OF-& (uy PL STATE OF FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BOARD FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, v. CASE NO. 2008006458 RAUL BASALO, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Raul Basalo(“Respondent"), and alleges: ESSENTIAL ALLEGATIONS OF MATERIAL FACT 1. Petitioner is a state government licensing and regulatory agency charged with the responsibility and duty to prosecute Administrative Complaints pursuant to the laws of the State of Florida, including Section 20.165 and Chapters 120, 455 and 475 of the Florida Statutes, and the rules promulgated thereunder. 2. Respondent is currently a Florida state certified residential real estate appraiser having been issued license 6412 in accordance with Chapter 475 Part II of the Florida Statutes. 3. The last license the State issued to Respondent was as a state certified residential real estate appraiser at 13454 SW 289 H:\FREAB\basalo.458.doc 1 FDBPR v. Raul Basalo Case No. 2008006458 Administrative Complaint Terrace, Homestead, Florida 33027. 4. On or about May 29, 2007, an appraisal report (Report) was developed and communicated on a property commonly known as 8527 NW 108th Avenue, Doral, Florida 33178 (Subject Property), valuing the Subject Property at $353,000. A copy of the Report, obtained from the Complainant, is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. The Complainant, Ramon Bermudez (Bermudez), employed Respondent at Bermudez’ business, Appraisal Solutions, as a state certified residential real estate appraiser as of the effective date of the Report. 6. Bermudez also employed Jesus Portal (Portal), who was a registered trainee real estate appraiser under Bermudez’ supervision, as of the effective date of the Report. 7. Bermudez alleged’ that Respondent and Portal, using Appraisal Solutions’ computer and software, did several appraisal reports without the knowledge or authorization from Appraisal Solutions, defrauding Bermudez’ business of the appraisal fees obtained from the clients. 8. The Report bears no Appraisal Solution’s file number, and no work file exists for the Subject Property at Appraisal Solutions. H:\FREAB\basalo.458.doc 2 FDBPR v. Raul Basalo Case No. 2008006458 Administrative Complaint 9. The Report, bearing the notation on the title page, “Prepared By: Jesus Portal” yet bearing only Respondent’s digital signature, was retrieved through Bermudez’ computer system’s ‘recycle bin.” 10. Respondent did not retain a copy of the Report or of the Subject Property work file. 11. Respondent and Portal orally admitted to Petitioner's investigator that they collaborated in having Respondent affix Respondent’s digital signature to appraisal reports developed and communicated by Portal, allegedly to expedite obtaining a supervisory appraiser’s signature. 12. At no time was Respondent Portal’s primary or secondary supervisor of record. 13. Additionally, Respondent provided an affidavit admitting Respondent signed some appraisal reports developed and communicated by Portal, but not by the Respondent. A copy of Respondent’s affidavit is attached hereto and incorporated herein as Administrative Complaint Exhibit 2. 14. The Report’s Subject Photograph Addendum front view photograph of the Subject Property shows a vehicle parked in front of the Subject Property bearing a tag number Q514GF, registered to Portal, suggesting that Portal may have developed and communicated HAFREAB\basalo.458.doc 3 FDBPR v. Raul Basalo Case No. 2008006458 Administrative Complaint the Report. Portal is acknowledged on title page as having prepared the Report, but is otherwise not mentioned in the Report and Portal’s digital signature does not appear in the Report, only Respondent's digital signature. 15. Respondent committed the following errors or omissions in the Report: A) Respondent misstated that there were no sales within 3 years of the Subject Property, when there was a prior sale in August 2005 per printout of the Dade County Property Appraiser web site page, attached hereto and incorporated herein as Administrative Complaint Exhibit 3; B) Respondent failed to reconcile or analyze the prior sales price of the Subject Property in August 2005 at $184,427 with the appraised value approximately 21 months later of $353,000; C) Respondent erred in stating there was no prior sale of Comparable Sale 1, when there was a sale on January 26, 2007 from the developer to purchasers Paz, Londono and Torres for $258,200; D) Respondent failed to reconcile or analyze the January 26, 2007 sale of Comparable Sale 1 with the subsequent sale on April 30, 2007 for $360,000. 16. Copies of the deeds showing the sale of Comparable Sale 1 from Promenade at Doral, LLC to Guillermo Paz, Claudia Londono, and H:\FREAB\basalo.458.doc 4 FDBPR v. Raul Basalo Case No. 2008006458 Administrative Complaint Paola Torres and the subsequent sale from Guillermo Paz, Claudia Londono, and Paola Torres to Dolores Montalvo are attached hereto and incorporated herein as Administrative Complaint Exhibits 4 and 5, respectively. COUNT ONE Based upon the foregoing, Respondent is guilty of fraud, misrepresentation, concealment, false promises, false pretenses, dishonest conduct, culpable negligence, or breach of trust in any business transaction in violation of Section 475.624(2), Florida Statutes. COUNT TWO Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically the Conduct Section of the Ethics Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT THREE 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 (2006) H:\FREAB\basalo.458.doc 5 FDBPR v. Raul Basalo ; Case No. 2008006458 Administrative Complaint in violation of Section 475.624(14), Florida Statutes. COUNT FOUR Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-4(a), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT FIVE Based upon the foregoing, Respondent has violated a standard for the development or communication of. a real estate appraisal, specifically Standards