STATE OF FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BOAHDAPR22 AN IO: 58 FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, Vv. CASE NO. 2008062294 REINALDO GONZALEZ, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Reinaldo Gonzalez (“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 4449 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 8307 SW 14274 H:AFREAB\FREABa\FREAB\GONZALEZ.REINALDO.doc 1 FDBPR v. Reinaldo Gonzalez Case No. 2008062294 Administrative Complaint Avenue #E-310, Miami, Florida 33183. 4. On or about May 27, 2008, Respondent developed and communicated an appraisal report (Report) on a property commonly known as 16524 SW 97th Street, Miami, Florida 33196 (Subject Property). A copy of the Report is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. Petitioner received a complaint from the lender who had obtained an appraisal review of the Subject Property (Review) valuing the Subject Property at a lower figure and alleging certain errors in the Report. A copy of the Review is attached hereto and incorporated herein as Administrative Complaint Exhibit 2. 6. Respondent replied to the complaint by letter, a copy of which is attached hereto and incorporated herein as Administrative Complaint Exhibit 3. 7. Through investigation, Petitioner’s investigator determined that Respondent was no longer be employed by the appraisal firm, Southern Real Estate & Investments, Inc. 8. Respondent did not maintain a copy of the work file or any supporting documentation for the Report, including any copy of the appraisal order form. 9. Respondent was subsequently able to access via computer the copy of the Report attached as Exhibit 1 (which matches the H:A\FREAB\FREABa\FREAB\GONZALEZ, REINALDO.doc 2 FDBPR v. Reinaldo Gonzalez Case No. 2008062294 Administrative Complaint copy provided by the complainant). 10. Respondent was able to recreate certain public records documents concerning the Subject Property, but not FARES and MLX documents listed as data sources in the Report. 11. By virtue of having failed to retain documentation to support the Sales and Cost Approach valuations of the Subject Property, and failure to provide detailed analysis in the Report of those approaches, Respondent is unable to defend the value conclusions as being credible results. 12. Respondent made the following errors or omissions in the Report: . A) Respondent listed the Subject Property as having 2.5 bathrooms and 1919 square feet of gross living area while the public record from the Dade County Property Appraiser web site documents 2 bathrooms and 1790 square feet of gross living area; B) Respondent reported Comparable Sale 1 as having 4 bedrooms, 3 bathrooms, and 2877 square feet of gross living area while the public record from the Dade County Property Appraiser web site documents 3 bedrooms, 2 bathrooms, and 1784 square feet of gross living area; c) Respondent reported Comparable Sale 2 as having 2.5 bathrooms and 1898 square feet of gross living area while the H:\FREAB\FREABa\FREAB\GONZALEZ.REINALDO, doc 3 FDBPR v. Reinaldo Gonzalez Case No. 2008062294 Administrative Complaint public record from the Dade County Property Appraiser web site documents 2 bathrooms, and 1770 square feet of gross living area; D) Respondent reported a non-existent sale of Comparable Sale 3 in April 2008; E) Respondent reported Comparable Sale 3 as having 2.5 bathrooms and 1758 square feet of gross living area while the public record from the Dade County Property Appraiser web site documents 2 bathrooms, and 1640 square feet of gross living area; F) Respondent reported Comparable Sale 4 as having 2.5 bathrooms and 1919 square feet of gross living area while the public record from the Dade County Property Appraiser web site documents 2 bathrooms, and 1790 square feet of gross living area; G) Respondent reported Comparable Sale 5 as having 1585 square feet of gross living area while the public record from the Dade County Property Appraiser web site documents 3 bedrooms, 2 bathrooms, and 1480 square feet of gross living area. H) Respondent failed to maintain in the work file documentation to support the one unit housing trends as of the effective date of value of supply/demand in balance and stable property values. COUNT ONE Based upon the foregoing, Respondent has violated a standard ' HAFREAB\FREABa\FREAB\GONZALEZ.REINALDO.doc 4 FDBPR v. Reinaldo Gonzalez Case No. 2008062294 Administrative Complaint for the development or communication of a real estate appraisal, specifically the Recordkeeping Section of the Ethics Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2008) in violation of Section 475.624(14), Florida Statutes. COUNT TWO Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-1l(a), (b), and (c), or other provision of the Uniform Standards of Professional Appraisal Practice (2008) 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 1-4(a) and (b), or other provision of the Uniform Standards of Professional Appraisal Practice (2008) 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 1-6(a) and (b), or other provision of H:\FREAB\FREABa\FREAB\GONZALEZ.REINALDO.doc 5 FDBPR v. Reinaldo Gonzalez Case No. 2008062294 Administrative Complaint the Uniform Standards of Professional Appraisal Practice (2008) 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 2-1(a) and (b), or other provision of the Uniform Standards of Professional Appraisal Practice (2008) 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 2-2(b) (viii), or other provision of the Uniform Standards of Professional Appraisal Practice (2008) in violation of Section 475.624(14), Florida Statutes. COUNT SEVEN 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 respectfully requests the Florida Real Estate Appraisal Board, or the Department of Business and Professional Regulation, as may be appropriate, to issue a Final H:\FREAB\FREABa\FREAB\GONZALEZ.REINALDO.doc 6 FDBPR v. Reinaldo Gonzalez Case No. 2008062294 Administrative Complaint Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section 475.624, Florida Statutes and Rule 61J1-8.002, Florida Administrative Code. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or H:\FREAB\FREABa\FREAB\GONZALEZ.REINALDO.doc 7 FDBPR v. Reinaldo Gonzalez Case No. 2008062294 Administrative Complaint 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. SIGNED this 30 day of Sotrbe , 2009. ATTORNEY FOR PETITIONER Er 2 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/PB 9/09 H:AFREAB\FREABa\FREAB\GONZALEZ.REINALDO.doc 8 FDBPR v. Reinaldo Gonzalez Case No. 2008062294 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\FREABa\FREAB\GONZALEZ.REINALDO.doc : 9 Southem Real Estate & investments, inc, Uniform Residential Appraisal Report rr 2005007 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. Address_16524 SW 97 STREET City MIAMI (UNINC) Borrower CARDONA, ANDRES Owner of Public Record CARDONA, ANDRES County_MIAMEDADE, Assessor's Parcel # 30.5905-015-1190 Tax Year_2007 RE. Taxes $ 2,425.48 fp Neighborhood Name FOREST LAKES VLiAS Map Reference seao-05 ___omsus Tract 1o7.650-2 Pf Occupant [SJ Owner [ [Tenant []Vacant Speci Assesmens SSCL PUD _HOAS 0.00 [J per year Del pe mont 1 Property Rights Appraised PQ fee Simple (Tteaschold [J Othe (descrbe) Bi Assignment Type _[] Purchase Transaction} Refinance Transaction [J Other (describe Lende/Gient_ Quid Q. Service LLC Address 8300 NW 53 Street #350, Miami, FL 33166 [is the subject property curently offered forsale or has it been offered for sem the twalve months prior to te effective date of this appraisal? [ [Yes PxNo_ ON 10/06 FOR $365,000 AND SOLD FOR $329,990 ON 03/07. SUBJECT PROPERTY IS NOT CURRENTLY LISTED FOR SALE. t (2 did 27 did 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 pefformed. BT Ff Contract Price § Date of Contract Ts the property saler the owner of public record? [_]¥es | JNo Data Source(s) Z etc.) to be paid by any party on behalf of the borrower? = _] Yes No fe) z a S| Fa| Neighborhood Description NO UNFAVORABLE MARKET CONDITIONS WERE OBSERVED. MOST SERVICE FACILITIES ARE LOCATED NEARBY. Fl COMMERCIAL USE DOES NOT ADVERSELY AFFECT THE SUBJECTS MARKETABILITY AND/OR VALUE UNLESS SPECIFICALLY ADDRESSED AS AN | PROPERTY VALUES AND FINANCING OF THE SUBJECT PROPERTY ARE CONSISTENT WITH THE MARKET AREA. DEMAND AND.SUPPLY ARE IN MB _BALANCE WITHIN THE SUBJECTS MARKET. MARKETING TIME FOR THE SUBJECT IS BETWEEN 3 TO 6 MONTHS. Dimensions 49.33* X 60° Arsa_2.420 So.Ft. pe RECTANGULAR. View AVERAGE. Specific Zoning ClassificationRu-3M Zoning Description mul TI-FAMILY, MEDIUM DENSITY RESIDENTIAL F Zoning Compliance fq Legal_[_] Legal Nonconforming (Grandfathered Use] ] No Zoning |_| legal (describe Ts the highest and best use of subject property as improved (or as proposed per plans and specifications) the presentuse?pq Ves |_| No_if No, describe FEMA Special Hood Hazard Area Dx] Yes | [No FEMA Hood Zone av ‘Are the Ublivies and off-site improvements typical for the markel area? pc] Yes | [No Wf No, describe ‘Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc)? | | Yes [x[No_ If Yes, describe FEMA Map #120635 0255. FEMA Map Date 3/02/94 Soe Pemdation, 7 Extertor Destrintion < materiale/candition| bo Concrete Slab Foundation Walls CBS/CONCRETE/AVG [} Full Basement [} Parfal Basement Type [] det Bat [TS be fend Unifsasement Area "wa syfifRoof Suter Ss TYPE TLE/AvG —_[Tin/fnish woonvaverase | [Beesstng [ [Proposed | J vinder Cons [Design (Style) TOWNHOUSE __fL_] Outside Enty/eat_ [J Sump Pump | Window Typ 'ALM.SLIDING/AVG. Evidence of [[iveshtior None fstom Saswinguated wone fom Storage [1] None" fos Ly Satemnt Sceens YESIAVG py iveway Fol Cus _2 | atic ET None Texting Belews FP) wee JC) Radian Amenities ] woudstaye(s) # [loop Ser stars Jone Jud erecrric LJ Rrepane(s) # — balFence woop OQ Garage # of Cars t | [Porch Carport __# of Cars x] Att. L} Det. L_J Built-in A bd Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). _ NO FUNCTIONAL OR EXTERNAL INADEQUACI NOTED. THE SUBJECT PROPERTY IS IN OVERALL AVERAGE CONDITION. Freddie Mac Form 70 March 2005 Page 1 of 6 Fannie Mae Form 1004 March 2005 Farm 1004 — “TOTAL for Windows" appraisal software by aa mode, ine. Ade MARES T RAT IVE COMPLAINT. EXHIBIT # {oo PAGE / OF fy There are the subject neighborhood within the past twelve months ranging in sale $ FEATURE SUBJECT COMPARABLE SALE #1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 16524 SW 97 STREET 16537 SW 78 TERRACE 8555 SW 165 PLACE 7393 SW 162 PATH MIAMI (UNINC) FL 33196. MIAMI (UNINC), FL 33196. IMIAM) (UNINC), FL 33196. MIAMI (UNINC). FL 33196 a = STosservarion ______fosservation___Joaservation id INONE KNOWN. NONE KNOWN fizeo07, LS SSSS~=*sd 20D oarz008 fAVERAGE | ___javerace | Javerace [LeaschaldFes Simple [ree Simple [rec simpLe | [reesmmue | _{reesmme {| [site dea2o sari. iisezsart | Ss soisary | ez sory | View AVERAGE _faverace |. —SsditaKE CSC ia oocfaverace [Quality of Constuction [CBS/ AVERAGE |CBS/AVERAGE | _____|cas/AVeRace | I casvaveRAGe | | laverace [average | _—iaverace |. daverace | felafestslst3] 100i s)3 [25) tsi ates] Gross Living Area [gia sqft] 2077 sqft] —-7,too]___ 189g saft] +00] 75a sg.ft] +7 200) Basement & Anished NONE fimbswaue re une | frome |e S| Bi Functional va lavenace —laverace | lavenace | _Javerace |__| Energy Elicit tens faverace _laverace | Javerace | Javerace | Bj Porch/Pato/Deck —SSCSRFDENTRY _|RFDENTRY | _'RFDENTRY | REDENTRY OO [Pato, Frelace, de. OPEN PATIO opENPaTio | lorenpanio | __Joreneatio | | Ce 8 Pa Adjusted Sale Price Fe of Comparables : i Bd dit [] did not research th PPI ARISON [fy research P< did | | did not reveal any prior sates or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s} __FARES/ MLX. [My research [| d_{5qj did not reveal any prior sales or transfers of the comparable sales for the year prior to fhe date of sale of the comparable sale the results of the research and analysis af the prior sale or transter fi ITEM SUBJECT Date of Prior Sale/Transfer Analysis of prior sale or transfer history of the subject property and comparable sales SALES HISTORY PROVIDED 1S FOR THE PAST 3 YEARS FOR THE ‘Summary of Sales Comparison Approach__ COMPARABLES PROVIDED HAVE SIMILAR UTILITY AND COULD BE ALTERNATE CHOICES WITHIN THE SAME MARKET SEGMENT. THE APPRAISAL ASSIGNMENT WAS NOT BASED UPON A REQUESTED MINIMUM VALUE, A SPECIFIC VALUE OR THE APPROVA Indicated Value by Sales Comparison Approach $_ 325,000 HAVING CONSIDERED ALL PRECEDING FACTORS, GREATEST WEIGHT WAS GIVEN TO THE SALES COMPARISON ANALYSIS APPROACH, WHICH IS. z TT This appraisal is made De] “asis", [J subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, is] subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or