01-044 PL STATE OF FLORIDA an * DEPARTMENT OF BUSINESS & PROFESSIONAL REGUEATION FLORIDA REAL ESTATE APPRAISAL BOARD aire) oe fe 4 4: 9 9 FLORIDA DEPARTMENT OF BUSINESS & MY Pye PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, v. CASE NO. 2007013479 GERALD W. ROWLEY, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Gerald W. Rowley (““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 general real estate appraiser having been issued license 967 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 general real estate appraiser at 4552 Highgate Drive, Delray Beach, Florida 33445. ) 4. On or about April 23, 2005, Respondent developed and communicated an appraisal report FDBPR v. Gerald W. Rowley Case No. 2007013479 Administrative Complaint (Report 1) on a property commonly known as 10766 Versailles Boulevard, Wellington, Florida 33487 (Subject Property). A copy of Report 1 is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. Report 1, prepared for purposes of refinancing by a private lender, valued the Subject Property at $1.53 million. 5. On or about November 18, 2005, Respondent developed and communicated a second appraisal report (Report 2) on the same Subject Property. A copy of Report 2 is attached hereto and incorporated herein as Administrative Complaint Exhibit 2. Report 2, prepared for purposes of refinancing at the request of the client WCS Lending, LLC, valued the Subject Property at $2.2 million. 6. Petitioner received a complaint concerning Reports 1 and 2 from the private lender, Oriel Tsvi (Tsvi). Tsvi complained that Respondent failed to use more suitable, available, and proximate Comparable Sales from the Subject Property’s neighborhood, the Comparable Sales relied on by Respondent were superior to the Subject Property, and their use resulted in overvaluation of the Subject Property. . 7. Through investigation, the following errors were noted in Report 1: A) In Report 1, Respondent used Comparable Sales 1 and 2 in the Subject Property’s neighborhood, but the remaining two Comparable Sales relied upon were from other subdivisions, B) Respondent failed to use numerous recent, more suitable Comparable Sales from the Subject Property’s neighborhood (the Versailles PUD subdivision); C) Comparable Sales 2, 3, and 4 were all in excess of a mile distant from the Subject Property; FDBPR v. Gerald W. Rowley Case No. 2007013479 Administrative Complaint D) In the comments to the Sales Comparison Analysis section of Report 1, Respondent directed the reader to a sales (sic: subject) history addendum that recited a prior sale of the Subject Property within the previous one year period from Nathan & Yoldie Vincent to Lorraine Smith Brooks and John Kibler in May 2004 for $226,000, when no such sale had occurred; E) Respondent listed the condition for the Subject Property and Comparable Sales 1, 2, and 4 as “excellent” but adjusted Comparable Sale 3 by + $5000 for “good” condition, without providing any explanation for the stated condition or adjustment; F) Respondent listed data and/or verification sources for the Comparable Sales as ISC/Public Records, but failed to note discrepancies between the data sources as set forth below: 1) Comparable Sales 1 and 2 had different dates of construction; | 2) Palm Beach County records showed Comparable Sale 1 to have 5 bedrooms, 6 baths and 2 half-baths, while Respondent reported 3 bedrooms and 2 baths; 3) Respondent reported Comparable Sale 1 had 5,570 square feet of Gross Living Area, while the Palm Beach Count Property Appraiser reported 7,544 square feet; 4) Respondent reported Comparable Sale 2 to have 3 bedrooms and 2 baths, while Palm Beach County Property Appraiser’s records reflected 5 bedrooms and 5 ¥% baths; 5) Respondent showed the gross living area for Comparable Sale 2 as 5,670 square feet, while the county records showed 6,542 square feet; 6) Respondent reported 6,715 square feet of gross living area for Comparable Sale 4, while county records showed 5,568. square feet. 8. Respondent committed the following errors or omissions in Report 2: FDBPR v. Gerald W. Rowley Case No. 2007013479 Administrative Complaint . A) Respondent utilized Comparable Sales 2 and 3, which were from different communities than the Subject Property; B) Respondent failed to use numerous recent, more suitable Comparable Sales from the Subject Property’s neighborhood (the Versailles PUD subdivision); C) Comparable Sales 2 and 3 were over a mile distant from the Subject Property; D) Respondent listed the condition for the Subject Property and Comparable Sale 1 as “excellent” but adjusted Comparable Sales 2 and 3 by + $5000 for “good” condition, without providing any explanation for the stated condition or adjustment; E) Respondent made significant upward adjustments in the Cost Approach Section of Report 2 over the previous values stated in Report 1 for site value increasing it from $575,000 to $1,150,000 in under 7 months, per square foot reproduction cost of the gross living area of the Subject Property increasing from $155 per square foot to $175 per square foot resulting in an overall increase in value of $113,985, and an increase for appliances without adequate explanation or analysis; F) Respondent listed data and/or verification sources for the Comparable Sales as ISC/Public Records (and MLS in the case of Comparable Sales 2 and 3), but failed to note discrepancies between the data sources as set forth below: 1) Respondent listed the site size of Comparable Sale 1 as 14,473 square feet when the Property Appraiser’s Office shows .28 acres, equivalent to 12,196 square feet; 2) The public records show Comparable Sale 1 was built in 2003 instead of 2005; 3) County records show 6,307 square feet for Gross Living Area for Comparable Sale 1 as opposed to the 5,708 square feet reported by Respondent; FDBPR v. Gerald W. Rowley Case No. 2007013479 Administrative Complaint 4) Respondent’s sole supporting documentation to support listed features of Comparable Sale 1 is a printout captioned “Competitive Market Analysis” (a copy of which is attached hereto and incorporated herein as Administrative Complaint Exhibit 3) dated 01/20/06, ( after the effective date of Report 2), which reported only the number of bedrooms, baths, living area square footage, date and amount of sale, lot size, dollars per square foot and year built; 5) The Competitive Market Analysis document reflects that Comparable Sale 1 was built in 2003 and-not 2005 as stated, that Comparable Sale 1 had 6,959 square feet of gross living area and not 5,708 as reported by Respondent, and that Comparable Sale 1 was sold in November 2005 for $2,418,000 and not in October 2005 for $2,400,000 as stated by Respondent; espondent reported 6,101 square feet of gross living area for Comparable Sale 2, but ISC records in Respondent’s work file show 6,261 square feet, MLS records in the work file report 6,101 square feet, and Palm Beach County Property Appraiser’s records show 7,504 square feet; 7) Respondent reported 4,438 square feet of gross living area for Comparable Sale 3, while Isc records in Respondent’s work file showed 5,213 square feet and Property Appraiser’s records show 4,389 square feet. . 9. Respondent was interviewed concerning the Cost Approach discrepancies between the two reports and stated that an unknown sales agent for the builder advised Respondent his per square foot reproduction cost was too low, that the site value increased with the increase in sales in the new development, and the $10,000 increase under “appliances” was for commencement of pool construction by the Subject Property’s owner. 10. Respondent acknowledged in the interview that the error in Report 1 regarding a non- FDBPR v. Gerald W. Rowley Case No. 2007013479 Administrative Complaint existent prior sale was due to a “cloning” error from an earlier, unrelated report. 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 II Based upon the foregoing, Respondent is guilty of failure to retain records for at least five years 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, specifically Record Keeping Section of the Ethics Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. . COUNT IV Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-1(a), (b), and (c), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT V Based upon the foregoing, Respondent has violated a standard for the development or FDBPR v. Gerald W. Rowley Case No. 2007013479 Administrative Complaint communication of a real-estate appraisal, specifically Standards Rule 1-4(a) and (b), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT VI. Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-6(a), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT VII Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 2-1(a) and (b),or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. ) COUNT VIII Based upon the foregoing, Respondent has violated a standard for the development or communication of areal estate appraisal, specifically Standards Rule 2-2(b)(viii), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT Ix Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 2-3, or other provision of the FDBPR v. Gerald W. Rowley Case No. 2007013479 Administrative Complaint Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), 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 F lorida 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 FDBPR v. Gerald W. Rowley Case No. 2007013479 Administrative Complaint Florida Administrative Code Rule 61J1-8.002. SIGNED this 4 day of \ lone » 2008. Florida Department of Business ak Professional Regulation Thomas O’Bryant, Jr., Director Division of Real Estate ATTORNEY FOR PETITIONER ACK 99 D. C. Lindamood, Senior Attorney Fla. Bar No, 273694 Division of Reai Estate Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 - FAX PCP: JH/PA 3/08 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 allowed by law, 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 FDBPR v. Gerald W. Rowley Case No. 2007013479 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. 