Rule 1-5(b), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT SIX 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 (2006) in violation of Section 475.624(14), Florida Statutes. COUNT SEVEN Based upon the foregoing, Respondent has violated a standard H:\FREAB\basalo.458.doc 6 FDBPR v. Raul Basalo Case No. 2008006458 Administrative Complaint for the development or communication of a real estate appraisal, specifically Standards Rule 2-2(b) (viii), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT EIGHT 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 Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. .. COUNT NINE. Based upon the foregoing, Respondent is guilty of having failed to exercise reasonable diligence in developing an appraisal report in violation of Section 475.624(15), Florida Statutes. WHEREFORE, Petitioner respect fully 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 H:AFREAB\basalo.458.doc 7 FDBPR v. Raul Basalo Case No. 2008006458 Administrative Complaint certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section 475.624, Florida Statutes and Rule 61J1-8.002, Florida Administrative Code. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease and desist notice; or any combination of the foregoing which may apply. See Section 455.227, Fla. Statutes and Florida Administrative Code Rule 61J1-8.002. H:\FREAB\basalo.458.doc 8 FDBPR v. Raul Basalo Case No. 2008006458 Administrative Complaint SIGNED this /§ . day of Décombef_, 2008. eaten of Professional Haig ATTORNEY FOR PETITIONER Olvision of Real Estate Donna Christine Lindamood Senior Attorney Fla. Bar No. 273694 Division of Real Estate Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 - FAX PCP: “MR/CK 12/08 H:\FREAB\basalo.458.doc FDBPR v. Raul Basalo Case No. 2008006458 Administrative Complaint 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 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. H:\FREAB\basalo.458.doc 10 APPRAISAL SOLUTIONS Page #1 13501 SW 128 STREET, SUITE 104 INVOICE FILE NUMBER APPRAISAL SOLUTIONS, JESUS PORTAL : MIAMI, FL 33186 TRANSCONTINENTAL LENDING GROUP 2101 BRICKELL AVENUE JESUS “Pora MIAMI, FL 33130 PROPERTY INFORMATION INVOICE INFORMATION (05/30/2007 6:45 PM 05/29/2007 305-969-8100 Purchaset/Borrower SORAYA CARRILLO Property Address $527 NW 108 AVENUE ; Unit No, 2-43 City DORAL Subdivision LEEWARD AT ISLANDS AT DORAL County DADE State FL Tip Code 33178 Invoice Date Appraisal Date | Loan Number | Case Number | Tax ID Number Contact Phone Legal Description LEEWARD AT ISLANDS AT DORAL CONDO UNIT 2 BLDG 41. Appraisal Fee Amount Mail or Handling Fee .....,.... 2 8 Additional Charge No.1... 2... id Addittonal Charge No.2 .......: : nb Additional Charge No.3 ........ 18 Sales Tax ( %) ‘Total Amount of invoice Comments: APPRAISER HAS COLLECTED FEE AT TIME OF INSPECTION Invoice Date Appraisal Date | Lhan Number Case Number | File Number Client's Phone 786-499-1218 05/30/2007 6:45 PM 05/29/2007 ‘TRANSCONTINENTAL LENDING GROUP 2101 BRICKELL AVENUE MIAMI, FL 33130 APPRAISAL SOLUTIONS. RAUL BASALO- 13501 SW 128 STREET, SUITE 104 MIAML, FL 33186 ‘TERMS - Balance due upon receipt of Invoice. Please return this portion with your payment, Thank you! Form produced by United Systems Software Company (B00) 969-8727 ww uniledsystoms.com APPRAISAL SOLUTIONS Property Address: 8527 NW 108 AVENUE DORAL, FL 33178 Prepared For: TRANSCONTINENTAL LENDING GROUP 2101 BRICKELL AVENUE MIAMI, FL 33130 Prepared As Of: 05/29/2007 Prepared By: JESUS PORTAL APPRAISAL SOLUTIONS 13501 SW 128 STREET, SUITE 104 MIAMI, FL 33186 Foim produced by United Systems Software Company (800) 969-8727 war.unitedsysters.com APPRAISAL SOLUTIONS Page #3 Individual Condominium Unit Appraisal Report File # ‘The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. | Property Address 8527 NW 108 AVENUE. Unit # 2-41 City DORAL Stale FL Zip Code 33178 [Borrower SORAYA CARRILLO Owner of Public Record_BINACA INVEST GRP INC. County DADE Legal Description LEEWARD AT ISLANDS AT DORAL CONDO UNIT 2 BLDG 41. i} Assessor's Parcel # 36-3007-009-3260 TaxYear 2006... RE, Taxes $ 5,203.52 J Project Name _ LEEWARD AT ISLANDS AT DORAL Phase # 1 Map Reference 53-40-07 Census Tract 90.09 / 1 Occupant {X] Owner {_] Tenant [_] Vacant Special Assessments $ N/A HOA $ 186.00 [per year [><] per month Property Rights Appratsed x]Fee Simple { Leasehold [_]Other (describe) Assignment Ty Purchase Transaction [_ ] Refinance Transaction [ "]Other (describe) Lender/Client TRANSCONTINENTAL LENDING GROUP Address 2101 BRICKELL AVENUE, MIAMI, FL 33130 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? [x] Yes [_| No Report data source(s) used, offering price(s), and date(s). THE SUBJECT PROPERTY WAS LISTED IN MLX (MULTIPLE LISTING SERVICE) IN DEC 2006 FOR $353,000 DX aid [_J cid not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not yerformed. UPON ANALYZING THE SALES CONTRACT, THE TRANSACTION APPEARS TO BE AN ARMS LENGTH TRANSACTION. Fh a en 4 Contract rice $ 353,000 Date of Cafitract 03/06/2007 _|s the"property seller the owner of public record? [}X| Yes [_]No Data Source(s) PUBLIC RECORDS Fas there aij financial assistancé (loan chidiges, sale concessio -Gill'or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? [X] Yes {_] No It Yes, reporl the {otal dollar amount and descffoe the:itents {8 be paid. SELLR AGREES TO CONTRIBUTE AT CLOSING 6% OF THE PRICE TOWARD BUYER CLOSING costs. IN ice and the racial composition of the neighborhood are not appraisal factors. al id SHS Se ee ioe a ae Eee Location {__} Urban _ DX] Suburban [_} Rural Property Values [} Increasing Stable Declining PRICE AGE _| One-Unit 80% Built-up [X} Over 75% |_| 25-75% Under 25% | Demana/Suppl Shortage tn Balance |_| Over Supply] _$ (000) (yrs) _| 2-4 Unit 5% Growth [_}Rapid _}X|Stable Slow ‘Marketing Time [| Under 3 mths D<] 3-6 mths. Over 6mths[ 270 Low 1 | Multi-Family 5% Te Neighborhood Boundaries THE SUBJECT PROPERTY IS LOCATED NORTH OF NW 57 STREET, SOUTH OF NW 480 High 17__ | Commercial 5% =4 106 STREET, EAST OF FL TURNPIKE, AND WEST OF NW 102 AVENUE. 