aerafons fave been completed, or [} subject to the pproach$ 325.000 Coat Approach (if developed) $_ 325.407 Income Apy oped) $ AL BUYER. _ Tm —— ian suitten a tes set vahse, am deted of He reel prenerty fet ve te wibject of thie report fe 325,000 as of 05/27/2008 _. Which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 7G March 2005 Page 2 of 6 Fannie Mae For 1004 March 2005 Fam 064 -—-TOTAL Wow rai sore seroie ns — BESET TRATIVE COMPLAINT EXHIBIT # PAGE OF 2 F Uniform Residential Appraisal Report —_rie# 2805007 AREA, AND LOT SIZES. THIS NEIGHBORHOOD BLEND IS TYPICAL OF NEIGHBORHOODS THAT HAVE STEADILY DEVELOPED THROUGH THE YEARS. TT E: SITE DIMENSIONS PROVIDED ARE IN “FEET AND SITE AREA PROVIDED IS IN "SQUARE FEET. DATA SOURGES UTILIZED ARE PUBLIC RECORDS/ FARES. PLAT MAPS, AND/OR SURVEY WHERE PROVIDED. HIGHEST AND BEST USE OF SUBJECTS SITE AS VACANT IS SINGLE FAMILY Ee COST APPROACH (WHERE APPLICABLE): APPRAISER UTILIZED THE REPLACEMENT VALUE AS PER THE MARSHALL AND SWIFT RESIDENTIAL COS: ANDBOOK ANO/OTHER LOCAL COSTS FOR THE AREA, ALTHOUGH, NO WEIGHT WAS GIVEN LO THE COST APPROACH TO VALUE, IT DOES ee eee SALES COMPARISON ANALYSIS: THE LIVING AREA IN THE PUBLIC RECORDS/TAX ROLLS |S GIVEN IN A COMPOSITE FORM. THIS FORM IS KNOWN 2 Fd (SUCH AS GARAGE, CARPORT, PORCHES, ETC.) THE APPRAISAL USES ACTUAL LIVING AREA IN THE MARKET DATA ANALYSIS FOR BOTH THE | z | PROPERTY. HOWEVER, IN THE CASE OF COMPARABLE SALES, THE LIVING AREA UTILIZED HAS BEEN ABSTRACTED FROMTHE PUBLIC | RECORDS/TAX ROLLS ADJUSTED LIVING AREA DATA AND OBSERVATION OF THE ACTUAL IMPRO' ITS. THE ABSTR D LIVING AREA OF Tr iS i OME! a DITIONAL SALES OR HAD BENEFIT OF St B BLTHAT THE APPRAISER CONDUCTED AN EXHAUSTIVE SEARCH FOR “COMPARABLE SALES”. THE MOST SIMILAR COMPARABLES IN ESIGN AND APPEAL, AGE AND CONDITION, AND ALL GENERAL ASPECTS HAVE BEEN SET FORTH HEREIN. IT SHOULD BE NOTEO.THAT MORE IN-OEPTI QUANTITATIVE AND QUALITATIVE DATA, WITH REGARDS TO GENERA OF COMPARISON, WERE UNAVAILABLE; THEREFORE, THE SET FORTH IN THIS REPORT ARE NOT ONLY THE MOST "SIMILAR", BUT ALSO THE MOST RECENT. IN APPRAISERS OPINION, COMPARABLE: Pe Se ce sated Value by Income Approach wiht pieabiey oe ase a 1s the developer/ouilder in control of the Homeowners’ Associalion (HOA)? | [Yes Px[ No Unittype(s) | [Detached bq Attached Provide the fallawing information for PUDs ONLY if the developer/oullder is in control of the HOA and the subject property is an attached dwelling unit. FA Total umber ol phases Touinumbe outs oiarrumber ofunits sag e Total number of units rented Total number of units for sale Data source(s) Fa Was the project created by the conversion of existing bullding(s) into a PUD? |] Ves [J'No Mt'Yes, date of conversion. fo] Does the project contain any mult-dwelling units? | EYes | | No_ Data Source 4 Are the units, common elements, and recreation facilities complete? | [Yes {| {No It No, describe the status of completion. SA a Are the common demrents leased to or by the Homeowners’ Association? [J Yes_[)] No_If Yes, describe the rental terms and options. Describe common elements and recreat onal tacilities. Freddie Mac Form 70 March 2005 Page 3 of 6 Fannie Mae Form 1004 March 2005 ADMINISTRATIVE COMMLAINT Farm 1004 —*TOTAL fr Windows appraisal sotware by ala mode, ine. — -BOCERLBMODF #1 a PAGE 2 OF é “4 Uniform Residential Appraisal Report res 2805007 This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative 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 permitted. 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 report, 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 market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (2) inspect each of the comparable sales from at feast the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report 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 ail 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 ta buyer under conditions whereby: (1) buyer and seller are typically motivated; (2} both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a teasonable 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 faw 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 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 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, excent for information that he or she became aware of during the research 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 the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has exarnined the available flood maps that are provided by the Federal Emergency Management Agency (or 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 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 propetty 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 the 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 fimited 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 report 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. Freddie Mac Form 70 March 2005 Page 4 of 6 Fannie Mae Form 1004 March 2005 Form 1004 — “TOTAL tor Windows" appraisal software by ala mode, wre 0 NISTRAT WE COMPLAINT. EXHIBIT # PAGE Tor Ty Uniform Residential Appraisal Report rag 2805007 APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that: 1. | have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 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 could 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 were in place 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. | further certify that | considered the cost and income approaches to value but did not develop them, unless otherwise indicated 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 property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. | 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. | have reported adjustments to 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. | have knowledge and experience in appraising this type of property in this market area. 42. | am aware of, and have access to, the necessary and appropriate public and private data sources, such as muttipie fisting services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. 1 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. 