10 APPRAISAL REPORT of Single Family Residence at 10766 VERSAILLES BLVD. WELLINGTON, FL As Of: APRIL 23, 2005 Prepared For: Private Lender Private Lender Prepared By: SERVICE APPRAISALS. Gerald Rowley 1901 SW 5 AVE. MIAMI, FL 33129 ADMINISTRATIVE COMPLAINT a L f eae exigit fn legge OF er ADMINISTRATIVE COMPLAINT. SERVICE APPRAISALS File No. RF-0448-05 Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT Case No Property Address 10766 VERSAILLES BLVD. City WELLINGTON State FL Zip Code 33467 Legal Description LOT 284, VERSAILLES PUD. County PALM BEACH ‘Assessor's Parcel No._73-41-44-24-05-000-2840 ASSD.$667,273 TaxYear_ 2004 RE Taxes$ 15,067.23 Special Assessments$ __ N/A Borrower LENZER BURTON Current Owner LENZER BURTON. Occupant _FXTowner _[]Tenant_[ |vacant Properly righis appraised |X [Fee Simple |] Leasehold Project Type TX [PUD [7 [Condominium (HUOMVA nly) HOA 358.00 IMo. Neighborhood or Project Name VERSAILLES PUD ‘Map Reference 44-41-24 Census Tract 62.030, Sale Price $ REFINANCE _ Dale of Sale NIA Description and $ amount of loan charges/concessions lo be paid by seller N/A LenderClient_ Private Lender Address Private Lender Appraiser___ Gerald Rowle) Address_1901 SW 5 AVE., MIAMI, FL 33129 X]Suburban [_|Rural | Predominant Single family housing [Resent ind use % ‘Land use chan i. oe Location Urban Built up. XJ Over 75% 25-75% — |_]Under 25% | occupancy iysy |One family 95, Ei likely Linely Growth rate Rapid Stable Siow Owner 245 low 5 _|24tamiy 0 in process Property values 4 Increasing [X]Stable — |__|Declining Tenant 375 ‘High 35 _| Multi-family To, Demand/supply |__|Shortage ae tbatance [__] Over supply vac {0-5%) [E88] Predominant Commercial__5 Marketing time _[ [Under 3mos.[X|3-6 mos. [Over 6 mos.| [ |vacentfovers%)| 260-345] 20 Note: race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: FOREST HILL BLVD. (NORTH), JOG ROAD (EAST), HYPOLUXO RO. (SOUTH), & 150 AVE. (WEST) TYP.DWELLINGS ARE 1&2 STY.C.B. STUCCO SINGLE FAMILY RESIDENCES, VILLAS. & TOWNHOUSES Factors that affect the marketabilly of the properties in the neighbortiood (proximity to employment and amenities, employment stability, appeal to market, etc): THE NEIGHBORHOOD HAS AVERAGE TO GOOD PROXIMITY TO SHOPPING, SERVICES, & A REGIONAL MALL, THE WELLINGTON GREEN MALL, LOCATED WITHIN THE NEIGHBORHOOD; THE WELLINGTON MEDICAL CENTER IS LOCATED JUST NORTH OF FOREST HILL BLVD.; INTERSTATE 95 IS LOCATED 6.5 MILES EAST, THE RONALD REAGAN TURNPIKE 1S LOCATED 1 MILE EAST. EMPLOYMENT CENTERS ARE IN REASONABLE PROXIMITY: RESIDENCES HAVE GOOD TO EXCELLENT APPEAL TO THE MARKET. . Markel conditions in the subject neighborhood (including support for the above conclusions related to the rend of properly values, demandisupply, and marketing time such as data on competitive properties icr sale in the neighborhood, description vf tne prevalence of saies and financing concessions, etc): VALUES HAVE REMAINED RELATIVELY STABLE DUE TO DEMAND FOR HOUSING IN THE WELLINGTON VICINITY, DISCOUNTS, BUYDOWNS, AND CONCESSIONS ARE NOT PREVALENT AND HAVE LITTLE IMPACT ON VALUE. TYPICAL FINANCING 1S CASH, FHA, & CONVENTIONAL FINANCING. MARKETING TIME FOR COMPETITIVE PROPERTIES HAS BEEN AVERAGING THREE TO SIX MONTHS. NEIGHBORHOOD Project Information for PUDs (lFapplicabie ~ is the developer/ouikder in control of the Home Owner's Association (HOAY? [X]¥es ~L_]No Dimensions {RREGULAR (SUBJECT TO SURVEY) Topography Sitearea 12,632 SF Comertot: f|¥es [XINo | Size Approximate totat number of units in the subject project 456 Approximate total number of units for sale in the subject project 43E Describe common elements and recreational facilities: COMMUNITY POOL , CLUBHOUSE, 24 HR, MANNED GUARD GATE, COMMON AREAS. LEVEL TYPICAL OF AREA Specific zoning classification and deseripfon PUD, PLANNED UNIT DEVELOPMENT Shape IRREGULAR Zoning compliance: [X]Legal as nonconforming (Grandfathered use) [_] legal [_}No Zoning | Drainage APPEARS ADEQUATE Highest & best use as improved: |X |Present use Other use (explain) View LAKE/RESID Privale | Landscaping TYPICAL OF AREA Driveway Surface PAVERS Ubitities Public: ‘Other Pibiil Xi FPL. Street ASPHALT xX Offsite improvements Type tc Curblgutter CONCRETE/GUTTER 1X. x Electricity Gas BOTTLE Water CITY Apparent easements UTILITY. FEMA Special Flood Hazard Area [_]¥es [X]No Sanitary sewer Street lights ON FIBERGLASS POLES 5 FEMA Zone B Map Date 02/01/1979 Stormsewer i X _ Alley NONE FEMA Map No. 120192 0170A ‘Comments (apparent adverse easements, encroachments, special assessments, slide areas, ilegal or legal nonconforming zoning use, elc.): NO UNUSUAL OR, UNFAVORABLE ADVERSE EASEMENTS, ENCROACHMENTS, OR CONDITIONS WERE OBSERVED. EASEMENTS ARE THOSE OF PUBLIC RECORD TYPICAL OF UTILITIES. NO SURVEY PROVIDED APPRAISER, >| Sidewak “CONCRETE % GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNCATION BASEMENT INSULATION No. of Units ONE __| Foundation Reinf. Gnc.| Slab MONOLITHIC] Area Sq. Ft. is) Roof _CODE No. of Stories TWO _j Exterior Walls C.Bik,Stucco} Crawi Space NONE % Finished N/A Ceiling CODE Type (Det/Att,) DETACHED} Roof Surtaces Conc. Tile | Basement NONE Ceiling N/A Walls _CODE EA Design (Style) ZSTY. |Guters &Dwnspis SIDES _| Sump Pump NONE _| Wals BSEMNTS| Floor _CODE Fy} ExistingiProposed EXISTING | window Type SIN. HUNG] Dampness NONE NOTE Floor ARE NOT | None r_| i Age (Y18.) 2003{2) _| Storn/Screens SCREENS | Settlement NONE NOTEQ) Outside Entry TYPICAL | Unknown UKN. {X [RH Effective Age (Vrs. EFF. 1__| Manufactured House NO infestaton NONE NOTEQ| OF SO FLORIDA. fej Roows | Foyer “| ving [Dining | xichen | Den [rami Rm, Rec. fim }Besroons | sBaths | Laundry Other_| Area Sa. Ft, | F>m Basement 0 EA evel x 1 4 1 1 [sitting] 2 3.50 1 STUDY 3,848 fa} _Level 2 * 1 3 3.00 [THEATER 1,860 F4 0 Fel Fiishedarea above qradecontans: 10 “Rooms. —_—Bestoom(s, 6.50 Bails, 5,708 Square Feet of Gross Living Area EY INTERIOR — Materials/Condition HEATING KITCHEN EQUIP. } ATTIC AMENITIES | CAR STORAGE te Floors MarbleWd./Carpt/GU. Type Rev.Cyci Refrigerator [x] None Fireplace(s)# NONE [_]) None fa Wals DRYWALL/GOCD | Fuel ELECT.) RangefOven [Xl Stairs Patio REAR X]| Garage 3 #ofcars Est TrimFinish WOOD/GOOD Condition GOOD | Disposal [X]} Drop State Cc Deck NONE Attached _3 CAR Bath Floor MARBLE/GOOD __| COOLING Dishwasher [X]} Scuttle Xj | Porch REAR {XJ} Detached Bath Wainscot MARBLE/GOOQD _| Cenirat __A/C_| Fan/Hood |X| Floor [| | Fence _ NONE Built-in Doors SOLID WO. CORE EXT Other "NIA_| Microwave {XJ} Heated Poo! NONE Carport HOLLOW WD. CORE INT./GD. | Condition GOOD | Washer/Dryer |X] Finished CVRD. ENTRY _[X]} Driveway _ PAVERS. ‘Additional features (special energy efficient items, etc). SEE COMMENT ADDENDUM. Condition of the improvements, depreciation (physical, functional, ang external), repairs needed, quaily of construction, eemodelingladditions, etc: NO FUNCTIONAL INADEQUACIES WERE NOTED UPON INSPECTION OF PROPERTY NOR ANY EXTERNAL INADEQUACIES OBSERVED UPON EXAMINATION OF SITE WHICH WOULD ADVERSELY AFFECT THE MARKETABILITY OF THE SUBJECT. SUBJECT IS EXCELLENT QUALITY CONSTRUCTION & IS CONSIDERED TO BE IN EXCELLENT CONDITION Adverse environmental conditions {such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate yicini of the subject propery; NO ADVERSE ENVIRONMENTAL CONDITIONS WERE NOTED UPON EXAMINATION OF SITE IMPROVEMENTS OR WITHIN THE SUBJECT'S IMMEDIATE VICINITY Freddie Mac Form 70 6-93 ClickFORMS Appraisal Software 800-622-8727 Fannie Mae Form 1004 (6-03) Page 1 of 16 SERVICE APPRAISALS FileNo. RF-0448-05 . Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT Case No. PA ESTIMATEDSITEVALUE 575,000 Comments on Cost Approach (such as, source of cost estimate, site value, ESTIMATED REPRCBUCTION COST-NEW-OF IMPROVEMENTS: ‘square fool calculation and for HUD, VA and FmHA, the estimated remaining Bi Dwoling 5,708 Sq FL@S__ 155.00. =$ 884,740 economiclife of he property): SEE ATTACHED SKETCH & _| Ej Bsmt O + SoFL@$ 0 |ADDENDUM FOR DIMENSIONS AND CALCULATIONS: fef_KIT APPL'S/PATIC/PORCHICVRD.ENTR’ 25,500 OF LIVABLE AREA. BASE COST TO REPRODUCE Fr Garegercaot 714 SqFL@S _ 45.50 32,487 ‘ASSUMES EXCELLENT QUALITY CONSTRUCTION fg Total Estimated CostNew _ 38 942,727 [AND DESIGN AS REFERENCED BY MARSHALL & br Less Physi¢al 1.541 Functional fF Exiemnal [SWIFT RESIDENTIAL COST HANDBOOK. THERE IS fe} Depreciation __ 14,518 0 Oo = 14,519NO FUNCTIONAL OR EXTERNAL OBSOLESCENCE, fe epreciated Vaive of improvements — 3s 928,200ATTRIBUTABLE. T.E.L.= 65 YEARS B “As is* Value of Site Improvemenis — — — - =$ 35,000, INDICATED VALUE BY COST APPROACH =. 38 1,538,209 Est, Remaining Econ, Lite: 64 ys ITEM ‘SUBJECT COMPARABLE NO.1 COMPARABLE NO. 2 COMPARABLE NO. 3 10766 VERSAILLES BLVD. 3524 TURENNE WAY 3521 MABILLON WAY 2520 FAIRWAY ISLAND Address WELLINGTON, FL. WELLINGTON, FL WELLINGTON, FL. WELLINGTON, FL Proximity o Subject [RRR eE ARE? 0.94 MI NNW. 13 MINW 8 MIN Sales Price REFINANCE 7,340,106 1,597 582 PriceiGross tiv. Area {$0.00 281.76 BERNE Data andlor PUB. RECORDS, : Verification Source__ | PERS.INSPECT.| _1SC/PUBLIC RECORDS ISC/PUBLIC RECORDS _|_1SC/PUBLIC RECORDS/MLS. VALUEADJUSTMEN'S| DESCRIPTION. DESCRIPTION _#1.}8 Adjustment] DESCRIPTION +{.)$ Adiustment | DESCRIPTION +(.38 Aduusiment Sales or Financing penis sie 6523] CONVENTIONAL CONVENTIONAL CASH TO Concessions z #¢| MTG. $800,000 MTG.$1,000,000 SELLER Date of SalefTime UES: | DEC. 2004 NOV. 2004 APRIL 2005 . Location EXCLURESID. | EXCL/RESID. EXCL/RESID. : EXCL/RESID. FEE SIMPLE FFF SIMPLE FEE SIMPLE FEE SiMPLE |. 632. SF 20,473 SF. -15,700_ 17,859 SF. -10,500 31,363 SF -37,50 View “TAKE/RESID, | GANAURESIO +5,000 LAKE/RESIO. | POND/RESID. +10,00% Design and Appeal 2 STYJEXCL. | 2 STY/EXCL 2 STYJEXCL RANCH/EXCL. Quality of Construction | CBS/EXCL. CBS/EXCL. _ CBSEXCL. CBS/EXCL. Age 2003(2)a/EFF. te| 1997 INF. EFF. +5,000_1997 INF.EFF. +5,000 1989 SIM. EFF. +5,01 Condition EXCELLENT | EXCELLENT EXCELLENT GOOD +5,00 Above Grade Total_[Bdrms| Baths | Total Pas Baths Totall Bdrms|_ Baths TotallBdrms| Baths Room Count to | 5 [650] 9 2.00 +37,50d 9 | 3 [2.00 #31500 9 | 4 [5.50 +7,001 =4 Gross Living Area 5708 SoFi| 5: ao 8q FL +7800 5670 Sq. Fi ¥2,100 5,121 SqFt +32,31 SY Basement & Finished NA NIA NIA | NIA fe Rooms Below Grade NA NIA NIA NIA rq Functional Utility AVERAGE AVERAGE “AVERAGE AVERAGE Ed Heating/Cooling = | CENTRAL A/C | CENTRAL A/C CENTRAL A/C CENTRAL A/C Energy Efficient lems _| NONE SPECIAL | NONE SPECIAL NONE SPECIAL! NONE SPECIAL fe} GaranelCarport 3 CAR GARAGE |2 CAR GARAGE! +5,000 4 CAR GARAGE! -5,000 2 CAR GARAGE] +5,000] Porch, Patio, Deck, | ‘R. PATIOMR.PORCH| —_ R.Patio/Prch R Patio/Porch R Patio/Porch Mi} Fireplace(s}, el. CVRD. ENTRY | CVRD. ENTRY CVRD. ENTRY CVRD. ENTRY Fence, Poo!,elc. NONE POOL =12,00 POOL =12,001 POOL ~12.600} EQUIPMENT. UPGRADES |PT. UPGRADES| __+50,00d__ UPGRADES INF.UPGRADES| -_+25,000| Net Adi, (lola es Xj+ [ |- s 76,400 Ls 11,100 X]+ [i- 5 39,800 Adjusted Sates Price bh 4 of Comparable § 1,416,506 1,608,692 _|Gross=9% 1,539,800 Comments on Sales. Tompatison {including the subject property's compatibility to the neighborhood, etc): SEE COMMENT ADDENDUM ___ STEM, SUBJECT COMPARABLE NO. 4 COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data SEE SALES. NO PRIOR SALE WITHIN NO PRIOR SALE WITHIN NO PRIOR SALE WITHIN. ‘Source, for prior sales HISTORY . 