360 Pred. 5_| Other 5% Neighborhood Description THE SUBJECT NEIGHBORHOOD CONSISTS MAINLY OF SINGLE FAMILY HOMES WITH A MDX OF MULTIFAMILY AND 2-4 UNIT DWELLINGS. IT HAS EASY ACCESS TO SCHOOLS, SHOPPING AND PLACES OF WORSHIP, Market Conditions (including suppor for the above conclusions) GENERAL MARKET CONDITIONS ARE STABLE WITH SUPPLY AND DEMAND FACTORS IN. | BALANCE. TYPICAL FINANCING CONSIST OF CONVENTIONAL AND FHA LOANS. NO EXTERNAL FACTORS OR ADVERSE LAND USE WAS OBSERVED AT THE TIME OF INSPECTION. : [Topography APPEARS LEVEL TO GRADE Size TYPICAL FOR AREA Density MEDIUM/AVG. View RESIDENTIAL 1 [Specific Zoning Classification 04 - CONDOMINIUM. Zoning Description CONDOMINIUM Zoning Compliance (X<] Legal [—_] Legal Nonconforming - Do the zoning regulations permit rebuilding to current density? {_} Yes] No No Zoning illegal (describe) is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? Yes [_]No_HiNo, describe Utilities Public Other (describe) Public ther (describe) Off-site Improvements — Type Public Private Electricity BX] EPL. Water Kf Street PAVED ASPHALT Fay Gas im NONE NOTED. Sanitary Sewer Alley NONE NOTED Cy ty | "i FEMA Special Flood Hazard Area? [X] Yes [_j No FEMA Flood Zone AH FEMA Map # 120042 0160) _ FEMA Map Date 03/02/1994 ‘Are the utilities and off-site improvements typical for the market area? i Yes [| No if No, describe ‘Are there any adverse site conditions or external factors {easements, encroachments, environmental conditions, land uses, etc.)? oO Yes [XI No tt Yes, describe [Data source(s) for project information FARES NET/REALQUEST/MLX Project Description [ j Detached Row or Townhquse Garden Mid-tise # of Stories 2 STORIES| Exterior Walls CBS # of Units 332] # of Phases 1 # of Planned Phases N/A # of Elevators N/A Roof Surlace BARREL TILE/GOOD| # of Units Completed 332| # of Units 332) # of Planned Units NA Existing TProposed Total # Parking ADQ # of Units for Sale 18+-| # of Units for Sale 18+-| # of Units for Sale N/A jUnder Construction {Ratio (spaces/units) 2/2 # of Units Sold 332| # of Units Sold 332! # of Units Sold N/A [Year Built 2005 Type_OPEN # of Units Rented 10% # of Uniis Rented 10% # of Units Rented WA Effective Age NEW. Guest Parking ADQ_ _| # of Owner Occupied Units |_90%{ # of Owner Occupied Units | 90%] # of Owner Occupied Units | _N/A\ Project Primary Occupancy [Sd] Principal Residence [_] Second Home or Recreational [_] Tenant is the developer/builder in control of the Homeowners’ Association (HOA)? LJ Yes XI} No 4 Management Group - [SX] Homeowners’ Association [J Developer ‘Management Agent - Provide name of management company. PA Does, any single entity (the same individual, investor group, corporation, etc.) own more than 10% of the tolal units in the project? [les XI No ltYes, describe PRO. Was the project created by the conversion of existing building(s) into a condominium? [ Tes bd No If Yes, describe the original use and the date of conversion, /Are the units, common elements, and recreational facilities complete (including any planned rehabilitation for a condominium conversion)? [X] Yes [] No. If No, describe is there any commercial space in the project? {_] Yes [X] No _IfYes, describe and indicate the overall percentage of the commercial spate. Freddie Mac Form 465 (march 2005) Form reproduced by United Sysiems Sofware Company (B00) 969-8727 wrww unitedsystems com - Page T of 6 Fannie Mae Form 1073 (March 2005) AD RAPRSESS APPRAISAL SOLUTIONS Individual Condominium Unit Appraisal Report E Describe the condition of the project, quality of construction. THE PROJECT IS 1N AVERAGE CONDITION. THE QUALITY OF CONSTRUCTION APPEARS TYPICAL! JAVERAGE TO SIMILAR BUILDINGS IN THE SUBJECTS IMMEDIATE MARKET AREA. [Describe the common elements and recreational facilities. GREEN AREAS, MAINTENANCE, POOL, CLUBHOUSE, TENNIS COURTS, SECURITY, AND CABLE T.V. |Are ary common elements leased to or by the Homeowners’ Association? {| Yes [X]No_ If Yes, describe the rental terms and options, is the project subject to-a ground rent? [_]Yes De No_ Yes, $ PROJECT INFORMATION per year {describe terms and conditions). Are the parking facilities adequate for the project size and type? Yes [_]No_liNo, describe and comment on the effect on value and marketability, I{_} did. [XJ did not analyze the condominium project budget for the current year. Explain the results of the analysis of the budget (adequacy of fees, reserves, etc.), or why the analysis was not performed. THE APPRAISER WAS UNABLE TO OBTAIN A COPY OF THE CONDO PROJECT BUDGET FROM THE BROKER NOR HOMEOWNER /AT THE TIME OF INSPECTION - Are there any other fees (other than regular HOA charges) for the use of the project factliies? [ } Yes [EX] No_ if Yes, report the charges and describe, Compared to other competitive projects of similar quality and design, the subject unit charge appears (_] High X] Average Low_Hf High or Low, describe. ia Are there any special of unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser? Yes [X]No_ If Yes, describe and explain the effect on value and marketability. [Unit Charge $ $186.00 per month X 12 = $2232.00 peryear Annual assessment charge per year per square feet of gross living area = $ 1.52 Utilities included in the unit monthly assessment (ml None [teat {} AirGonditoning [] Electricity (Gas [_] Water [Xq] Sewer [~] Cable [—] Other (describe) ie erieral Diese eal ‘ Bisel ea i fa Floor # 1ST FLOOR Floors TILE/CRPT/GOOD. Firepiace(s) # [X)Retrigerator LJNone # oflevels 2 LEVELS Walls DRYWALL/GOOD. WoodStove(s) # Range/Oven [Garage [_ JCovered [_JOpen Heating Type RA. Fuel ELECTRIC | Trim/Finish WOOD/GOOD Deck/Patio Disp [X]Microwave | # of Cars [Central AC [ Tindividual AG | Bath Wainscot CER.TILE/GOOD |DX]PorcBalcony OPEN |[X)Dishwasher PxiAssigned | JOwned [Other (describe) Doors WOOD/GOOD Other | Washer/Dryer Parking Space # ASG Finished area