1 have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repaits, 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 from this appraisal report and, ta the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. | 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. I have no present or prospective interest in the property that is the subject of 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 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 or 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 specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, ot the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage foan 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 individuat 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 made to this appraisal is unauthorized and | will take no responsibility for it. 20. | identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 Page 5 of 6 Fannie. Mae Form 1004 Mareh 2005 ADMINISTRATIVE COMPLAINT Form 1004 — ‘TOTAL for Windows" appraisal software by a la mode, inc. — HEESAAN ET # : . PAGES oof 5 Uniform Residential Appraisal Report File # 2805007 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; goverment 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 distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). me or the lender/client may be subject to certain 22. | am aware that any disclosure or distribution of this appraisal report Chater Standards of Professional Appraisal Practice laws and regulations. Further, | am also subject to the provisions of the that pertain to disclosure or distribution by me. 23. The borrower, another fender at the request of the borrower, the mortgagee or its sticcessors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may tely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. Mf 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. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment ar both under the provisions of Tite 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPAAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. | directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's cettification. 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 identified in this appraisal repost 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 feport 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 recotdings}, 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. APPRA SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signatur ef ‘i r Signature Name (R.Gonzatéz, Si.Cér.Res.REAH4443 Name Compar Southem Real Estate & Investments, Inc. CompanyName 2 APPRAISED VALUE OF SUBJECT PROPERTY $ LENDER/CLIENT Name Company Name. Company Address 325,000 Quid Q. Service, LLC 8300 NW 53 Street #350, Miami, FL 33166 Email Address ui@quidg.com Compar., ......-- 7891 W. Flagler Street, #124 Company Address a ami, FL 33.144 Telephone Number (786) 547-5222 Telephone Number Email Address Jav@sreicom Email Address Date of Signature and Report — _05/27/2008 Date of Signature Effective Date of Appraisal 05/27/2008 State Certification # State Certification # stCertRes. REAHA4A9 or State License # or State License # State or Other (describe) State # Expiration Date of Certification or License State FL Expiration Date of Certification or License —_24/30/2008 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED (0 Did not inspect subject property 16524 SW 97 STREET (0) Did inspect exterior of subject property from street MIAMI (UNINC), FL 33196 Date of inspection (0 Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES (2 Did not inspect exterior of comparable sales from street (0 Did inspect exterior of comparable sales from street Date of Inspection Freddie Mac Form 70 March 2005 Page 6 of 6 Form 1004 — “TOTAL for Windows" appraisal software by a fa made, inc. ALR TRATIVE COMPLAIN. Fannie Mae Foam 1004 March 2005 EXHIBIT # PAGE © of Uniform Residential Appraisal Report _fie# 2805007 FEATURE SUBJECT COMPARABLE SALE #4 Address 16524 SW 97 STREET 16510 SW 96 TERRACE 6551 SW 97 STREET PF MIAMI (UNINC), FL 33196 MIAMI (UNINC), FL 33196 MIAMI (UNINC), Fl. 33496. fs is _ 194.20 sa.tt an [Data Source(s) [FARESIMLXPAREGIMIX Soo [OBSERVATION [OBSERVATION DESCRIPTION +()e Adustment [DESCRIPTION [+(}$ Adustrent FDESCRIFTION | +() § Adjustment | cms a ec Concessions NONE KNOWN. [__foaoor of Falocain Ss sfavERAGE faverace | —————ifaverace J {saschod/ree Simple [ree Simple [reesmpre | sreesimpre ff este dazasgrt I2aoosgrn fz soosgrt [| (View sfaverace _faverace | _———iaverace [Td Design (Ste)__——SS« TOWNHOUSE rownHoUSe f ___JrownHouse JP [oualty of Consiuctn [cusvaverace [oss/averace | ____|oasvaverace [| {Acta Age fttvas fiovas | tts Fa Conditon "daverace average ff average i Above Gade [Teed feos [Sati [Td Bore [ahs | tad Pawe]oame| [Yaa Bawa oarep ————d Fi) Racm Count Lelatestetsfesf [sts te sof TT fT | Fd Gross Living Area | _ i939 sgt} gta sgt} 4.586 sq.ft sgt} Rooms Below Grade [Functional Uiity __faverace _laverace [| _laverace [| [energy Efidentitems _[aveRaGe _laverage | __laverace [| [GarageCarpot______[1-CARGARAGE |1.CAR GARAGE | ___INONE | +zongh [PorctyPatDeck _—spRrOeNTRY Irroentay [| saoenmay | | Pato, Rreplace ete. [OPEN PATIO [opeNPatio | _fopeneatio [ [Fence,Pool ete. ‘rence rence | —SSSSrence. Of pone [Net Adjustment (Total) | Tti+ fj Bb gs taooy (T+ [)- 8 | Adjusted Sale Price Net hb Net 5.8 % Net % a Gross % 325,000 Gross 5.3% |$ % 18 O ject proper camp: on page 3}. TP _M sd —~=~~SSUBIECT. ——_—_—‘|_CCOMPARABLESALE #4 | COMPARABLE SALE #5 [| COMPARABLESALE #6 | [Date ol riot Salefiranste_foszoo7_—— SS INONE NONE Mi Price of Prior Saeranster___[s908,009 ——|NONE SS INONE Fj Dats Source(s) PARES SS CSPARESIMUX aE S/MUX Hf Erfective Date of Data Source(s) losre7r200e _——=—=—Cédosszzzoos SS dosrz7izoog Analysis of prior sale or transfer history of the subject property and comparable sales SALES HISTORY PROVIDED IS FOR THE PAST 3 YEARS FOR THE fe Fe] SUBJECT PROPERTY AND THE PAST 1 YEAR FOR COMPARABLE SALES. a 1 COMMENTS: ANALYSI Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Form 1004.(AC) — *TOTAL tor Windows" appraisal software by a fa moda) F/M ANgHOAHODE 1) TT | Vv E co MP LAINE EXHIBIT # FS Bullding Sketch Property Address 16524 Sw 97 STREET City _ MIAMI (UNINC} Co MIAMLDADE. State_ Fi, p Code_ 33196 ender Quid Q. Service. LLC ae seUNRCT ATER Vevey Rate FIRST FLOOR SECOND FLOOR First Flow FEA, OF | First Ficer aerena “Piode 2G | uses cur Bas gooted Bote y 1h Gneingd 537 ‘Seqska Plog . gar8 3 noes 8e TOTAL LIVABLE. -{radnded? | 4 Batalations Total gounded). 