12 MONTHS 12 MONTHS 12 MONTHS, within year of appraisal |__ADDENDUM. ISC/PUB.RECORDS :__ISC/PUB.RECORDS ISC/PUB.RECORDS ‘Analysis of any current agreement of sale, option, or Hsing of the subject property and analysis of any prior sales of subject and comparables within one year ofthe date of appraisal. NO CURRENT AGREEMENT.OF SALE, OPTION, OR LISTING OF THE SUBJECT OR THE SALE COMPARABLES WERE UNCOVERED. THE SALES ARE CONSIDERED TO BE CASH EQUIVALENT. INDICATED VALUE BY SALES COMPARISON APPROACH == eee 1,530,000 INDICATED VALUE BY INCOME APPROACH __(if Applicable) Estimated MarketRent$__—N/A_Mo.x Gross Rent Mulliptier “= NVA This aporaisalis made LX ]*as is" | subject to the repairs, alterations, inspections or conditions listed below |__j subject to completion per plans and specifications. B Conditions of Appraisal: APPRAISED VALUE 1S BASED ON THE CONDITIONS & FEATURES OF THE SUBJECT AT THE TIME. BOF INSPECTION. ALSO SEE LIMITING CONDITIONS. ALL SALES ARE CONSIDERED CASH EQUIVALENT. Final Reconciliation. *INCOME APPROACH NOT USED DUE TO PREDOMINANT OWNER OCCUPANCY AND LACK OF QUALITY RENTAL DATA, THE SALES COMPARISON ANALYSIS IS GIVEN PRIMARY EMPHASIS AS (T BEST é REFLECTS CURRENT BUYER/SELLER ACTIONS IN THE MARKETPLACE. THE COST APPROACH SUPPORTS fe The purpose of this appraisal is to estimate the market valve ofthe real property that is subject to this report, based on the above conditions and the certification, contingent Bs and limiting conditions, and market value definition that are stated inthe attached Freddie Mac Form 439/Fannie Mae Form 10048 (Revised 6/93 FS} | (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF _ APRIL 23, 2005 fe} (WHICH Is THE DATE-OF INSPEETION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 4,530,000 Fry] APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED): f Signature Signature pid [_Joianot | B Name Ge Name Inspect Property @ Date Report Signed _ APRIL 23; 2005, : __ Dale Report Signed i Siate Certification# __ RZ967 State Fi State Certification # State GG Or State License # State Or Slate License # State Freddie Mac Form 70 6-93 ClickFORMS Appraisal Software 800-622-8727 Fannie Mae Form 1004 {6-93} Page. 2. of 16 SERVICE APPRAISALS EXTRA COMPARABLES 4-5-6 FileNo. RF-0448-05 Case No. Borrower LENZER BURTON Property Address__ 10766 VERSAILLES BLVD. City WELLINGTON County PALM BEACH State FL Zip Code 33467 LenderiClient Private Lender, Address Private Lender These racent sates of properties are most similar and proximate to subject and have been considered in the market analysis. The description includes a doliar adjustment, eflecting ES market reaction to those items of significant variation between the subject and comparable properties. If a ‘significant item in the comparable property is superior to, or more favorable} than, the subject property, @ minus (-} adjustment is made, thus recucing the indicated value of subject; if @ significant item in the comparable is inferior to, or less favorable than, the} at rope. dus (x) aujusinent ie mado, thus meteasing the indicated valve of the subject iEM SUBJECT COMPARABLENO. 4 COMPARABLENO. 5 COMPARABLENO. 6 10766 VERSAILLES BLVO.| 3540 AMBASSADOR DR. WELLINGTON, FL. WELLINGTON, FL. ect |e eGer 3.6 MI WNW. B Sates Price $_REFINANCE PricelGrossliv.Area [$0.00 Data andlor ~ | PUB. RECORDS Verification Source __ | PERS.INSPECT. | ISC PUBLIC RECORDS/MLS| VALUE ADJUSTMENTS} DESCRIPTION | «(8 Adjustment] DESCRIPTION —_[+(.)8 Adjustment] DESCRIPTION [+48 Adjustment Sales or Financing CASH TO Concessions SELLER Date of SalefTime JUNE 2004 Location EXCL/RESID, | EXCL/RESID. teasehold/ Fee Simple | FEE SIMPLE | FEE SIMPLE Site |___12,632 SF 22,850 SF -20,500 View TAKE/RESID. | LAKE/RESID FPR Desian and Appeal 2STYJEXCL. | RANCHEXCL.[ - Fa} Quality of Construction CBS/EXCL. CBS/EXCL. bai 2003(2)a/EFF. 1e| 2003 SIM EFF. 4 Condition EXCELLENT | EXCELLENT Fig Above Grade Total_|Bdemg Baths | Total] Bdrmmg Baths Total] Borg Baths Totall Bind Baths Fa} Room Count to | 5 | eso] 9 | 4 | 550 +7,00 Fe Gross Living Area 5,708 So.Fi| 6,715 Sq.Ft “55,40 Sq. Fl Sq.Ft. Fig Saserent & Finished NA NA E54 Rooms Below Grade | __N/A N/A _ Fe} Functional uttiy “| AVERAGE AVERAGE Pal Heating/Cooling CENTRAL A/C [ CENTRAL A/C het Energy Efficient lems_| NONE SPECIAL | NONE SPECIAL Fi Garage!Carport 3 CAR GARAGE | 3 CAR GARAGE : Porch, Palio, Deck, | R.PATIO/R.PORCH| R.Patio/Porch Fireplace(s), ete CVRD. ENTRY |__POOL/SPA -15,000 Bi Fence, Pool, ete NONE FNCD. REAR -2,000, _ EQUIPMENT UPGRADES { UPGRADES in Net Adj (otal) eee [ ]+ [X]- $s -85.400 Xj+ | |. $ 0 0 ‘Adjusted Sales Price % | jet 0% al k 9 & of Comparable IGross= 6%. Is__1,564,600_ JGross= 0% it} rass= 0% IS 9 Comments on Comparables: ITEM SUBJECT COMPARABLE NO. 4 COMPARABLE NO, 5 COMPARABLE NO. 6 Date, Price and Data SEE SALES. » NO PRIOR SALE WITHIN Source, for prior sales HISTORY 42 MONTHS within year of appraisal. |_ ADDENDUM. ISC/PUB.RECORDS COMMENTS: ATIVE COMPLAINT ClickF ORMS Appraisal Software 800-622-8727 Page 3 of 16 SERVICE APPRAISALS COMMENT ADDENDUM . : File No. RF-0448-05 Case No. Borrower_LENZER BURTON . Properly Address 10766 VERSAILLES BLVD. City_WELLINGTON County PALM BEACH State Fu Zip Code 33467 Lender/Glient _ Private Lender Address Private Lender ADDITIONAL FEATURES: Cakwood banister and steps; sauna; home theater on second floor, recreation room on second floor, marbie flooring throughout the first floor; marble flooring and wainscots in bathrooms; high end fixtures and hardward throughout; lake front property; granite tile countertops and backsplash in kitchen; 42" wood custom cabinets in kitchen; recessed lighting throughout; 3 car garage; rear porch and patio area; tray ceiling and sitting room in master bedroom suite; wood vanities and granite vanity tops in bathrooms; inground sprinkler system. There is wall to wall Berber carpeting in the bedrooms. The house exterior js painted concrete block stucgo. There is a full sized washer and dryer in the taundry room. The house has central air conditioning. The subject is considered to be in excellent condition. COMMENTS ON COST APPROACH: Estimated Site Value was abstracted from recent improved sales in the subject's area. High land to value ratio is typical of the area due to.demand for housing in this section of Wellington. This factor does not adversely affect the marketability of the subject. DEFERRED MAINTENANCE: None noted at time of inspection. COMMENTS ON THE SALES COMPARISON APPROACH: The comparables were adjusted to the subject's location, site area, site/view, age, condition, size of living area, car storage, and amenities. The comparables used were the best available with verifiable information. Two of the comparables are located in the Versailles subdivision. Comparables #3 and #4 are ail located within the Weilington area. The sales uncovered are similar to the subject with regards to location, functional utility, quality of construction, total bedroom and bath count, appeal, lot size, community amenities, and size of living area. Equal emphasis given to all sales. PERSONAL PROPERTY: Personal property, including those items which are not permanently attached/fixed to the real property, have been excluded from the estimate of value unless indicated otherwise. Examples of the aforementioned include above ground swimming pools, countertop microwave ovens, movable dishwashers, T.V. satellite dishes, and furniture. TRATIVE COMPLAH aan ClickFORMS Appraisal Software 800-622-8727 Page 4 of 16 KIGIT ADMINISTRATIVE COMPI SERVICE APPRAISALS SKETCH ADDENDUM File No: RF-0448-05 Case No. Borower_ LENZER BURTON Property Address 10766 VERSAILLES BLVD. City WELLINGTON County _PALM BEACH State FL Zin Code 33467 LenderClient__Private Lender Address Private Lender 22.8! Kitchen 63.5 Dining Bedroom ROOM 59.5 Bedroom Study WIC Laundry Foyer Bath 21.8) Three Car 218° Garage First Floor Sketah by ApoE Comments: : AREA CALCULATIONS SUVIVARY LIVING. AREA BREAKDOWN ‘Code. + Destription, Size.» »\Net-Totals Breakdown: Subtotals Gat Fizst Floor 3887.60 3087.60 First Floor P/E Porch 120.00 2.5 x 12.5 ‘31.25, Patio 311.44 431.41 0.5 x 3.2 x 3.2 5.06 er Gazage 74.35 na4.15 22 x 25.5 a1.3a 4.0 x 26.7 114.73 16.0 x | 22.8 360.00 21.5 x 37.0 795.89 OSx 8.0 x 0.0 0.10 37.0 «54.2 2004.73 33x 2S 70,98 25 x 19.5 243.75 , 10.0 x 14.0 140.00 ' INT TOTAL LIVABLE (rounded) 3848 41 Calculations Total (rounded) ClickFORMS Appraisal Software 800-622-8727 SERVICE APPRAISALS SKETCH ADDENDUM File No. RF-0448-05 . Case No. Borower LENZER BURTON : Property Address _ 10766 VERSAILLES BLVD. City WELLINGTON County PALM BEACH State FL Zip Code 33467 LenderClient Private Lender Address Private Lender 16.0 Recreation ROOM Bedroom © 52.0" Bath = Home Bath 16.5 Theater Bath 27.0 Bedroom 8 Bedroom © .. Second Floor 18 o" Sheich by Apen IV Commerts: fl . AREA. CALOLLATIONS: SUVIVARY. LIVING AREA, BREAKDOWN Code, Description Size: _Net Totals Breakdown Subtotals GIA2 ‘Second Floor 1859.69 1859.69 Second Fleor 1.0 x 26.0 a1L.82 0.5% 12,0 x 20.7 64.38 . OSe 35 x 35 6.25 35 x 90 31.73 Tox 125 97.89 25 x 22.7 68.66 H 5.0 m9 1US orn ‘ L? «e145 24.53 35 x 5.6 19.72 i O5e aL x 8.2 33.06 o : 05x 28x 2.8 4.00 VE COMPLAINT ex 28 98 16.0 x 40.0 640.00 O5x 28 x 25 3.06 42% 6.0 25.46 OSx AB x 4.2 9.00 OSx 42 x 42 9.00 16.5 x 27.0 445.50 TOTAL LIVABLE (rounded) 1860 18 Calculations Total (rounded) 1860 i} Page 6 of 16 ClickFORMS Appraisal Software 800-622-8727 in VE COMPLA 1 i SERVICE APPRAISALS LOCATION MAP ADDENDUM File No. RF-0448-05 . Case No. Borower LENZER BURTON Property Address 10766 VERSAILLES BLVD City WELLING FON County PALM BEACH State FL Zip Code 33467 LenderClient__ Private Lender Address Private Lender HAVERHILL M BEA ROVAL Pac) CKEECHOBEE. ae PiKe L | Fa = PIONFEY 3 a : z ms a M8 : ey NE 8 ¥ i E i © HYPOLUXO HAGEW ancy, ) Z N Je (@ NU HAGEN RANCH Scale: MAP(C)1964-2001 TELE ATLAS NA, INC ClickFORMS Appraisal Software 800-622-8727 SERVICE APPRAISALS SUBJECT PHOTO ADDENDUM File No. RF-0448-05 Case No. Borrower LENZER BURTON Proverly Address. 