above grade contains: 6 Rooms 3 Bedrooms 3.00 Bath(s) 1,466 Square Feet ai Gross Living Area Above Grade Are the heating and cooling for the individual units separately metered? [X| Yes |_| No__ lf No, describe and comment on compatibility to other projects in the market area, = [Additional features (special energy efficient items, etc.) STANDARD ENERGY EFFICIENT ITEMS NOTED. _ Describe the condition of the property (including needed repairs, deterioration, renovalions, remodeling, etc.) THE SUB3ECT PROPERTY. APPEARS TO BE IN AVERAGE CONDITION. THE APPRAISER DID NOT NOTE ANY NEED FOR REPAIRS AT THE TIME OF INSPECTION. Are there any physical deficiencies or adverse conditions that atfect the livability, soundness, or. structural integrity of the property? [_] Yes DX} No__ if Yes, describe. Does the property generally conform to the neighborhood (iunctional utifity, style, condition, use, construction, etc.)? x Yes {_|No If No, describe. Tia | ‘did not research the sale or transler history of the subject property and comparable sales. If not, explain |My research Cad [BX] did not reveat any prior sales or transfers of the subject property {for the three years prior to the effective dale of this appraisal. Data Source(s) FARES NET, REALQUEST, MLX AND HOMEOWNER. My sesearch [__} did [Xj did not reveal any prior ‘sales of transfers of the comparables sales for the year prior to the date of sale of the comparable sale. Fay Daia Source(s) FARES NET, REALQUEST ANO MLX FA Roport the results ofthe research and analysis ofthe prog sale or transfer history ol he subject property and comparable sales Ceport additional prior sales on page 3). TTEM ‘SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 bate of Pror Sale/Transier [NONE WITHIN LAST 3 YEARS {NONE WITHIN PRIOR YEAR [NONE WITHIN PRIOR YEAR __|NONE WITHIN PRIOR YEAR zag Price of Prior Sale/Transter N/A. |OF RECORDED SALE JOF RECORDED SALE lOF RECORDED SALE 4 Data Source(s) FARES NET/REALQUEST IFARES NET/REALQUEST IFARES NET/REALQUEST FARES NET/REALQUEST. 4 Ffiective Date of Data Source(s) [MAY 2007 [MAY 2007 MAY 2007 IMAY 2007 /Analysis of prior sale or transfer history of the subject property and comparable sales THE SUBJECT PROPERTY HAD NO PRIOR SALES AND/OR TRANSFERS FOR THREE YEARS PRIOR TO THE EFFECTIVE DATE OF THIS APPRAISAL. A SIMILAR SEARCH FOR THE COMPARABLE SALES ALSO REVEALED NO PRIQR SALES IAND/OR TRANSFERS WITHIN A YEAR PRIOR TO THE SALE DATE OF ‘THE COMPARABLE. { Freddie Mac Form 465 (March 2005) Form reproduced by United Systems Solware Company (600) 969-6727 www unitedsystems.com - Page 2 016 Fannie Wae Form 1073 (Narch 2005) APPRAISAL SOUJTIONS Page #5 Individual Condominium Unit Appraisal Report File # There are 5 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 345,000 to $420,000 ‘There are 6 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 330,000 to $ 375,000 . FEATURE. ‘SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 JAddress 8527 NW 108 AVENUE, 2-41 [10903 NW 83 STREET, 205 e261 NW 107 COURT, 6-10. [8246 NW 108 AVENUE, 2-16 jand Unit # DORAL, FL 33178 IDORAL, FL 33178 DORAL, FL 33178 DORAL, FL 33178 Project Name LEEWARD AT ISLANDS AT DORAL|PROMENADE ISLANDS AT DORAL |LEEWARD AT ISLANDS AT DORA LEEWARD AT ISLANDS AT DORA land Phase 1 a IL Proximity to Subject 10.10 Miles 5 Sale Price $353,000 $350,000 Sale Price/Gross Liv. Area |$ 240.79 a Data Source(s) eee IREALQUEST/MLX/OFFICE FILES Verification Source(s) fi [DRIVE-BY OBSERVATION DRIVE-BY OBSERVATION. VALUE ADJUSTMENTS. +()$ Adjustment | DESCRIPTION | +()$Acjusiment| DESCRIPTION | +(-) $ Adjustment Sale or Financing ICONVENTIONAL (CONVENTIONAL Concessions INONE NOTED INONE NOTED Date of Sale/Time DEC 2006 FEB 2007 Location [AVERAGE [AVERAGE JAVERAGE Leasehold/Fee Simple |FEE SIMPLE FEE SIMPLE [FEE SIMPLE FEE SIMPLE HOA Mo. Assessment [$186.00 SIMILAR NO ADJISIMILAR NO ADJ|SIMILAR NO ADJ} Common Elements AS LISTED SIMILAR NO ADJISIMILAR NO ADIISIMILAR NO Api] jand Rec. Facilifies ION PAGE 4 Floor Location IST FLOOR list FLOOR |IST FLOOR laST FLOOR View |RESIDENTIAL [RESIDENTIAL RESIDENTIAL RESIDENTIAL Design (Style) [TWNHSE/AVG [TWNHSE/AVG: [TWNHSE/AVG [TWNHSE/AVG [Quality of Construction _[CBS/AVG ICBS/AVG ICBS/AVG [cBS/AVG Actual Age l2005 ~f2006 NO ADJ|2005 2005 [Condition ]gooD (GOOD |sooD_ [good Above Grade Total [Barms Baths” | Total [Bdrms | Baths Total |Bdrms| Baths Total [Bdrms.| Baths Room Count 6/3 [30/6] 3 | 25 +2500, 6 | 3 | 30 : «| 3 | 30 Gross Living Area 1,466* sq. fl. 1,256 sq. +5,000| 1,466* sq. tL 1,466* sq. fl Basement & Finished [NONE INONE INONE INONE Rooms Below Grade ___IN/A. NZ IN/A N/A. Functional Utility AVERAGE AVERAGE. AVERAGE [AVERAGE Heating/Cooling [ceNTRAL [CENTRAL [CENTRAL [cenTRAL Ey Energy Eficient Items [STANDARD ANDARD [STANDARD FANDARD Fg Garage/Carport JOPEN PARKING SIMILAR. NO ADJ|SIMILAR, NO ADJSIMILAR NO AD)) E> Porchy/Palio/Deck OPEN PATIO [SIMILAR NO ADJISIMILAR NO, AD}|SIMILAR NO ADJ F=ANel Adjustment (Total) = | 7500, + CI- Is a] ol Adjusted Sale Price 2,08%| Net Adj. 0.00% 4 of Comparables 2,08%/$ 367500}Gross Adj. 0.00%|$ __360,000| 350,000] DEMONSTRATED HEREIN OR HELD ON FILE IN THE APPRAISER'S OFFICE. COMPARABLE SALE #2 & #3 ARE THE SAME MODEL AS THE SUBJECT PROPERTY, THEREFORE. “THE SUBJECTS MEASURED SQUARE FOOTAGE WAS USED. **SEE PAGE #9 FOR ADDITIONAL COMPARABLE SALE #4. indicated Value by Sales Comparison Approach $ 353,000 ee BEES Estimated Monthly Market Rent $ N/A X Gross Rent Multiplier N/A Indicated Value by Income Approach ‘Summary of Income Approach (including support for market tent and GRM) THE INCOME IE APPROACH TO VALUE DOES NOT APPLY TO THIS PROPERTY. IT IS |OWNER OCCUPIED. indicated Value by: Sales Comparison Approach $ 353,000 Income Approach (il developed) $ N/A HE GREATEST WEIGHT IS GIVEN TO THE COMPARABLE SALES APPROACH AS IT TENDS TO BEST REFLECT THE ATTITUDES AND ACTIONS. OF MARKET. PARTICIPANTS. “as is’, = This appraisal is made subject subject to the following repairs