe appraisal report. | further certify that | have nated any apparent or known adverse conditions in tha subject Improvements, on the subject site, or on any site within the immediate viclntty of the subject property of which 1 am aware and have made adjustments for these adverse conditions In my analysis of the property value to the extent that Thad market evidence to support them. { have also commented about the effect of the adverse conditions on the marketability of the subject property. 9 1 personaly’ prepared all. conctuslons and opinions about the real estate that were set forth in the appraisal report. ff | relled on significant professional assistance from any individual or Individuals in the performance of the appraisal or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks performed by them In the reconciilation section of this appraisal report, (certify that any Individual so named fs qualified to perform the tasks. | 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 ‘fo responsibility for it. SUPERVISORY APPRAISER’S CERTIFICATION: 1 2 supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responstblity for the appraisal and the appraisal report, ADDRESS OF PROPERTY APPRAISED: (7415 FLOUNDER DR, HUDSON, FL. 34667 APPRAISER: ; SUPERVISO! R (only if required): ‘Signature: 3 Signature: Name: DEBORAH M HALL Name: Date Signed: _April 05, 2002 Date Signed: April 05, 2002 State Certlication #: ST REG ASSIST REA. State Certiication #:_ST CERT GEN REA RZ-0001589 Of State License #: or State License #: RZ-0001589 State: State: FL Explration Date of Certification or License: Expiration Date of Cettiication or Ucense: 11/30/02 J pia Did Not Inspect Property COMPLAINT Freddie Mac Form 439 6-93 ~ 20f2 a Fannie Mae Form 10048 6-93 eace _[35°" _ oF ~ el Form ACR — *TOTAL for Windews* appralsal software by a la made, inc. — 1-B800-ALAMODE 37

Docket for Case No: 07-000682PL