10765 VERSAILLES BLVD. City WELLINGTON County PALM BEACH State FL 2ip Code 33467 LendenCiient__Private Lender Address Private Lender FRONT OF SUBJECT PROPERTY 10766 VERSAILLES BLVD. WELLINGTON, FL REAR OF SUBJECT PROPERTY STREET SCENE APU SIRI loZ ClickFORMS Appraisal Software 800-622-8727 Page 8 of 16 SERVICE APPRAISALS SUBJECT PHOTO ADDENDUM File No. RF-0448-05 Case No. Borrower LENZER BURTON Property Adgress __ 10766 VERSAILLES BLVD. City WELLINGTON County PALM BEACH State FL Zip Code. 33467 LendevClient__ Private Lender Address Private Lender VIEW OF LAKE FROM 2nd. Floor ClickFORMS Appraisal Software 800-622-8727 lo> Page 9 of 1F SERVICE APPRAISALS. COMPARABLES 1-2-3 File No. RF-0448-05 Case No. Borrower LENZER BURTON Property Address__- 10766 VERSAILLES BLVD. City WELLINGTON. County PALM BEACH State FL Zip Code 33467 Lender/Ciient Pi Lender Address Private Lender + COMPARABLE # 1 3524 TURENNE WAY WELLINGTON, FL COMPARABLE # 2 3521 MABILLON WAY WELLINGTON, FL COMPARABLE # 3 2520 FAIRWAY ISLAND WELLINGTON, FL. 10" Dono 19 af SERVICE APPRAISALS COMPARABLES 4-5-6 Fite No. RF-0448-05 Case No. Borrower LENZER BURTON. Property Address__ 10766 VERSAILLES BLVD. : . City WELLINGTON County. PALM BEACH State FL Zip Code 33467 ite Lender Address Private Lender ienderCiient Fri COMPARABLE # 4 3540 AMBASSADOR DR. _WELLINGTON, FL, COMPARABLE # 5 COMPARABLE# 6 ADMINISTRATIVE COMPLAINT SERVICE APPRAISALS File No. RF-0448-05 Case No DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive-and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected 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 weil informed or well advised, and each acting in what he considers his own best interest; (3) 2 reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial 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 !aw in a market; 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 tender 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 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 fitle to it. The appraiser assumes that the title is good and marketable and, therefore, wilt not render any opinions about the iitie, The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch 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 of its size. a. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area, Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 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 do so have been made beforehand. . 5. The appraiser has estimated the valué of the land in the cost approach at ils highest and best use and the improvements at their contributory value. These separate valuations of the tand and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used, 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazard 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.) thal 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 as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Pra : 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmantike manner. 40. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer, consultants, professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client 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 rhust also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. 0 V Freddie Mac Form 429 (6-83) ClickFORMS Appraisal Software 800-622-8727 Fannie Mae Form 10048 (6. Page 120 of SERVICE APPRAISALS File No. RF-0448-05 Case No. APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. {have researched the subject market area and have selected a minimum of three recent sales of properties most simitar 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. if a 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 item in a comparable property is inferior to, or less favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. 1 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 | believe, 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, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and jimiting 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 prospeclive personal interest or bias with respect to the participants in the transaction. | did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familiar status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. thave no nt or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. | was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. ! performed this appraisal in conformity with the Uniform Standards 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 effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. i 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 reconciliation section. & [have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. | further certify that | have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which {am aware and have made adjustments for these adverse conditions in my analysis of the property value lo the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If | relied on significant professional assistanct 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 thé 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. 1 have not authorized anyone to make a change to any item in the seport; therefore, if an unauthorized change is made to the appraisal report, f wilf take no responsibility for it. SUPERVISORY APPRAISER’S CERTIFICATION: If a supervisory appraiser signed the appraiser 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 conélusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 410766 VERSAILLES BLVD., WELLINGTON, FL APPRAISER: . SUPERVISORY APPRAISER (only if required) Signature: Bi Signature: Name: Gerald ROWE Name: Date Signed: APRIL 23, 2005 Date Signed: State Certification #: RZ967 State Certification #: or State License #: or State License #: State: FL, « State: Expiration Date of Certification or License: __ 11/30/06. Expiration Date of Certification or License: Did [__] Did Not Inspect Property o7 Freddie Mac Form 438 6-83 ClickFORMS Appraisal Software 800-622-8727 Fannie Mae Form 10048 6.93 Paoe 13 of 16 SERVICE APPRAISALS SUBJECT HISTORY ADDENOUM File No. RF-0448-05 Gase No. Borrower LENZER BURTON Property Address 10766 VERSAILLES BLVD. _ City WELLINGTON County PALM BEACH -Slate FL Zip Code 33467 Lender/Client Private Lender in developing a real estate appraisal, an appraiser must consider, analyze and disclose: (a) Any current agreement of sale, option or listing of the property being appraised. (b) Any prior sale of the subject property being appraised that occurred within the following time periods: () one (1) year for 1-4 family residential property, and (il) three years for all other property types. The appraiser has attempted to obtain specific information on the subject property with the following findings: The subject property has had no change of ownership during the past one (1) year. The subject property has had no change of ovinership during the past three (3) years, The subject property is currently under contract. Details of the pending purchase are summarized below. The subject property is currently offered for sale, listing price is $ [X] The subject property has been sold during the past one (1) year period. Details of the previous sale are disclosed below. + [_] The subject property is proposed construction and is not currently being offered. A previous sale history of the property could not be obtained by the appraiser in the normal course of business Grantor/Owner of Record: = NATHAN & YOLDIE VINCENT Grantee/Purchaser: LORAINE SMITH BROOKS & JOHN KIBLER Contract Price/Sale Price: $226,000 Date of Contract/Sale: MAY 2004 Comments: The subject property has not sold within the prior thirty six months, wa (6 ClickFORMS Appraisal Software 800-622-8727 Page 14 of 16 SERVICE APPRAISALS : USPAP COMPLIANCE ADDENDUM File No. RF-0448-05 Case No. APPRAISER'S CERTIFICATION: The foliowing Certification statements are in addition to and may supercede the signed Appraiser's Certification attached to this appraisal report ‘This Appraiser's Certification is compliant with the current edition of the Uniform Standards of Professional Appraisal Practice, | certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported anatyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. | have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.| have no bias with respect to the property that is the subject of this report or to the parties invoved with this assignment, My engagement in this assignment was not contingent upon developing or reporting predetermined results My Compensation for completing this assignement is not contingent upon the development or reporting of a predetermined value or direction in vaiue 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 relatet 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 Appraisal Practice. 