or alterations on the basis of a hypothetical con F=4 required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: THIS IS A SUMMARY REPORT | Yo completion per plans and specifications on the basis of a hypothetical condition that the improvements have been cpmgleted, \dition that the repairs or alterations have been completed, or subject to the i Pea DEFINED UNDER USPAP STANDARDS RULE 2-2 (B), OF A COMPLETE ‘APPRAISAL, AS DEFINED UNDER STANDARD RULE 1. ete visual inspection of the interior and exterior areas of the subj Based ona coeicaton, Ty opinion of the market value, as defined, ich fs the date of inspection and the effective date of this appratsal. and appraisers certification, my (our) 05/29/2007 owl , of ch , defined scope of wor 1 tal Panty that isthe subject ol statement of this report is f assumptions and limiting congitioy is $ 353,000 1 2S Of Freddie Mac Form 485 (March 2008) Form reproduced by United Systems Sofware Company (800) 969-6727 www uniledsyslems com - Page 3 ol 6 Fannie Ma Form 107 (March 2005) APPRAISAL SOLUTIONS: Page #6 Individual Condominium Unit Appraisal Report Fite # This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit ina tooperaive project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not pesmitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal reporl, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, Including the following definition of markel value, statement of assumptions and limiling conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject unit, (2) inspect and analyze the condominium project, (3) inspect the neighborhood, (4) inspect each of the comparable sales from at least the street, (5) research, verify, and analyze data from reliable public and/or private sources, and (6) Teport his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under alt conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumin 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 conditians whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her 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. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normat consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales 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 mechanicaf doliar 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 ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: : 1, The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the Tesearch involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show approximate dimensions of the improvements. The sketch is included only to assist the reader in visuatizing 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 £ . other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser ts not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not ge 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, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. 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, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal reporl and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be - performed in a professional manner. If Freddie Mac Form 465 (Maret 2005) Form reproduced by Uniled Sysiorns Software Company (800) 969-B727 warw uniiedsystems. com - Page 4 of 6 Fannie Mae Form 073 (March 2005) APPRAISAL SOLUTIONS Page #7 Individual Condominium Unit Appraisal Report File # APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. | have, ata minimum, developed and reported this appraisal in accordance with the scope of it in thi appraisal report. ppratsal pe of work requirements stated in this 2. | performed a complete visual inspection of the interior and exterior areas of the subject property. | reported the condition of the improvements in factual, specific terms. | identified and reported the physical deficiencies that auld affect the livability, soundness, or structural integrity of the property. : 3. | performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that ore a at the time this appraisal report was prepared. . 4. | developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. | have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. urther cerlly that | considered the cost and income approaches to value but did not develop them, uniess otherwise in this report. 5. | researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject properly for a minimum of three years prior to the effective date of this appraisal, uniess otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. | selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. | have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. Ihave reported adjustments fo the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. | verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. |am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. | obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that | believe to be true and correct. 14. {have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. | have noted inthis appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that | became aware of during the research involved in performing this appraisal. | have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. | have not knowingly withheld any significant information fram this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 46. | stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. | have no present or prospective interest in the property that is the subject of this report, and 4 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 analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners of occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that | would report (or present analysis supporting) a predetermined specie value, a predetermined minimum value, a range of direction in value, a value that favors the cause of any party, or the atlainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. { personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If| relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, | have named such individual(s) and disclosed the specific tasks performed in 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 this appraisal report; therefore, any change is made to this appraisal is unauthorized and ! will take no responsibility for it. 20. | identified the lender/ctient in this appraisal report who is the individual, organization, or agent for the organization that od and will receive this appraisal report. Freddie Mac Form 465 (March 2005) Form reproduced by United Systems Software Company (800) 969-6727 wenw.unitedsyslems.com - Page S of 6 Fannie Mae Form 1073 (March 2005) APPRAISAL SOLUTIONS Page #8 Individual Condominium Unit Appraisal Report File # 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or medi to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. | am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, | am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another ‘ender at the request of the borrower, the mortgagee or its successors and assigns, morigage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an “electronic record’ containing my “electronic signature," as those terms are defined in applicable federal and/or state taws (excluding audio and video recordings). or 2 facsimile transmission of this appraisal report Containing a copy or representation of my signature, the appraisal repart shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil tiability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. | directly supervised the appraiser for this appratsal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. | accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. . 3, The appraiser identifted in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4, This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promuigated by the Appraisal Standards Board of the Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an “electronic record" containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings) ‘or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. . “THIS APPRAISAL REPORT IS PREPARED IN ACCORDANCE WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE. THIS APPRAISAL IS PREPARED FOR THE SOLE AND EXCLUSIVE USE OF THE CLIENT NAMED IN THE APPRAISAL REPORT. OUR WRITTEN AUTHORIZATION IS REQUIRED BEFORE RELEASING THIS REPORT TO ANY PARTY. NO OTHER THAN THE CLIENT MAY PLACE ANY RELIANCE ON THIS APPRAISAL. THE APPRAISAL MAKES NO GUARANTEES, EXPRESSED OR IMPLIED. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Signature Name RAUL Name Company Name APPRAISAL SOLUTIONS Company Name Company Address 13501 SW 128 STREET, SUITE 104 Company Address MIAMI, FL 33186 Telephone Number 305 969-8100 Telephone Number Email Address ‘ASI2002@EARTHLINK.NET. Emait Address Date of Signature and Report 05/30/2007 6:45 PM - Date of Signature Effective Date of Appraisal 05/29/2007 State Certification # State Certification # ST. CERT. RES. REA RD6412 - of State License # or State License # tate ____ _ or Other (describe) State # Expiration Date of Certification or License Stale FLORIDA i : Expiration Date of Certification or License 11/30/2008 _ ADDRESS OF PROPERTY APPRAISED : SUBJECT PROPERTY 8527 NW 108 AVENUE, Unit 2-41 - Did not inspect subjéct property’ DORAL, FL 33178 Did inspect exterior of subject property from street Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY $ 353000 Did inspect interior and exterior of subject property Date of Inspection LENDER/CLIENT Name Company Name TRANSCONTINENTAL LENDING GROUP COMPARABLE SALES | ~Company Address 2101 BRICKELL AVENUE : Did not inspect exterior of comparable sales from st iD MIAML, FL 33130 ( Did inspect exterior of comparable sales from street Email Address Date of Inspection Freddie Mac Form 465 (March 2005) Form reproduced by Untied Systems Software Compacyy (800) ‘969-8727 www_uniledsystems.com - Page 6 ot 6 Fannie Mae Form 1073 (March 2005) CAAPLAINT. APPRAISAL SOLUTIONS Page #9 Individual Condominium Unit Appraisal Report Fle # FEATURE I ‘SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6. Address 8527 NW 108 AVENUE, 2-41 [8527 NW 108 AVENUE, 1-41 land Unit # DORAL, FL 33178 [DORAL, FL 33178 Project Name LEEWARD AT ISLANDS AT DORALILEEWARD AT ISLANDS AT DORAL jand Phase 1 [Sale Price/Gross Liv, Area x Data Source(s) |REALQUEST/MLX/OFFICE FILES 15, 5s DRIVE-BY OBSERVATION iON DESCRIPTION [+4 Train DESORPTION +e) SAdusiment| DESCRIPTION | +()$ Adusiment Foor (CONVENTIONAL INONE NOTED DAN 2007 [AVERAGE FEE SIMPLE [SIMILAR No Anil SIMILAR NO AD} ST FLOOR + | [RESIDENTIAL [TWNHSE/AVG [FWNHSE/AVG IcBS/AVG [casyave a 2005 D |sooD Tolal [Borms.| Baths | Total |[Bdrms.| Baths Total Same Bas Total |Bdrms. Baths 6{ 3 [| 30[7/ 4 | 30 NO ADI) 1,466" 5g. fl 1,507 sq.ft, NO AD3| sq.ft 3q. ft INONE INONE . IN/A IN/A Functional Utility |AVERAGE AVERAGE Heating/Cooling [CENTRAL ICENTRAL Energy Efficient Items [STANDARD [STANDARD Bi Garage/Carport IOPEN PARKING —_ [SIMILAR Porch/Patio/Deck JOPEN PATIO [SIMILAR an xe Ti | q+ Ti- /s Ci+ [j- Is a cS Net Adj. 0.00%| ‘Net Adj. %| Net Adj. ¥| WSS |Gross Adj. _0.00%|$ __365,000| Grass Adi oS Gross Adj. IS P¥ Report the results of the research and analysis of the prior sale or transfer history of the subject properly and comparable sales (report additional prior sales on page 3}. z ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Date of Prior Sale/Transler INONE WITHIN LAST 3 YEARS _|NONE WITHIN PRIOR YEAR Price of Prior Sale/Transier__ |N/A. N/A Data Source(s) FARES NET/REALQUEST FARES NET/REALQUEST | _ Eifective Date of Data Source(s) |MAY 2007 IMAY 2007 [Summary of Sales Comparison Approach COMPARABLE #4 WAS PROVIDED TO SHOW ADDITIONAL SUPPORT. Freddie Mae Form 46s (March 2005), Fannie Woe Farm 1073 (Warch 2008) Foim reproduced by United Systems Software Company (600) 969-8727 wow unitedsyslems.com APPRAISAL SOLUTIONS: Page #10 SKETCH Borrower/Client SORAYA CARRILLO Address 8527 NW 108 AVENUE UnitNo. 