1 yi AUMINISTRATIVE CUMPLAINT Form SKT.BidSk! — “TOTAL for Windows* appraisal software by ata mode, inc. — aon abanos iBIT #ho é OF PAGE seers enatemaeeae a Location Map INA, ANDRES. Property Address 16524 SW $7 STREET. City MIAMI (UNINC County _MIAMLDADE Zp Code_33196 ener Quid Q. Service, LLC Comparable #41 16520 SW 78 TERRACE Tamparable #1 6510 SW 95 TERRACE ADMINISTRATIVE COMPLAINT Fearn MAPLOG— “TOTAL for Windows*apprasat sotware by ata mode, inc. — 1-eC0-@CMONES | Tit { PAGE _ OF ai Borrower/Client_ CARDONA, ANDRES. Property Address 16524 SW 97 STREET. State FL Zp Code_33196 City MIAMI (UNINC) County _MiAMLDADE. Lender Quid Q. Service, LLC. 5 id [Gs Ee ae aay TTR | = ' 2 | Cee OCR Fin fi BEAM i TTT OES Tt cs ADMINISTRATIVE COMPLAINT. Form MAP.PLAT — "TOTAL for Windows* appraisal software by ala mode, inc. — 1-800-ALAMODE EXHisiT #_/ PaGeE (9 or 48 Flood Map Borrower/Client_ CARDONA, ANDRES. Property Address 16524 SW 97 STREET. City MIAMI (UNINC) State EL. ip Code 33496 Lender__Quid Q. Service, LLC. ADMINISTRATIVE COMPLAINT Form MAP.Flood — “TOTAL fer Windows" appraisal software by ata made, inc, — 1-g80v MODE T ° EAPIOHT ff | £ PAGE UU OF -_ 5 Appraiser License Borrower/Cti NA, ANDRES Property Address 16524 Sw 97 STREET County MIAMLDADE Zip Code_33196. ADMINISTRATIVE COMPLAINT. Form MAP Site —*TOTAL for Windows appraisal software by ala mode, inc. — 1-800-ALAMODE ° EXHIBIT # PAGE (3 uF ae Souther: Real Estate & investments, Inc. Photograph Addendum fo CARDONA, Property Address: 16524 SW 97 STREET Gi MIAMI (UNINC) County MiAMLDADE Zp Code__ 33196 ender Quid Q. Service, LLC FRONT REAR STREET INTERIOR INTERIOR INTERIOR Comparable Photo Page rower/Ciant_ CARDONA, ANDRES. Address 18524 SW 97 STREET. MIAMI (UNINC) County_MIAMI-DAOE: Zip Code 33196 gnder_Quid Q. Service, LLC Comparable 1 16537 SW 78 TERRACE Comparable 2 8555 SW 165 PLACE Comparable 3 7393 SW 162 PATH farm PICPRLER — “TOTAL tor Windows anprasa stare by ata mode ine. — ORI STRATIVE COMPLAINT, : EXHIBIT # PAGE (Sd OF Comparable Phote Page Proper City MIAMI (UNINC) County MIAMI-DADE, State_FL Zip Code _33196 midgr Quid Q. Service, LLC Comparable 4 16510 SW 96 TERRACE Comparable 5 16551 SW 97 STREET Farm PICPIX.BR — ‘TOTAL tor Windows appeaisal software by a ta mode, inc, — rt 'STRATIVE COMPLAINT, EXEL IT ## POPE ES File No. QUA-301 REVIEW OF LOCATED AT: 16524 SW 97th ST. MIAMI, FL 33193 FOR: JPMORGAN CHASE BANK TAMPA#1742 TAMPA, FL. 33634 BORROWER: CARDENA,ANDRES AS OF: May 27, 2008 BY: TOM SALIMINO, ASA ADMINISTRATIVE COMP File No. QUA-301 JPMORGAN CHASE BANK TAMPA#H1 742 TAMPA, FL. 33634 File Number: QUA-301 In accordance with your request, | have completed an Appraisal Review for the following appraisal report: Address: 16524 SW 97th ST. MIAMI, FL 33493 Effective Date: The purpose of this Appraisal Review is to verify the accuracy of the factual data and conclusions and to determine the reasonableness of the value opinion contained in the appraisal report under review. | have found the final opinion of market value unreasonable. In my opinion the market value of the subject property is $ as of May 27, 2008 : The attached report contains additional data and analysts, along with certain certification and limiting conditions. Vat EXHIBIT #2 Pane Zz One-Unit Residential Appraisal Field Review Report _FieNo. QUA-301 The purpose of this appraisal field review report is to provide the fendesfclient with an opinion on the accuracy of the appraisal report under review, Property Address 16524 SW 97th ST. Cy MIAMI State FL Zip Code 33193 Borrower CARDENA.ANDRES Owner of Public Record CARDENA,ANDRES County MIAMI DADE Legal Desorption FOREST LAKES VILLAS PB 147-79 LOT 1 BLK 23 Assessor's Parcel # 30-5905-015-1190 Map Reference 55-39-05 Census Tract 0101.65/2 Property Rights Appraised [XJ Fee Simple _(_] Leasehold _{_) other (describe) Project Type |] Condo (X} pun _{_] Cooperative Loan # CHASE LOAN#248343 Effective Date of Appraisal Under Review 05/27/2008 Manufactured Home Yes No 1. Is the information in the subject section complete and accurate? (x}ves [Jno tt ves. provide a brief summary. If No, explain ADEQUATE 2. 1s the information n the contract section complete and accurate? (XJ Yes [_JNo [_) Not Applicable if Yes, provide a brief summary. No, explain ADEQUATE. 3. Is the information in the neighborhood section complete and accurate? {_]} Yes No. If Yes, provide a brief summary. If No, explain AS PER LOCAL PUBLICATIONS AND LOCAL REALTORS, THE CURRENT MARKET TRENDS INDICATE THE SUBJECT PROPERTY IS LOCATED IN AN AREA. EXPERIENCING A DOWNWARD MARKET CORRECTION, THUS LOCATED IN A DECLINING MARKET AREA. AS PER MLX, THERE 1S CURRENTLY AN OVERSUPPLY OF AVAILABLE HOUSING INVENTORY AND A SUBSEQUENT DECLINE IN PROPERTY VALUES UNTIL A NEW DEMAND/SUPPLY EQUILIBRIUM IS ATTAINED. TYPICAL MARKETING TIMES ARE GENERALLY EXCEEDING THE SIX MONTH MARK 4. tthe information in the site section complete and accurate? [XJ ves [_]no 1 Yes. provide a brief summary. If No, explain ADEQUATE 5. Is the data in the improvements section complete and accurate? [XJ ves (Jno if Yes, provide a brief summary. No, explain ADEQUATE 6. Are the comparable sales selected lacationally, physically, and functionally the most similar to the subject property? [_) ves DON No if Yes, provide a brief summary. Af No, provide a detailed explanation as to why they are not the best comparable sales. See Attached Addendum 7. Are the data and analysis (including the individual adjustments) presented in the sales comparison approach complete and accurate? Ove: XJ ‘No if Yes, provide a brief summary. ITNo, explain COMPARABLE SALES 1 & 2 AS PER BUILDER, WERE SOLD WITH LARGE SALES CONCESSIONS WHICH WERE OMITTED. COMPARABLE SALES 4 & 5 ARE WELL BEYOND THE DESIRED SIX MONTH GUIDELINE AND REQUIRE LARGE NEGATIVE TIME ADJUSTMENTS TO REFELCT THIS CURRENT DECLINING MARKET ; THESE NEGATIVE ADJUSTMENTS WERE OMITTED FROM REPORT 3. Are the data and analysis presented in the income and cost approaches complete and accurate? {J¥es [X)No L_JNatdeveloped IfNo, explain APPRAISER OMITTED. THE EXTERNAL OBSOLESENCE THE SUBJECT SITE HAS DUE TO IT BACKING UP TO A MAIN THRU ST 9. Is the sale or transfer history reported for the subject property and each of