1 [Kj}have[jhave not made a personal inspection of the property that is the subject of this report. (If more than one person signs this certification, the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property.) No one provided significant real property appraisal assistance to the person signing this certification. {If there are exceptions, the name of each individual providing significant real property appraisal assistance must be stated.) PURPOSE, INTENDED USE, AND INTENDED USER OF THE APPRAISAL: The purpose of the appraisal is to estimate the market value of the subject property, as defined in this report, as of the effective date of this report. The intended use of the appraisal is to assist the client and any other intended users in the underwriting, approval, and funding of the mortgage ioan, The intended users of this report are the stated client and any other institutions involved in the underwriting , approval, and funding of the mortgage foan. No one else, including the purchaser and seller, should rely on the estimate of value or any other conclusions contained in this appraisal report. ANALYSIS AND REPORT FORM: The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales, listings, and/or rentals within the subject market area. The original source of the comparable data described in the Data Source section of the market grid alang with the source of confirmation provided, where available, the original source is presented first. The sources and data aie considered reliable. When conflicting information was provided, source deemed most reliable has been used. Data believed to be unreliable was not included in the report or used as a basis for the value conclusion. The extent of the analysis to this assignment is stated in the Appraiser's Certification included above and attached to this report. DEFINITION OF INSPECTION: The term “Inspection”, as used in this report, is not the same level of inspection that is required for a “Professional Home inspection", The appraiser does not fully inspect the electrical system, plumbing systems, mechanical systems,, foundation system, floor structure, or subfloor. The appraiser is not an expert in construction materials and the purpose of the appraisal is to make an economic evaluation of the subject property, If the client needs a more detailed inspection of the property, a home inspection, by a Professional Home Inspector, is suggested DIGITAL SIGNATURES: ‘The signature(s) affixed to this report, and certification, were applied by the original appraiser(s) or supervisory appraiser and represent their acknowledgements of the facts, opinions and conclusions found in the report. Each appraiser(s) applied his or her signature electronically using a password encrypted method. Hence these signatures have more safeguards and catry the same Validity as the individua''s hand applied signature If the report has a hand-applied signature, this comment does not apply. OPINION OF MARKET VALUE VS ESTIMATE OF MARKET VALUE: The current Uniform Standards of Professional Appraisat Practice defines the market value conctusion as an opinion of market value and not an estimate of market value, THREE YEAR SALES HISTORY FOR THE SUBJECT PROPERTY: The appraiser has complied with Standards Rule 1-5b and 2-2b (ix) requiring the appraiser to analyze and report all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. If this information was available to the appraiser(s), it is reported in the subject column of Sales Comparison Analysis section of the appraisal report, EXPOSURE PERIOD: By studying the sales of similar comparable residential properties with value ranges as identified in the Neighborhood section of this report and discussions with individuals knowledgeable of current neighborhood trends in the subject area, the appraiser feels that the exposure time for the subject property is equal to the indicated Marketing Time identified in the Neighborhood section of this appraisal report. Signature Did ‘Did Not Name Inspect Property Signature, Date Report Signed APRIL 23;'2005 : . Date Report Signed State Certification # RZ967, State FL State Certification # - State | ™)" Or State License # State Or State License # State ClickFORMS Appraisal Software 800-622-8727 Page 15 of 16 SERVICE APPRAISALS APPRAISAL AND REPORT IDENTIFICATION — FileNo. RF-0448-05 Case No. Borrower LENZER BURTON Property Address 10766 VERSAILLES BLVD. City WELLINGTON County PALM BEACH State FL. . Zip Code 33467 Lender/Client Private Lender ‘Address Private Lender This Appraisal conforms to one of the following definitions: X] Complete Appraisal The act or process of estimating value, or an estimate of value, performed without invoking the.Departure Provision, Limiteg Appraisal The act or process of estimating value, or an estimation of value, performed under and resulting from invoking the Departure Provision.« This Report is one of the following types: Self Contained Report A wiitten cepuri prepared under Standards Ruie 2-2(A) of a compiete or limited appraisal pertormed under Standard 1 [X] Summary Report A written report prepared under Standards Rule 2-2(B) of a complete or limited appraisal performed under Standard 1. Restricted Report A.written report prepared under Standards Rule 2-2(C) of a complete or limited appraisal performed under Standard 1 Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-2, 1-3, 1-4, plus any USPAP-related issues requiring disclosure: ADMINISTRATIVE COMPLAINT i ClickFORMS Appraisal Software 800-622-8727 Page 16 of 16 INVOICE Date: APRIL 23, 2005 File No. RF-0448-05 Case No. Prepared for: Private Lender Private Lender Property Appraised LENZER BURTON 10766 VERSAILLES BLVD. WELLINGTON, FL Work Performed APPRAISAL OF A SINGLE FAMILY RESIDENCE $ 495.00 Customers payment towards appraisal fee. : -495.00 - 3 $ . Total Amount Due: $ 0.00 Please make checks payable to: SERVICE APPRAISALS 1901 SW 5 AVE. MIAMI, FL 33129 ADNUNISTRATIVE COMPLAINT ClickFORMS Appraisal Software 800-622-8727 APPRAISAL REPORT of Single Family Residence at 10766 VERSAILLES BLVD. WELLINGTON, FL As Of: November 18, 2005 Prepared For: WES LENDING, LLC - 6501 Congress Ave. Third Fir., Boca Raton, FL 33487 Prepared By: SERVICE APPRAISALS Gerald Rowley 4552 Highgate Dr. Delray Beach, FL 33445 TIVE COMPLAINT. SERVICE APPRAISALS File No. RF-1102-05 Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT Case No. Proverty Address 10766 VERSAILLES BLVD. City WELLINGTON Slate FL ZipCode 33467 Legal Description LOT 284, VERSAILLES PUD. County PALM BEACH Fi Assessor's Parce! No. 73-4 1-44-24-06-000-2840 ASSD.$667,273 __ Tax Yoar, 2004 RE Taxes$_ 15,067.23 Special Assessments $ N/A. Freq_Borrower LENZER BURTON Current Owner LENZER BURTON Occupant TX owner Tenant Vacant Prd Proverty rights anpraised [X]Fee Simole [ [ueasehad__Proweet Type [X]Pu0 | ]Condominium(HUDWVAgnly) _HOAS 358.00 Mo, F] Neighbortiood or Project Name VERSAILLES PUD ‘Map Reference 44-41-24 Census Tract 62.030 SalePrice_ § REFINANCE Dateof Sale N/A Description and $ amount of ioan charges/ooncessions to be paid by seller NA LenderiCfient WCS LENDING, LLC Address_6501 Congress Ave., Third Fir., Boca Raton, FL_33487 Agoraiser__ Geraid Rowle Address_4552 Highgate Dr., Delray Beach, FL_ 33445 B Location Urban MK] Suburban | |Rural Predominant | Single family housing | Present land use % Land use chant . cuit up Over 75% [7 }25.75% Under 25% | o¢cupancy Soon} 63 [One tamiy 95 lve tikely [Jtikety Growth rate Rapid X] Stable Siow XJ Owner 375 tow 5 | 2-4 family 0. In process Property values [__JIncreasing [FX] Stable Decining Tenant SMM High 35 _| Muti-famity To: A emandisupply ("~]shortage Xin balance [J over supply] [XX] vacant (0.5%) [Eze Predominant [555 Commercial 5 Marketing time _[~_|Under 3 mos.[]3.6 mos. |” Over 6 mos.| {vacant (ove 6%}! 800-2.5Mi]___ 20 Note: race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: FOREST HILL BLVD. (NORTH), JOG ROAD (EAST), HYPOLUXO RD. (SOUTH), & 150 AVE. (WEST). TYP.DWELLINGS ARE 4 & 2 STY.C.B. STUCCO SINGLE FAMILY RESIDENCES, VILLAS, & TOWNHOUSES. Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to markel, etc.): THE NEIGHBORHOOD HAS AVERAGE TO GOOD PROXIMITY TO SHOPPING, SERVICES, & A REGIONAL MALL, THE WELLINGTON GREEN MALL, LOCATED WITHIN THE NEIGHBORHOOD; THE WELLINGTON MEDICAL CENTER IS LOCATED JUST NORTH OF FOREST HILL BLVD., INTERSTATE 96 IS LOCATED 6.5 MILES EAST, THE RONALD REAGAN TURNPIKE IS LOCATED 1 MILE EAST, EMPLOYMENT CENTERS ARE IN REASONABLE PROXIMITY, RESIDENCES HAVE GOOD TO. EXCELLENT APPEAL TO THE MARKET. Market conditions in the subject neighborhood (inctuding support for the above conclusions related tothe trend of properly values, demandisupply, and marketing time G -- such as data on competitive properties for sai finan SIONS, ett.) fy ° a x= ce oO a. = ce i Zz ine neighborhood, description ofthe prevalence of saies and friaicing cor MAINED RELATIVELY STABLE DUE TO DEMAND FOR HOUSING IN THE WELLINGTON VICINITY; 2 )YDOWNS, AND CONCESSIONS.ARE NOT PREVALENT AND HAVE LITTLE IMPACT ON VALUE. TYPICAL @ FINANCING (S CASH, FHA, & CONVENTIONAL FINANCING, MARKETING TIME FOR COMPETITIVE PROPERTIES HAS BEEN AVERAGING THREE 10 SIX MONTHS Project Information for PUDs {applicable ~ 1s he developerbuilder in contol ofthe Home Owner's Association (HOA)? LX]¥es L_]No Approximate total number of units in the subject project 456 Approximate total number of units for sale in the subject project 13 E Describe common elements and recreational facies: COMMUNITY POOL , CLUBHOUSE, 24 HR. MANNED GUARD GATE, COMMON AREAS Dimensions IRREGULAR (SUBJECT TO SURVEY) “Topography LEVEL Site area 12,632 SF Comeriot []¥es [X]No Size TYPICAL OF AREA Speciic zoning classification and description PUD, PLANNED UNIT DEVELOPMENT Shape IRREGULAR, Zoning compliance: [X ]Legat ge nonconforming (Grandfathered use} [___|Ilagal Cro Zoning | Drainage APPEARS ADEQUATE Highest & best use as improved: [X]Presentuse [Other use (explain) View LAKE/RESID. : Utities Pubic Other Off-site Improvements Type Public Private | Landscaping TYPICAL OF AREA Electricity X) FPL. Suet ASPHALT x Driveway Surface ~PAVERS : Gas |_] BOTTLE Curbiguter. CONCRETE/GUTTER x Apparent easements UTILITY. Water X| CITY Sidewalk CONCRETE xX FEMA Special Flood Hazard Area Yes |X]No Sanitary sewer [X Streatights ON FIBERGLASS POLES [X! FEMA Zone B____ MapDate_ 02/01/1979 Storm sewer [X] _ Alley NONE FEMA Map No. 120192 01708. ‘Comments (apparent,adverse easements, “encroachments, special assessments, slide areas, illegal ot legal nonconforming zoning use, etc.): NO UNUSUAL OR UNFAVORABLE ADVERSE EASEMENTS, ENCROACHMENTS, OR CONDITIONS WERE OBSERVED. EASEMENTS ARE THOSE OF PUBLIC RECORD TYPICAL OF UTILITIES. NO SURVEY PROVIDED APPRAISER. ‘GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units ONE _| Foundation Reinf.Cne. | Stab MONOLITHIC) Area Sq. Ft. 0 Roof _CODE B No.of Stories Exterior Walls C.Bik,Stucco Craw! Space NONE | % Finished N/A — | Ceiling CODE Type (Det /Att.) Roof Surfaces Conc. Tile_| Basement NONE Ceiling N/A Waits _CODE |_| . Design (Style) Gutters & Dwnspts, SIDES Sump Pump NONE Wallis BSEMNTS] Fioor CODE [__] Existing/Proposed _&XISTING | Window Type. SIN. HUNG | Dampness NONE NOTEQG Fioor ARE NOT | None Age (Yrs.) 2003(2} | Stormn/Screens SCREENS | Settlement NONE NOTEG Outside Entry TYPICAL Unknown UKN Effective Age (Yis.)