2-41 City DORAL County DADE State FL Zip Code 33178 Lender/Client TRANSCONTINENTAL LENDING GROUP 17.0 44.0" DINING] 33.0 17.0 12.0 SECOND FLOOR FIRST FLOOR iach by Apex N™ ‘Comments: . AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Code Description Net Size Not Totals L .___ Breakdown Subtotals GLAL First Floor 718.0 718.0 First Floor GLA2 Second Floor 748.0 748.0 12.0 x 44.0 528.0 5.0 x 38.0 190.0 : Second Floor 17.0 x 44.0 748.0 | Ul Net LIVABLE Area (Rounded) 1466 3 Items (Rounded) 1 ‘} Form produced by United Systems Sottware Company (800) 969-8727 www unitedsystems.com afynstescerey acre ‘APPRAISAL SOUITIONS Page #11 SUBJECT PHOTOGRAPH ADDENDUM Borrower/Client SORAYA CARRILLO. Address 8527 NW 108 AVENUE Unit No, 241 City DORAL County DADE State FL Zip Code 33178 Lender/Client TRANSCONTINENTAL LENDING GROUP Front View Rear View Street View ‘APPRAISAL SOLLTIONS Page #12 COMPARABLE PHOTOGRAPH ADDENDUM Borrower/Client SORAYA CARRILLO . ot : Address 8527 NW 108 AVENUE. UnitNo. 2-42 City DORAL State FL Tip Cod ‘ode 33178 Lender/Client: TRANSCONTINENTAL LENDING GROUP pone Sales Comparable 1 Front View ‘Address: 10903 NW 83 STREET, 205 Prox. to Subject: (0.05 Miles SW Sales Price: $ 360,000 Gross Living Area: 1256 Total Rooms: 6 Total Bedrooms: = 3 Total Bathrooms: 2.50 Location: AVERAGE Sales Comparable 2 Front View Address: 8261 NW 107 COURT, 6-10 Prox. to Subject: 0.08 Miles S Sales Price: $ 360,000 Gross Living Area: 1466* ‘Total Rooms: 6 Total Bedrooms: 3 Total Bathrooms: 3.00 Location: AVERAGE ae Sales Comparable 3 Frent View #4 Address: 8246 NW 408 AVENUE, 2-16 ——— ceag i e tis sae NET CARAETE OS Prox. to Subject: + 0.10 Miles S Sales Price: $ 350,000 Gross Living Area: 1466* Total Rooms: 6 Total Bedrooms: «= 3 Total Bathrooms: 3.00 Location: AVERAGE lag Form produced by Usited Systems Sotware Company (B00) 969-8727 www unitedsystemns.com ‘APPRAISAL SOLUTIONS Page #13 COMPARABLE PHOTOGRAPH ADDENDUM Borrower/Client SORAYA CARRILLO Address. 9527 NW 108 AVENUE Unit Wo, 2-42 City DORAL County DADE State FL Zip Code 33178 Lender/Client TRANSCONTINENTAL LENDING GROUP. ‘Sates Comparable 4 Front View Address: 8527 NW 108 AVENUE, 1-41 Prox. to Subject: —-0.01 Miles W Sales Price: $ 365,000 Gross Living Area: 1507 Total Rooms: 7 Total Bedrooms: = 4 Total Bathrooms: 3.00 Location: AVERAGE Address: Prox. to Subject: Sales Price: $ Gross Living Area: Total Rooms: ~ Total Bedrooms: 7 ‘Total Bathrooms: Address: Prox. to Subject: ‘ Sales Price: $ ’ Gross Living Area: Total Rooms: Total Bedrooms: Total Bathrooms: lau Form produced by United Systems Soltvare Company (B00) 969-8727 www uritedsystams com APPRAISAL SOWTIONS. ; Page #14 LOCATION MAP Borrower/Client SORAYA CARRILLO | Address 8527 NW 108 AVENUE. UnitNo. 2-41 City DORAL County DADE Slate FL ZipCode 33178 Lender/Client TRANSCONTINENTAL LENDING GROUP ‘Subject 2527 NW 108 AVENUE) f Sale 2 * 110903 NW83 STREET, 21 0.05 Miles SW. Sales 3246 NW 108 AVENUE, 2-16} le S Form produced by United Systems Software Company (800) 969-8727 www untedsystems.com DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION 7. AFFIDAVIT - rane rane wo P : TONAL REGULATION, i [someon Raat “Beato —, — win it ng duty sen, depots Di, eet ee ye Dt of ise Pt © Region Ste of ti 9G ah 08 Afiant Raul asale\' a Miami-Dade My Home-Text Page | of 2 My Home 5 q MIAMEDAD famdadergo eee pe Show Me: Go to property map Questio Property information-Text ; . an (Property Appraiser Tax Estimator & Print friendly version Commer webmas' Summary Details: @miamidad Propert Mailing Address: BINACA INVEST GRP INC Appraiser t 8527 NW 108 AVE #2-41 DORAL FL Page 33178-5246 Property Information: 3800 MULTI-FAMILY RESIDENTIAL eLUC: (0007 RESIDENTIAL- CONDOMINIUM Beds/Baths: - LEEWARD AT ISLANDS AT DORAL CONDO UNIT 2 BLDG 41 Legal Description: UNDIV 1/340 INT IN COMMON ELEMENTS OFF REC 23405- 1961 COC 23736-4740 08 2005 1 Sale Information: Sale O/R: 23736-4740 Sale Date: 8/2005 $184,427 Assessment Information:” Le fpuiding Vawe | _s0——~«dY—SC—SSSCSC~S Frotal Exemptions. | so] | * The market and assessed values are accurately reflected.Information related to this property's exemptions and taxable vatues are being updated as a result of the recerit passage lof Amendment One and will be available shortly. _Additional information: ommunity ee more i District — ‘community Redevelopment Area Empowerment Zone rban Development Boundary ‘oning INon-Ad Valorem Assessments My Home | Property Information | Property Taxes f | My Neighborhood | Property Appraiser, an rm 2A http://gisims2.miamidade.gov/myhome/proptext.asp?folio=3530070093260&vbMakeLink= 8/29/2008 VRE AVE 06) TANYA UG ROT CFN 2007R0145028 OR Bk 25355 Pss 0563 - 5447 (2e95) RECORDED 02/09/2007 15221314 DEED DOC TAX 1754?.20 This instrument prepared by: HARVEY RUVIN? CLERK OF COURT Kodsi Law Firm, P.A. HIANT-DADE COUNTY: FLORIDA Steven R. Amster, ES. 701 W ress Creek ad, Suite 301 Fort Lauderdale, FL 33309 Parcel ID Number: 35 30070084630 (underlying) Special Warranty Deed This Indenture, Made this 26th day of: January > 2007 AD., Between PROMENADE AT DORAL, L.L.C. , @ Florida limited liability company of the County of Palm Beach toy Sute of Florida >Brantor, and GUILLERMO PAZ and CLAUDIA LONDONO, husband and wife, and PAOLA C. TORRES, a single woman whose address ic: 14810 SW 80th Street; Miami, FL 33193 of the County of Miami-Dade fy Sute of Florida » grantees. ‘Witnesseth thatthe GRANTOR, for and in consideration of the sum of Sapuieaisananteeiee nee TEN DOLLARS ($10) -----------~----------- — po.tars, and other good and valuable consideration to GRANTOR in band paid by GRANTEES, the receipt whereof is hereby acknowledged, has granted, bargained and sold to the said GRANTEES and GRANTEES’ heirs, successors and assigns forever, the following described land, situate, tying and being in the County of Miami-Dade Stae of Florida to wit: Unit 5~205, of PROMENADE SHORES