the comparabie sales complete and accurate? [X}¥es [_}No if Yes, provide a brief summary. I No, analyze and report the correct sale or transfer history and the data source(s). ADEQUATE 10. Is the opinion of market value in the appraisal report under review accurate as of the effective date ABMS (ep {J ves [X]no_if No, complete Section It. Freddie ac Form 1032 March 2005 Proce ing AC spon p22 221 we sow. EXHIBIT 42 wate, Pacer > 28 One-Unit Residential Appraisal Field Review Report __fieNo QUA-301 1. Provide detailed reasoning for disagreement with the opinion af value in the appraisal report under review. See Attached Addendum 2. State all extraordinary assumptions used (.e. gross living area, room count, condition, etc). _GLA,ROOM COUNT,CONDITION “COMPARABLE SALES 4 & 5 ARE WELL BEYOND THE DESIRED SIX MONTH GUIDELINE REQUIRING LARGE NEGATIVE TIME ADJUSTMENTS TO REFELCT CURRENT MARKET WHICH WERE OMITTED FROM REPORT 3. Provide a new opinion of value as of the effective date of the appraisal report unider review using the below sales comparison analysis grid. (NOTE: This may or may not include the use of the same comparable sales in the appraisal report under review. FEATURE ‘SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 16524 SW 97th ST. 16535 SW 96th TERR 8515 SW 165th PL. ~$10202 SW 162nd CT. Address MIAMI, FL 33193 MIAMIFL.33193 MIAMIFL.33193 MIAMIFL.33193 Proximity to Subj = 0.06 Mi NE 0.74 MLN 0.44 MI SE Sale Price A NIA zs 240,000 f= 3 235,000 $ 230,000 Sale Price/Gross Liv. Area $ N/A sq.ft. [$156.86 sq. ft $128.84 sq ft. $186.99 sq.ft Data Source(s FARES/PUBLIC RECORDS/ML| FARES/PUBLIC RECORDSML| FARES/PUBLIC RECORDSML Verification Source(s) Ey EXTERIOR INSPECTION FROI EXTERIOR INSPECTION FRO| EXTERIOR INSPECTION FRO} VALUE ADJUSTMENTS _ DESCRIPTION DESCRIPTION 4) S Adjustment DESCRIPTION | 10S Adjusiment DESCRIPTION. +4) $ Adjustment Sale or Financing SALES CONCES -7,200 [NONE KNOWN SALES CONCES} —-13,800 Concessions CONV. FHA CONV. Date of Sale/Time 11/2007(CLSD) 710,000 | 03/2008(CLSD) 04/2008(CLSD) Location SUBURBAN-COR]| SUBURBAN-INSI 3,000 [ SUBURBAN-INSI 3,000 | SUBURBAN-COF| Leasehold/Fee Simple FEE SIMPLE _|FEE SIMPLE FEE SIMPLE FEE SIMPLE Site 2420/SF. 2400/SF 1501/SE 7,800 | 2560/SF View RESIDENTIAL __|BACKS TO BUS) 3,000 | BACKS SMALL L. -10,000 | RESIDENTIAL Design (Style) 2STY/TOWNHOU] 2STY/TOWNHOU 2STY/TOWNHOL 1STY/TOWNHOI NO ADJ Quaity of Construction __ | AVG/CBS AVGICBS AVG/CBS AVGICBS Actual Age [YRS T1/YRS 4IYRS i 9YRS Condition AVERAGE AVERAGE AVERAGE AVERAGE Above Grade oa! [earms| sats | Toad vegies Bats Tat baths Room Count 7l4[ 250 {6 [3] 2.50 7[ 3] 250 6[3 | 2.00 5,000 Goss Living rea 1,919 sq f 1,530 sq ty 13,615 1,824 sq.ft 3,325 1,230 sq. tt} 24,115 Basement & Finished NIA NIA NIA NIA Rooms Below Grade NIA NIA NIA NIA Functional utility AVERAGE AVERAGE AVERAGE AVERAGE HeatinalCooiing FWA/CENTRAL _|FWA/CENTRAL FWAJCENTRAL FWAICENTRAL Energy Efficient tems ‘STANDARD STANDARD STANDARD STANDARD. Garage/Carport 1-GARAGE 1-GARAGE 14-GARAGE NONE 5,000 PorchvPatio(Deck PATIO PATIO. [PATIO PATIO. MISC - FENCE FENCE FENCE FENCE. FENCE I Net Agjustment (Total) : &. D-Is 2415| LI O- Is 1,875 - -_Is 20,315 Adjusted Sale Price Es Net Ad. 1.0% Net Ad. -0.8% | Net Ad, 8.8% of Comparables Goss Ad) 15.3% |5 242,415 Grossack _7.7%|$ 233,125 Lovoss Adi 20.8% | $ 250,315 1 [Jad (aid not research the sale or transfer history of the above comparable sales. if not, explain My research [XJ cid_[_] did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data source(s). FARES/PUBLIC RECORDS Report the resufls of the research and analysis of the prior sale or transfer history of the above comparable sales (report additional prior sales on an addendum) ITEM, COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 Date of Prior SalefTranster NO PRIOR SALES-12 MONTHS __[11/2007, __ [NO PRIOR SALES-12 MONTHS Price of Prior SalefTransfer NIA -0- [wa Data Source(s) FARES/PUBLIC RECORDS FARES/PUBLIC RECORDS FARES/PUBLIC RECORDS. Effective Date of Data Source(s) 05/27/2008 05/27/2008 05/27/2008 ‘Analysis of prior sale of transfer history for the comparable sales. _SALES HISTORY RESEARCHED FOR SUBJECT PROPERTY 3 YEARS AND 12 MONTHS FOR COMPARABLE SALES. Summary of Value Conclusion (including detailed support for the opinion af value and reasons why the new comparable sales are better than the Sales used in the appraisal report under review). THE FINAL VALUATION GIVEN BY THE REVIEWER IS SUPPORTED BY THE MARKET DATA OF SIMILAR STYLE HOMES FROM THE SUBJECTS IMMEDIATE MARKET AREA. ALL ADJUSTMENTS WERE MADE FOR ANY VALUE INFLUENCING DISSIMILARITIES. COMPARABLE SALE 1 WAS UTILIZED AS {T IS A RE-SALE LOCATED WITHIN THE SUBJECTS SUBDIVISION AND CONSIDERED AN GOOD INDICATOR OF MARKET VALUE FOR THE SUBJECT PROPERTY. APPROPRIATE TIME ADJUSTMENT WAS MADE TO REFELCT CURRENT MARKET Based ona [X) visual inspection of the exterior areas of the subject property from at least the street or |_} complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my opinion of the market value, as defined, of the real property that is the subject of this report is $ 240,000 .asof 06/27/2008 which is the effective date of the appraisal report under review. *. Freche Mac Form 1032 March 2005 ee la STE? ea om c Fare f INT XHIBIT pp PAG ij EY oF . and (8) assume the property condition reported in the appraisal report is accurate uniess there is evidence to the contrary. if the review appraiser determines that the opinion of value in the report under review is not accurate, he or she is required to provide an opinion of market value. ‘The review appraiser is nat required to replicate the steps completed by the original appraiser that the review appraiser believes to be reliable and in compliance with the applicable real property appraisal development standards of the Uniform Standards of Professional Appraisal Practice. Those items in the appraisal report under review are extended to this report by the use of an extraordinary assumption, which is identified in Section lI, Question 2. If the review appraiser determines that the opinion of value is not accurate, he or she must present additional data that has been researched, verified, and analyzed to produce an accurate opinion of value in accordance with the applicable sections of Standard 1 of the Uniform Standards of