_ EFF. 1__| Manufactured House NO Infestation NONE NOTEQ OF SO. FLORIDA F ROOMS | Foyer | Living | Dining | Kitchen | Den {FamilyRm.| Rec.Rm |Bedrooms | #Baths | Laundry | Other | Area Sq.Ft.” q Basement} 0. Levelt x 4 1 4 4_{sitting|” 2 3.50 1 STUDY 3,848 . Leyel 2 4 3 3.00 ITHEATE! 1,860 i} L Finished area above grade contains _—10_Rooms; 5 Bedroom(s): 6.50 Bath(s\, §,707 Square Feet of Gross Living Area INTERIOR Materials/Condition HEATING KITCHEN EQUIP. | ATTIC AMENITIES CAR STORAGE Floors Marble /Carpt/GO. Type Rev.Cyc! Refrigerator {XJ} None Fireplace(s)# NONE [_]} None Walls, DRYWALLIGOOD | Fuel _ELECT.| Range/Oven Stairs i Patio REAR _ [X]} Garage 3 #ofcars [x] Triminish ~WOOD/GOOD Condition GOOD } Disposal Drop Stair Deck NONE Attached _3 CAR Balh Floor MARBLE/GOOD __| COOLING Dishwasher Scuttle Porch REAR |X|] Detached AUN OD RAG GVEA ES Be >< ><>][X] ? ~ Bath Wainscot MARBLE/GOOD Central A/C _| FaniHood Floor Fence NONE Buitt-In : EXHIBIT # SOLIDWO. CORE EXT! Other __N/A__| Nicrowave Heated F Pool NONE Carport — WD, CORE INT/GD. | Condtion GOOD | Washer/Dryer [X]} Finishea CVRD. ENTRY [X]] Driveway PAVERS. Pace _ Aor ‘Additional features (special energy efficient items, etc.): SEE COMMENT ADDENDUM. Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc: NO. FUNCTIONAL INADEQUACIES WERE NOTED UPON INSPECTION OF PROPERTY NOR ANY EXTERNAL INADEQUACIES OBSERVED UPON EXAMINATION OF SITE WHICH WOULD ADVERSELY AFFECT THE MARKETABILITY OF THE SUBJECT. SUBJECT IS EXCELLENT QUALITY CONSTRUCTION & IS CONSIDERED TO BE IN EXCELLENT CONDITION. ‘Adverse environmental conditions (such as, but not Simited to, hazardous wastes, loxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity 1~of 16 of the subject property: NO ADVERSE ENVIRONMENTAL CONDITIONS WERE NOTED UPON EXAMINATION OF SITE IMPROVEMENTS OR WITHIN THE SUBJECT'S IMMEDIATE VICINITY. Freddie Mac Form 70 6-93 ClickF ORMS Appraisal Software 800-622-8727 Fannie Mae Form 1004 (6-93) Page SERVICE APPRAISALS File No, RF-1102-05 Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT Case No. ESTIMATED SITE VALUE 4,150,000 Comments on Cost Approach (such as, source of cost estimate, site vaiue, ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: ‘square foot calculation and for HUD, VA and FmHA, the estimated remaining Bl oweling _5,707,_ Sa. F.@$_ 175.00 =8_ 998,725 economic life of the property: SEE ATTACHED SKETCH & fe] Bsmt 0 SRe@S = 0 |ADDENDUM FOR DIMENSIONS AND CALCULATIONS: fa}_ KIT. APPL'S/PATIO/PORCH/CVRD.ENTRY = 38,500 OF LIVABLE AREA. BASE COST TO REPRODUCE EW GaragelCapot 714 Sq.FL@$ __55.50_= 39,627 [ASSUMES EXCELLENT QUALITY CONSTRUCTION be Total Estimated CostNew = _=$ 1,073,852 IAND DESIGN AS REFERENCED BY MARSHALL & bey Less Physical 1.54 | Functionat External SWIFT RESIDENTIAL COST HANDBOOK. THERE IS fe} Depreciation _ 16,537 0 0 = 16,5371NO FUNCTIONAL OR EXTERNAL OBSOLESCENCE Bea) Deprecialed Value of Improvements 4,057, 31S ATTRIBUTABLE. T.E.L.= 65 YEARS B “As is" Value of Site Improvements. _ = 35,000 _ INDICATED VALUE BY COST APPROACH a 2,242,319 Est. Remaining Econ, Lite: 64 ys ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 10766 VERSAILLES BLVD. 3597 Royalle Terrace 3595 AIKEN RD 11332 Long Meadow Dr. Address WELLINGTON, FI WELLINGTON, FL WELLINGTON, FL WELLINGTON, FL Proximity to Subject 0.32 MI SSE 4.4 MI NNW Sales Price Zep 1,950,000 Price/Gross Liv, Area 0.00 420.46 {3 439.39 E é Data andior PUB. RECORDS SALES OFFICE Verification Source _| PERS.INSPECT.| _ISC/PUBLIC RECORDS _| ISC/PUBLIC RECORDS/MLS!_ ISC/PUBLIC RECORDS/MLS VALUE ADJUSTMENTS| DESCRIPTION DESCRIPTION +(J8 Adjusiment| DESCRIPTION _+{.)8 Adjustment | DESCRIPTION _+(-)§ Adjustment ‘Sales or Financing s (Gae| CONVENTIONAL CONVENTIONAL CONVENTIONAL Concessions pes MTG. $800,000 MTG.$1,685,000 MTG. $400,000 Date of Seie/Time w| OCT. 2005 OCT. 2005 JULY 2005 Location =| EXCL/RESID. | EXCL/RESID. EXCLJRESID. EXCLJRESID. Leasehold/Fee Simple | FEE SIMPLE | FEE SIMPLE _| FEE SIMPLE FEE SIMPLE Site 12,632 SF 14,473 SF -11,000 47,480 SF -209,100, 23,958 SF -68,000) View LAKE/RESID. LAKE/RESID. __|__ Polo Grounds _{ +15,000 Golf Crs /RES. +10,001 Design and Appeal: _| 2 STY/EXCL. | 2 STY/EXCL. 2 STYJEXCL. RANCH/EXCL, Quality of Construction | _CBS/EXCL. CBS/EXCL. CBS/EXCL. CBS/EXCL. Age 2003(2)a/EFF. te} 2005 SUP. EFF. =5,000_ 1993 INF.EFF +5,000 1988 SIM. EFF. +8,000] Condition EXCELLENT | EXCELLENT a GOOD. +5,000_ GOOD +5,000| Above Grade Total_[Bdrms|_ Baths | Total|@drms|_Baths Total] Bdrms) Baths Total] Bdrms|_Baths Room Count to | 5 | 6.50] 10) 5 | 6.50 jo! 5 16.00 +3500 9 | 4 | 4.50 +14,000] = Gross Living Area 5,707 - Sq Fil 5,708. Sa.Ft -10 6,101 Sq. FL. -21,70 4438 Sa. Ft. +69,801 fj Basement & Finished NIA NIA NIA NIA : fed Rooms Below Grade N/A N/A N/A, N/A Fg Functional Uti AVERAGE AVERAGE AVERAGE AVERAGE | 4 Heating/Cooling CENTRAL AIC | CENTRAL A/C CENTRAL AIC CENTRAL A/C . Energy Elfen items | NONE SPECIAL | NONE SPECIAL NONE SPECIAL] NONE SPECIAL Fey Garage/Carport 3 CAR GARAGE [3 CAR GARAGE 3 CAR GARAGE| 3. CAR GARAGE) Porch, Palio, Deck, | R.PATIO/RPORCH| — R.Patio/Prch R Patio/Porch R Patio/Porch ml Fieolace(s).ol.__,_|_ CVRD. ENTRY | CVRD. ENTRY CVRD. ENTRY CVRD. ENTRY Fence, Pool, elc. NONE POOL, -15, so POOL =15,00 POOL “15,000 EQUIPMENT UPGRADES | SUP.UPGRADES| _-100,000_UPGRADES. INF.UPGRADES, __+100,000 Net Adi, total) Spee (i+ [xe 3 134100 [T \+ [x] 3 -217,300_[ [i+ [1 s 123,800 Adjusted Sales Price BpemegelNet=-5% | Net=-9% | Net=6% of Comparable i S65 \Gross=5% 2,268,900 _\Gross=11% 2,212,700 _[Gro: 2,073,800 ‘Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.): SEE COMMENT ADDENDUM TEM SUBJECT. COMPARABLE NO. ¢ COMPARABLE NO.2 COMPARABLE NO. 3 Dale, Price and Data SEE SALES NO PRIOR SALE WITHIN | NO PRIOR SALE WITHIN | NO PRIOR SALE WITHIN Source, for prior sales HISTORY 42 MONTHS 42 MONTHS 42 MONTHS within year of appraisal | _ ADDENDUM. ISC/PUB.RECORDS ISC/PUB.RECORDS ISC/PUB.RECORDS “Analysis of any current agreement of sale, opto, or fstng of the subject property and analysis of any prix sais of subjct and comparables within ane year of the date of apeaisl NO CURRENT AGREEMENT OF.SALE, OPTION, OR LISTING OF THE SUBJECT OR THE SALE COMPARABLES WERE UNCOVERED. THE SALES ARE CONSIDERED TO BE CASH EQUIVALENT. INDICATED VALUE GY SALES COMPARISON APPROACH _______.---.----------------------p--- $ 2,200,000 INDICATED VALUE BY INCOME APPROACH _(If Applicable) Estimated! Markel Rent$§ N/A _Mo.x Gross Ren! Muttiolier “st NIA This appraisal is made. "as is [subject to the repairs, alterations, inspections or conditions listed below [_ subject to completion per plans and specifications. Conditions of Appraisal: APPRAISED VALUE IS BASED. ON THE CONDITIONS & FEATURES OF THE SUBJECT AT THE: TIME OF INSPECTION. ALSO SEE LIMITING CONDITIONS. ALL SALES ARE CONSIDERED CASH EQUIVALENT. B Final Reconciliation. “INCOME APPROACH NOT USED DUE TO PREDOMINANT OWNER OCCUPANCY AND LACK OF QUALITY RENTAL DATA. THE SALES COMPARISON ANALYSIS. 1S GIVEN PRIMARY EMPHASIS AS IT BEST 4 REFLECTS CURRENT BUYER/SELLER ACTIONS IN THE MARKETPLACE, THE COST APPROACH SUPPORTS The purpose ofthis appraisals to estimate the market value ofthe real property thas subject to this repor, based on the above conditions ‘and the cerlification, contingent and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 10048 (Revised 6/93 ). I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT !S THE SUBJECT OF THIS REPORT, AS OF _ November 18, 2005. MPLA ADMINISTRATIVE COR (WHICH 1S THE DATE: OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 2,200,000, ‘APPRAISER: F F, {SUPERVISORY APPRAISER (ONLY IF REQUIRED): by Sianaiure acd ] Signature oid []oia Not iq Nemes Gi lel : Name, Inspect Property # Date Report Signed. November 18, 2005. Date Report Signed Stale Certfication# _ RZ967 State_ FL State Certification # State a iO; Slate License # State Or Slate License # Siate Freddie Mac Form 70 6-92. ClickFORMS Appraisal Software 800-622-8727 Fannie Mae Form 1004 (8-93) Page 2 of 1 SERVICE APPRAISALS COMMENT ADDENDUM File No. RF-1102-05 Case No. Borrower LENZER BURTON > Property Address 10766 VERSAILLES BLVD. City WELLINGTON County PALM BEACH State FL Zip Code 33467 Lender/Client_ WCS LENDING, LLC Address 6501 Congress Ave., Third Fir, Boca Raton, FL_33487, ADDITIONAL FEATURES: Oakwood banister and steps; sauna; home theater on second floor, recreation room on second ficer; marble flooring throughout the first ficor; marble flooring and wainscots in bathrooms; high end fixtures and hardware throughout; lake front property; granite tite countertops and backsplash in kitchen, 42" wood custom cabinets in kitchen; recessed lighting throughout; 3 car garage: rear porch and patio area; tray ceiling and sitting room in master bedroom suite, wood vanities and granite vanity tops in bathrooms; inground sprinkler system. There is wall to wall Berber carpeting in the bedrooms. The subject has a built-in home theater ‘on the second floor. The house exterior is painted concrete block stucco. There is a full sized washer and dryer in the laundry room. The house has central air conditioning. The subject is considered to be in excellent condition. COMMENTS ON COST APPROACH: Estimated Site Value was abstracted from recent improved sales in the subject's area. High land to value ratio is typical of the area due to demand for housing in this section of Wellington and the lake front lot. This factor does not adversely affect the marketability of the subject. . DEFERRED MAINTENANCE: None noted at time of inspection. COMMENTS ON THE SALES COMPARISON APPROACH: The comparables were adjusted to the subject's location, site area, site/view, age, condition, size of living area, car storage, and amenities. The comparables used were the best available with verifiable information. The subject and Sale #1 are lake front properties. Sale #1 is a recent sale of a similar model as the subject focated in the Versailles subdivision. Comparables #2 and #3 are all located within the Wellington area. The sales uncovered are similar to the subject with regards to location, functional utility, quality of construction, total bedroom and bath count, appeal, community amenities, and size of living area. Equal emphasis given to all sales. PERSONAL PROPERTY: Personal property, including those items which.are not permanently attached/fixed to the real property, have been excluded