AT DORAL, a condominium, according to the Declaration of Condominium thereof , @3 recorded in Official Records Book 25143, Page 4225, of the Public Records of Miami-Dade County, Florida. Subject to: Taxes, and assessments for the current calendar year and all subsequent years; applicable zoning laws, ordinances and regulatiéns, prohibitions and other requirements imposed by governmental authority; conditions, restrictions, reservations, limitations and easements of record, if any, but this reference shall not operate to revive or reimpose any of them. Subject to: Restrictions, conditions, covenants, easements, liens, terms and limitations set forth in the Declaration of Condominium and Exhibits, including but not limited to the Articles of Incorporation and By-Laws of the Condominium Association, attached thereto of the herein described Condominium as way be amended from time to time. Subject to: Restrictions, conditions, covenants, easements, liens, terms and limitations set forth in the Declaration of Restrictions and Covenants for Islands At Doral and Exhibits, including but not limited to the Aticles of Incorporation and By~Laws of the Association as recorded October 24, 2003 in O.R.’ Book 21766, Page 3870, as may be amended from time to time, of the Public Records of Miami-Dade County, Florida. This Deed was prepared as a necessary incident to the fulfillment of Conditions contained in a Title Insurance Commitment. Record and Peturn wt TERRA TITL3 CORP. 701 W. Cypress Cresk Rd, Ste $83 Fort Lauderdale, Floride 33309 (954) 17J-1195, FerpAlaid la ' Together with all tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining, To Have and to Hold, the same in fee simple forever, And the grantor hereby covenants with seid grantees that grantor is lawilly seized of atid land in fee simple; that grantor has Bood right and lewhul authority to soll end convey said land; that grantor hereby fully warrants the title 10 said land and will defend the same against the lawful claims of all Persons claiming by, through or under grantor. . Laser Generated by © Display System, hac 2007 (863) 760-5555 Form FLSWD-2 Book25355/Page563 CFN#20070145028 Page 1 of 2 PEEK 28855 PG O3564 Special Warranty Deed - ~Page 2 Parcel DNumber: 35 30070084630 (underlying) In Witness Whereof, the grantor has hereunto set its hand and seal the day and year first above written. and delivered in our presence: (Seal) P.O. Address: 7284 W. Palinetto Park Road, Suite 106 Boca Raton, FL 33433 STATE OF FLORIDA COUNTY OF BROWARD ‘The foregoing instrument was acknowledged before me this 26th day of January » 2007 by Paul D. Gottfried, Authorized Representative of PROMENADE AT DORAL, LLC., a Florida limited liability company on behalf of the company he is personally known to me or he has produced his Florida drive icense- wi, Evelyn C. Perez ‘My Commission Expires; Connicon 40D 198342 Expires: Mar 30. 2007 Bonded Thru Atlantic Bonding Co... ins. TOG610614 Laser Generated by © Display Systems Inc 2007 (ANIMAS FRTCWN * Book25355/Page564 CFN#20070145028 , Page 2 of 2 HARTUAV OLE UU MEG RUE TMEV CFN 2007RO0509216 OR Bk 25625 Ps 0534) (ips) RECORDED 05/21/2007 11345:33 DEED DOC TAX 27160.00 Gis INSTRUMENT PREPARED BY AND RETURN TO: HARVEY RUVI Hr CLERK OF count HLani—-DAl , AMBASSADOR TITLE SERVICES, INC, LAST PAGE 11401 S.W. 40 STREET SUITE 270 MIAMI, FLORIDA 33165 Property Appraisers Parcel Identification (Folio) Number: 35-3007-008-4630(MASTER FOLIO) SPACE ABOVE THIS LINE FOR RECORDING DATA. THIS WARRANTY DEED, made the 30th day of April, 2007 by GUILLERMO PAZ and CLAUDIA LONDONO, HUSBAND AND WIFE, AND and PAOLA C. TORRES, A SINGLE WOMAN, whose post office address is 14810 SW 80 STREET, MIAMI, FLORIDA 33193 herein called the grantors, to DOLORES MONTALVO, A SINGLE WOMAN whose post office address is 10903 NW 83 STREET, #205, MIAMI, FLORIDA 33178, hereinafter called the Grantee: (Wherever used herein the terms "grantor" and "grantee" iriclude all the parties to this instrument and the heirs, legal representatives and assigns of individuals, and the successors and assigns of corporations) WITNESSET Hi: That the grantors, for and in consideration of the sum of TEN AND 00/100'S ($10.00) Dollars and other valuable considerations, receipt whereof is hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys and confirms unto the grantee all that certain land situate in MIAMI-DADE County, State of Florida, viz.: . UNIT NO, 205, BUILDING 5 OF PROMENADE SHORES AT DORAL, A CONDOMINIUM ACCORDING TO THE DECLARATION OF CONDOMINIUM THEREOF, AS RECORDED IN OFFICIAL RECORDS BOOK 25143, AT PAGE 4225 OF THE PUBLIC RECORDS OF MIAMI- DADE COUNTY, FLORIDA, TOGETHER WITH AN UNDIVIDED INTEREST IN THE COMMON ELEMENTS APPURTENANT THERETO AND ALL AMENDMENTS THERETO AS SET FORTH IN SAID DECLARATION. : Subject to easements, restrictions and reservations of record and taxes for the year 2006 and thereafter, TOGETHER, with all the tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. TO HAVE,.AND TO HOLD, the same in fee simple forever. AND, the grantors hereby covenant with said grantee that the grantors are lawfully seized of said land in fee simple; that the grantors have good right and lawful authority to sell and convey said land, and hereby warrant the title to said land and will defend the same against the lawful claims of all persons whomsoever; and that said land is free of all encumbrances, except taxes accruing subsequent to December 31, 2006. IN WITNESS WHEREOF, the said grantors have signed and sealed these presents the day and year first above a> aot ne .- -_t PAOLA C. TORRES STATE OF FLORIDA COUNTY OF MIAMI-DADE The foregoing, i was acknowledged before me this 30th day of April, 2007 by GUILLERMO PAZ and CLA' and PAOLA C. TORRES who are personally Amreyn to me or have produced ~~ __ 85 identification, \ i D SEAL CFO 2 My Commission Expires: File No.: 07-5134E es Ry Book25635/Page534 CFN#20070509216 Page 1 of 1

Docket for Case No: 09-006964PL