Professional Appraisal Practice. = oe = use of this appraisal field review report is for the lender/ctient to evaluate the accuracy and adequacy of support of the appraisal report under ‘The appraisal review function is important to maintaining the integrity of both the appraisal and loan underwriting processes. The following guidance is intended to aid the review appraiser with the development and reporting of an appraisal field review: 1. The review appraiser must be the individual who personally read the entire appraisal report, performed a visual inspection of the exterior areas of the subject property from at least the street, inspected the neighborhood, inspected each of the comparable sales from at least the street, performed the data research and analysis, and prepared and signed this report. The review appraiser must focus his or her comments on the appraisal report under review and not include personal opinions about the appraiser(s) who prepared the appraisal. The lendericlient has withheld the identity of the appraiser(s) who prepared the appraisal report under review, unless otherwise indicated in this report. ‘The review appraiser must assume that the condition of the property reported in the appraisal report is accurate, unless there is evidence to the contrary. This One-Unit Residential Appraisal Field Review Report is divided into two sections. Section | must be completed for all assignments. Section li must be completed only if the answer to Question 10 in Section | is “No.” The review appraiser must determine whether the opinion of market value is accurate and adequately supported by market evidence. When the review appraiser disagrees with the opinion of value, he or she must complete Section II. Because appraiser's opinions can vary, the review appraiser must have conclusive evidence that the opinion of value is not accurate. ‘The review appraiser must explain why the comparable sales in the appraisal report under review should not have been used. Simply stating: “see grid” is unacceplable. The review appraiser must explain and support his or her conclusions. The review appraiser must form an opinion about the overall accuracy and quality of the data in the appraisal report under review. The objective is to determine whether material errors exist and what effect they have on the opinions and conclusions in the appraisal report under review. When the review appraiser agrees that the data is essentially correct (although minor errors may exist), he or she must summarize the overall findings. When the review appraiser determines that material errors exist in the data, he or she must identify them, comment on their overall effect on the opinions and conclusions in the appraisal report under review, and include the correct information. ‘The Questions in Section | are intended to identify both the positive and negative elements of the appraisal under review and to report deficiencies. The review appraiser must make it clear to the reader what effect the deficiencies have on the opinions and conclusions in the appraisal report. Simple “Yes” and “No” answers are unacceptable. |. The review appraiser must provide specific, supportable reasons for disagreeing with the opinion of value in the appraisal report under review in response to Question 1 in Section I _ The review appraiser must identify any extraordinary assumptions that were necessary in order to arrive at his or her opinion of market value. Extraordinary assumptions include the use of information from the appraisal report under review that the review appraiser concludes is reliable (such as an assumption that the reported condition of the subject property is accurate). The review appraiser must include the rationale for using new comparable sales. The following question must be answered: Why are these new comparable sales better than the sales in the appraisal report under review? |. The new comparable sales provided by the review appraiser and reported in the sales comparison anaiysis grid must have closed on or before the effective date of the appraisal report under review. It may be appropriate to include data that was not available to the original appraiser as of the effective date of the original appraisal, however, that information should be reparted as “supplemental” to the data that would have been available to the original appraiser. The review appraiser must provide a sale or transfer history of the new comparable sales for a minimum of one year prior to the date of sale of the comparable sale. The review appraiser must analyze the sale or transfer data and report the effect, if any, on the review appraiser's conclusions. . A review of an appraisal an a unit in a condominium, cooperative, or PUD project requires the review appraiser to analyze the project information in the appraisal report under review and comment on its completeness and accuracy. . An appraisal review of a manufactured home requires the review appraiser to assume that the HUD data plate information is correct, unless information to the contrary is avaitable. In such cases, the review appraiser must identify the source of the data. The review appraiser's opinion of market value must be “as of the effective date of the appraisal repart under review. Freddie Mac Fortn 1032 March 2005, Prada vsti ACI oRerre, 900-774 8127 wo aciwed com Page 30 & assumes that the title is good and marketable and will not render any opinions about the title. “The review appraiser will not give testimony or appear in court because he or she performed a review of the appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. Unless ctherwise stated in this appraisal field review report, the review 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, expressed or implied. The review appraiser will not be responsible for any such conditions that do exist or for any engineering ar testing that might be required to discover whether such conditions exist. Because the review appraiser is not an expert in the field of environmentat hazards, this appraisal field review report must not be considered as an environmental assessment of the property. ‘The Review Appraiser certifies and agrees that: 4. Ihave, at a minimum, developed and reported this appraisal field review in accordance with the scope of work requirements stated in