from the estimate of value unless indicated otherwise. Examples of the aforementioned include above ground swimming pools, countertop microwave ovens, movable dishwashers, T.V. satellite dishes, and furniture. ‘ 13% ClickF ORMS Appraisal Software 800-622-8727 Page 3 of 16 esta nearest SERVICE APPRAISALS SKETCH ADDENDUM FileNo. RF-1102-05 Case No. Borrower LENZER BURTON Properly Address 10766 VERSAILLES BLVD. __. City WELLINGTON County M BEACH Slate FL 2ip Code 33467 LenderiClient_WCS LENDING, LLC Address 6501 Congress Ave., Third Fir, Boca Raton, FL_33487 = — = ——— = = * ‘\ 7 Under J 22.8 Construction yA oO i Sitting ROOM . Kitchen * a i) Bath LIVING Dining Bedroom ROOM ROOM 3 Bedroom Bath 21.5 Three Car z Garage ae First Floor Staten by ADev ! Comments: [- AREA. CALCULATIONS .SUMVARY, LIVING AREA BREAKDOWN. - ‘Code Description < Size - “Net Totals. Breakdown ‘Subtotals, ant First Floor 3647.60 3847.60 First Floor B/P Porch 120.00 25 % 12.8 ‘31.25 Patio uL.ad 431.41 OSx 32% 32 5.06 eR Garage 714.15 74.18 22% 25.5 e116 4.0 x 28.7 314.73 16.0 x 22.5 360.00 25 x 37.0 795.83, * Osx 0.0 x 0.0 0.10 37.0 x S42 2004.73 23% 2S 70.95 12.5 « 19.5 243.75 wo x 14.0 140.00 TOTAL LIVABLE (rounded) 3848 11 Calculations Total (rounded) 3848 Vay ClicKFORMS Appraisal Software 800-622-8727 SERVICE APPRAISALS SKETCH ADDENDUM File No. RF-1102-05 Case No. Borrower LENZER BURTON Property Address _ 10766 VERSAILLES BLVD. . City WELLINGTON County PALM BEACH State FL Zip Code 33467 . Lender/Ciient_ WCS LENDING, LLC Address_6501 Congress Ave., Third Flr., Boca Raton, FL_ 33487 <== ne = = = | Open to Below “0 in ca 16.0 Recreation ROOM . Open to Bedroom 3 3 Bath = Home Bath > n . Theater 2 Bath 27.0 Bedroom & H Bedroom & 6 Second Floor 6.0 Shot by Apex vm Commas: AREA CALCLLATIONS. SUVIVARY, sLIVING AREA . BREAKDOWN. Code Description _ Size. Net Totals: Breakdown Subtotals |. [une Secon Floor 1858.69 1859.69 ‘Second Floor . 12.0 x 26.0 ‘311.82 OS% 12.0 x 10.7 64.38 oSx 35% 35 6.25 35 x 9.0 31.73 70 x 128 87.99 28 x 20.7 68.66 50% 135 an 1? x M5 24.93 35x 56 wn Ose 81x Bt 33.06 osx 28% 28 4.00 28 28 7.93 16.0 x 40.0 640.00 ae ose 25% 25 3.06 42% 60 25.46 OSe 42" 42 9.00 o5e 42x 4.2 9.00 oan 16.5 x 27.0 445.50 TOTAL LIVABLE (rounded) 1860 48 Calculations Total (rounded) 1860 t xy ClickFORMS Appraisal Software 800-622-8727 Page 5 of 16 SERVICE APPRAISALS LOCATION MAP ADDENDUM File No. RF-1102-05 3 Case No. Borower_LENZER BURTON Property Address 10766 VERSAILLES BLVD. City WELLINGTON County PALM BEACH State FL Zip Code 33467 LenderClient_ WCS LENDING, LLC Address_ 6501 Congress Ave., Third Fir., Boca Raton, FL_33487. greg THood f oe) } , ia St voy FRAZEE, a (oSTH Fa l | - Seheton OKEECHOBEE OKEECHOBE! Si &. EL! ——-—_| ER T bh here (rE FOREST Hi e 2 ARROWHEAD f 5 Va 1 Spepaso = AKE Wi rm a Py Mee tL is Q Eos il 7 LanTanal | \ \ J ti — | mene vny WP ) . wae (C)1984-2001 TELE ATLAS WA, INC \ Scale: 11.61 miles ClickFORMS Appraisal Software 800-622-8727 Page 6 of 16 SERVICE APPRAISALS SUBJECT PHOTO ADDENDUM File No. RF-1102-05 Case No. Borrower LENZER BURTON PropertyAddess 10766 VERSAILLES BLVD. City WELLINGTON County, PALM BEACH State FL Zip Code 33467 LenderClient VCS LENDING, LLC Address 6501 Congress Ave., Third Fir, Boca Raton, FL 33487 = = ; FRONT OF ; SUBJECT PROPERTY 10766 VERSAILLES BLVD. WELLINGTON, FL. REAR OF SUBJECT PROPERTY STREET SCENE 140 ClickFORMS Appraisal Software 800-622-8727 Page 7 of 16 SERVICE APPRAISALS SUBJECT PHOTO ADDENDUM File No. RF-1102-05 Case No. Borrower LENZER BURTON . Propery Address__ 10766 VERSAILLES BLVD. City WELLINGTON County PALM BEACH State FL Zip Code 33467 LenderiClint_ WCS LENDING, LLC Address 6501 Congress Ave., Third Fir, Boca Raton, FL_ 33487 VIEW OF LAKE FROM 2nd. Floor PHOTO OF KITCHEN PHOTO OF FAMILY ROOM “EY ATs pew an SERVICE APPRAISALS. SUBJECT PHOTO ADDENDUM File No. RF-1102-05 Case No. Borrower _ LENZER BURTON Property Address _10766 VERSAILLES BLVD. City WELLINGTON. County PALM BEACH State Fu Zip Code 33467 LenderfCtient__WCS LENDING, LLC Address 6501 Congress Ave. Third Fir Boca Raton, Fl. 33487, PHOTO OF Master Bedroom PHOTO OF MASTER BATHROOM PHOTO OF BATHROOM ClickF ORMS Appraisal Software 800-622-8727 Page 9. of SERVICE APPRAISALS SUBJECT PHOTO ADDENDUM File No. RF-1102-05 Case No. Borrower__LENZER BURTON . Property Address 10766 VERSAILLES BLVD. City WELLINGTON County PALM BEACH State FL Zip Code. 33467, LenderiGlient WCS LENDING, LLC. Address 6501 Congress Ave., Third Fir, Boca Raton, FL_ 33487 PHOTO OF BEDROOM PHOTO OF RECREATION ROOM PHOTO OF DINING ROOM Ly Page 10 of 16 ClickFORMS Appraisal Software 800-622-8727 SERVICE APPRAISALS COMPARASLES 1-2-3 File No. RF-1102-05 Case No. Borrower LENZER BURTON : Property Address ‘10766 VERSAILLES BLVD. City WELLINGTON ~ County PALM BEACH State Ft Zip Code 33467 tenderiClient -WCS LENDING, LLC ___Address 6501 Congress Ave., Third Fir, Boca Raton, FL. 33487 ~ a ~ — —_ =] COMPARABLE # 1 3597 Royalie Terrace WELLINGTON, FL. COMPARABLE # 2 3595 AIKEN RD. WELLINGTON, FL COMPARABLE # 3 11332 Long Meadow Dr. WELLINGTON, FL 144 Page 11 of 16 SERVICE APPRAISALS FileNo. RF-1102-05 Case No. DEFINITION OF MARKET VALUE: .The most probable price which @ property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and selier, each acting prudently, knowledgeably and assuming the price is not affected by undue slimulus. 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 setier 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 allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. doliars or in terms of financial 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, 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 lender 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 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 titfe to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the tilfe, The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided @ sketch 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 of its size 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 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 do so have been made beforehand 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements al 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 are so used. 6. The apsraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazard 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 valuabie, 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 as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. . 8. The appraiser will 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 satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. \FRERL The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report Gan distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professionat appraisal organizations or the firm with which the appraiser is associated) “creas reamed nyone ater than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations, any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the iender/client may distribute “the propérty 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. | ClickFORMS Appraisal Software 800-622-8727 Freddie Mac Form 439 (6-93) Page 12 of Fannie Mae Form 10048 (6-93) 16 SERVICE APPRAISALS File No. RF-1102-05 Case No. APPRAISER'S CERTIFICATION: The Appraiser 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. If a significant item in a comparable property is superior to, or more favorable than, thé subject property, | have made a negative adjustment to reduce the adjusted saies price of the comparable and, if @ significant item in a comparable propetty is inferior to, or less favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. thave 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 | believe, to the best of my knowledge, that al! statements and information in the appraisal report are true and correct. 3. I 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 conditions specified in this form. 4, L 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, either partially or completely, my anaiysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familiar status, or national origin of either the prospective owners of occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. | have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. | was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing ,the appraisal. | did not base the appraisal report ‘ona requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan 7. 1 performed this appraisal in conformity with the Uniform Standards 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. effective date of this appraisal, with the exception of the departure provision of 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, untess | have otherwise stated in the reconciliation section. : 8 [have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. | further certify that | have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 8. | personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If | relied 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 reconciliation section of this appraisal report. | certify that any individual so named is 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 no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraiser 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 responsibility for the appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: 410766 VERSAILLES BLVD., WELLINGTON, FL 5 pA PAPPRAISER: SUPERVISORY APPRAISER (only if required) Signature: _~ Signature: Name Gerald Roma Name: Date Signed: November 18, 2005 Date Signed: State Certification #: RZ967 State Certification #: ~~“ or State License #: or State License #: State: FL State! Expiration Date of Certification or License: 11/30/06 Expiration Date of Certification or License: ] Did Did Not Inspect Property | A Freddie Mac Form 439 6-93. ClickFORMS Appraisal Software 800-622-8727 Fannie Mae Form 10046 6-93. Page 13 of 16 SERVICE APPRAISALS SUBJECT HISTORY ADDENDUM Borrower_LENZER BURTON File No, RF-1102-05 Case No. Property Address 10766 VERSAILLES BLVD. City WELLINGTON County PALM BEACH State FL Zip Code 33467 Lender/Client WCS LENDING, LLC In developing a real estate appraisal, an appraiser must consider, analyze and disclose: (2) Any current agreement of sale, option or listing of the property being appraised. (b) Any prior sale of the subject property being appraised that occurred within the following time periods: (1) one (1) year for 1-4 family residential property, and (Wl) three years for all other property types. ‘The appraiser has attempted to obtain specific information on the subject property with the following findings: [X} The subject property has had no change of ownership during the past one (1) year. The subject property has had no change of ownership during the past three (3) years. The subject property is currently offered for sale, listing price is $ The subject property is proposed construction and is not currently being offered. Grantor/Owrier of Record: TRANSEASTERN VERSAILLES LLC The subject property has been sold during the past one (1) year period. Delails of the previous sale are disclosed below. A previous sale history of the property could not be obtained by the appraiser in the normal course of business. [[} The subject property is currently under contract. Detaits of the pending purchase are summarized below. Grantee/Purchaser: LENZER L. BURTON, JR. Contract Price/Sale Price: $834,077 Date of Contract/Sale: DEC. 2003 Comments: . [Wy ClickFORMS Appraisal Software 800-622-8727 Page 14 of 16 SERVICE APPRAISALS USPAP COMPLIANCE ADDENDUM File No, RF-1102-05 Case No. APPRAISER'S CERTIFICATION: “| The following Certification statements are in addition to and may supercede the signed Appraiser's Certification attached to this appraisal report. This Appraiser’s Certification is compliant with the current edition of the Uniform Standards ‘of Professional Appraisal Practice. | certify that, to the best of my knowledge and belief: ‘The statements of fact contained in this report are true and correct. ‘The reparted analyses, opinions, and conclusions are limited only by the reported assumptiqns and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. : | have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved, Ihave no bias with respect to the property that is the subject of this report or to the parties invoved with this assignment, My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignement is nat contingent upon the development 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, oF 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 Appraisal Practice. 1 [X]have[_]have not made a personal inspection of the property that is the subject of this repr. {If more than one person signs this certification, ' the certification must clearly specify which individuals did and which individuals did not make @ personal inspection of the appraised property.) io one provided significant eal property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant real property appraisal assistance must be stated.) PURPOSE, INTENDED USE, AND INTENDED USER OF THE APPRAISAL: ‘The purpose of the appraisal is to estimate the market value of the subject property. as defined inthis report, as of the effective date of this report ‘The intended use of the appraisal is to assist the client and any other intended users in the underwriting, approval, and funding of the mortgage loan ‘The intended users of this report are the stated client and any other institutions involved in the underwriting , approval, and funding of the mortgage Ioan, No one else. including the purchaser and seiler, should rely on the estimate of value or any other conclusions contained in this appraisal report ANALYSIS AND REPORT FORM: “The appraisal is based an the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales, listings, and/or rentals within the subject market area, ‘The original source of the comparable data described in the Data Source section of the market grid along with the source of confirmation provided, where available, the originai source is presented first. The sources and data are considered reliable When: conflicting information was provided, source deemed most reliable has been used. Data believed to be unreliable was not included in the report or used as a basis for the value conclusion. The extent of the anaiysis to this assignment is stated in the Appraiser's Certification included above and attached to this report. DEFINITION OF INSPECTION: ‘The term "inspection", as used in this report, is not the same level of inspection that is required for a "Professional Home Inspection’. The appraiser| does not fully inspect the electrical system, plumbing systems, mechanical systems, foundation System, floor structure, oF subfloor The appraiser is not an expert in construction materials and the purpose of the appraisal is to make an economic evaluation of the subject property If the client needs a more detailed inspection of the property, a home inspection, by @ Professional Home Inspector, is suggested. DIGITAL SIGNATURES: ‘The signature(s) affixed fo this report, and certification, were applied by the original appratser(s} or supervisory appraiser and represent their acknowledgements of the facts, opinions and conclusions found in the report. Each appraiser(s) applied his or her signature electronically using @ password encrypted method. Hence these signatures have more safeguards and carry the same validity as the individual's hand applied signature. | If the report has a hand-applied signature, this comment does not apply. * OPINION OF MARKET VALUE VS ESTIMATE OF MARKET VALUE: The current Uniform Standards of Professional Appraisal Practice defines the market value conclusion as an opinion of market value and not an estimate of market value. THREE YEAR SALES HISTORY FOR THE SUBJECT PROPERTY: ‘The appraiser has complied with Standards Rule *-Sb and 2-2 (ix) requiring the appraiser to analyze and report all sales of the subject property thot oscurred Within the three (3) years prior to the effective date of the appraisal. If this information was available to he appraiser(s), it's reported Jin the subject column of Sales Comparison Analysis section of the appraisal report EXPOSURE PERIOD: ying the sales of similar comparable residential properties with value ranges as identified in the Neighborhood section of this report and discussions with individuals knowledgeable of current neighborhood trends in the subject area, the appraiser feets that ihe exposure time for the property is equal to the indicated Marketing Time identified in the Neighbornood section of this appraisal report Signature Signature Did {]Did Not “Name Gi ‘ Name Inspect Property Date Report Signed: November 18, 2005 Date Report Signed State Certification # RZ967 State FL_ State Certification # State Pe Or State License # State Or State License # State d ClickFORMS Appraisal Software 800-622-8727 Page 15 of 16 SERVICE APPRAISALS APPRAISAL AND REPORT IDENTIFICATION — File No. RF-1102-05 . Case No. Borrower LENZER BURTON Property Address 10765 VERSAILLES BLVD City WELLINGTON County. PALM BEACH State FL Zip Code 33467 Lender/Client WCS LENDING, LLC Address 6501 Congress Ave., Third Fir., Boca Raton, FL_33487, This Appraisal conforms to one of the following definitions: X]_ Complete Appraisal . ‘The act or process of estimating value, or an estimate of value, performed without invoking the Departure Provision. [FT Limited Appraisat The act or process of estimating value, or an estimation of value, performed under and resulting from invoking the Departure Provision. This Report is one of the following types: Self Contained Report Avwritten report prepared under Siandaius Rule 2-2(A) of a complete or limited appraisal performed under Standard 1. X] Summary Report Awritten report prepared under Standards Rule 2-2(B) of a complete or limited appraisal performed under Standard t Restricted Report ‘A written report prepared under Standards Rule 2-2(C) of a complete or limited appraisal performed under Standard 1. Comments on Appraisal! and Report Identification Note any departures from Standards Rules 1-2, 1-3, 1-4, plus any USPAP-related issues requiring disclosure: i rer raaTie COMPLAINT ———————— + Tq ClickFORMS Appraisal Software 800-622-8727 Page 16 of 16 INVOICE Date: November 18, 2005 FileNo. RF-1102-05 ; Case No. Prepared for: WCS LENDING, LLC 6504 Congress Ave. Third Fir., Boca Raton, FL 33487 Property Appraised: LENZER BURTON 40766 VERSAILLES BLVD. WELLINGTON, FL Work Performed: APPRAISAL OF A SINGLE FAMILY RESIDENCE $ 400.00 $ a $ ot. $ $e $ Total Amount Due: $ 400.00 Please make checks payable to: SERVICE APPRAISALS 4582 Highgate Dr. Delray Beach, FL 33445 pag IL AR ATS missense ClickFORMS Appraisal Software 800-622-8727 INVOICE Date: November 18, 2005 File No. RF-1102-05 Case No. Prepared for: WCS LENDING, LLC 6501 Congress Ave. Third Fir., Boca Raton, FL 33487 Property Appraised: LENZER BURTON 10766 VERSAILLES BLVD. WELLINGTON, FL Work Performed. APPRAISAL OF A SINGLE FAMILY RESIDENCE 400.00 Total Amount Due: 400.00 Please make checks payable to: SERVICE APPRAISALS 4552 Highgate Dr. Delray Beach, FL 33445 i OI ClickFORMS Appraisal Software 800-622-8727 PI15-022 COMPETITIVE MARKET ANALYSIS 01/20/0€ PAGE: 11 A PREPARED BY: SCB FUNDING GROUP SUBJECT 73-414424-05-000-4240 BD BTH SOFT SLU CLC WG V LOT SIZE 3520 PALAIS TERR 3.2 0100 14,374 CORRELATED PROPERTY AVERAGES SCANNED 484 FOLIOS FOR 12 MATCHES AVERAGING 4,401 SQ/FT @ $3022.37 /SQFI SALE-HIGH 61,318,000 LOW: 581,000 AVG: 6,137,819 AVG ASMT: 259, 02€ AVR 23,696 ASSESSED RATIO AMT: 3,080,480 LIVING SQ FT AVERAGE: c X PROPERTY ADDRESS BD BT LIVSQF DATE SALE AMT DT I LOTSZE T SQFT$ YB AVF 10275 TRIANON PL 3 2 0 1105 700000 wo 11325 97 8.8 $0 3597_ROYALLE TERR 3.6 6959 1105 2418000 WD 12196 = 347.4 03 3.2 _ 3610 ROYALE TERR 3° 4 3917 1105 1095168 sw. 6969 279.5 03 2.€ _ 10678 VERSAILLES BLVD 3 2 0 0905 885000 wo 11325 97 7.5 ~ 3608 COLLONADE DR 3.2 0 0805 1040000 wo 9147 971. = 10273 TRIANON PL 3 2 0 0805 900000 sw 11325 97.1.3 73~414424-05-000-2630 3 4 2773 0805 61318000 sw 6969 112.5 03 4.0 Ff 10707 VERSAILLES BLVD 32 0.9805 1650000 wD 11761 97 2.6 3518 TURENNE WAY 3° 3° 4181 0705 1092000 wD 16552 261.1 03 2.2 ff 10771 VERSAILLES BLVD 3 2 0 0705 1260000 wD 12632 97 9.6 _ 3600 COLLONADE DR 3-2 0 0205 714662 wD 8712 97 8.2 ~ 10329 TRIANON PL 3. 3° 4174 0205 581000 WD 8712 139.1 03 1.3 X=VIEW D=DELETE FI=SHIFT DATA F4=MORE F6=ALTER SEARCH F7=SUBJECT F10=HEL PI1S << ADD A COMP >> RE , otis O Riel Ts VE Paiva be Lender ADMINIGT MET

Docket for Case No: 09-000484PL