this appraisal field review report, { performed this appraisal field review 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 were in piace at the time this appraisal field review report was prepared. | have the knowledge and experience to perform appraisals and review appraisals for this type of property in this market area, 1am 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. | obtained the information, estimates, and opinions fumished by other parties and expressed in this appraisal field review report from reliable sources that | believe to be true and correct. have not knowingly withheld any significant information from this appraisal field review report and, to the best of my knowledge, ail statements and information in this appraisal field review report are true and correct. { stated in this appraisal field review report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal field review report. Ihave no present or prospective interest in the property that is the subject of this report, and | have no present ar prospective personal interest or bias with respect fo the participants in the transaction. | did not base, either partially or completely, my analysis and/or opinion of market value (if any) in this appraisal field review report on the race, color, religion, sex, age, marital status, handicap, familial status, or nationat 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 or on any other basis prohibited by law. ‘My employment and/or compensation for performing this appraisal field review or any future or anticipated appraisals or appraisal field reviews was not conditioned on any agreement or understanding, written or otherwise, that | would report (ar present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). . | personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal field review report. | further certify that no one provided significant professional assistance to me in the development of this appraisal field review report. I have not authorized anyone to make a change to any item in this appraisal field review report; therefore, any change made to this appraisal field review report is unauthorized and | will take no responsibility for it, | identified the lendes/client in this appraisal field review report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal field review report. The lendericlient may disclose or distribute this appraisal field review report to: the mortgagee or its successors and assigns, mortgage insurers; government sponsored enterprises; other secondary market participants; professional appraisal organizations, any department, agency, or instrumentality of the United States; and any state, the District of Columbia, o other jurisdictions; without having to obtain the review appraiser's consent. Such consent must be obtained before this appraisal field review report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). . The mortgages or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal field review report as part of any mortgage finance transaction that involves any one or more of these parties. If this appraisal field review 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 field review report containing a copy or representation of my signature, the appraisal field review report shalll be as effective, enforceable and valid as if a paper version of this appraisal field review repart were delivered containing my originat hand written signature. . Any intentional or negligent misrepresentation(s) contained in this appraisal field review report may resuit in civil liability and/or criminal penatties 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. ee Name . Company Name JPMORGAN CHASE BANK Signature ” Company Address TAMPA#1742 Name TOM SALIMINO, ASA TAMPA, FL. 33634 Company Name SALIMINO APPRAISAL SERVICES Company Address P.O.BOX 565208 MIAMI, FL.33256 Name Telephone Number 305.251.7024 Company Address TAMPA#1742 Email Address TAMPA FL.33634 Date of Signature and Report 07/07/2008 State Certification # FLRD727 Reviewer's Opinion of Market Value $ 240000 of State License # Date 05/27/2008 State FL Only if review appraiser answered "No" to Questions 10, in Section I. Expiration Date of Certifcation or License 11/30/2008. aR a onto LAINT, a XHIBIT nc nen WE FEATURE One-Unit Residential Appraisal Field Review Report COMPARABLE SALE NO. 4 COMPARABLE SALE NO. $ File No. QUA-304 COMPARABLE SALE NO. 6 16524 SW 97th ST. 16568 SW 85th LN. MIAMI,FL.33193 (510.70 MI NNE $ NIA Sale Picel Grass Li Area NA sat. [$115.82 sa.tt is sa. tf [s sat} Data Source(s) ARES/PUBLIC RECORDS/ML| | | DCTERIOR INSPECTION FROM DESCRIPTION +605 Adusimen DESCRIPTION +6) Adjustment DESCRIPTION 498 Ajusment IONE KNOWN ONV 02/2008(CLSD) SUBURBAN-INSI LeaseholdFee Simple FEE SIMPLE | FEE SIMPLE Ste 2420/SF 1501/SF 1,800 View RESIDENTIAL | RESIDENTIAL | a 10,000 Baths Total_}Bdrms| Baths: Total [earns] Baths 2.50 5,215 sqft] 39. Basement & Finished Rooms Below Grade N/A Functional. utility AVERAGE Heating/Cooling Energy Efficient Rems Garage/Carpont M : O- Ts 17,015} LJ+ CLJ- Js —_ tt. $ of Comparables 8.3%1$ 222,045 | Gross Adi %ls Gross Adi als {TEM COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6 Date of Prior Sate/Transfer 09/2007 Price of Prior Sale/Transfer ~0- Data Sourcels FARES/PUBLIC RECORDS Effective Date of Data Source(s) 05/27/2008 I ‘Summary of Sales Comparison Approach Freddie Mac Form 103 March 2005 ‘Prodiced ving AC software, 600-234 8727 we ache com LEAN rm TAT elie Ford sf DMN é To EXHIBIT A 3 wa ; q ADDENDUM File No. QUA-301 Comparable Sales Selection ALL COMPARABLE SALES UTILIZED BY THE APPRAISER IN THE ORIGINAL APPRAISAL REPORT ARE NOT CONSIDERED THE 8EST AVAILABLE FAIR AND ACCURATE MARKET VALUE INDICATORS FOR THE SUBJECT PROPERTY. COMPARABLE SALES 1 & 2 ARE BUILDER SALES WITH LARGE SALES INCENTIVES AND NOT REFELCTIVE OF THIS CURRENT DECLINING MARKET. COMPARABLE SALE 3 COULD NOT BE VERIFIED THROUGH THE "MLX” SOURCE AS INDICATED BY APPRAISER AND COULD ONLY BE VERIFIED THROUGH PUBLIC RECORDS. SALES 1 & 3 ARE BEYOND THE DESIRED ONE MILE GUIDELINE WHEN OTHER MORE SIMILAR SALES WERE LOCATED WITHIN THIS BOUNDARY. COMPARABLE SALES 4 & 5 ARE WELL BEYOND THE DESIRED SIX MONTH GUIDELINE AND NOT REFELCTIVE OF CURRENT MARKET ; REQUIRE LARGE TIME ADJUSTMENTS. THESE BUILDER SALES ARE NOT TO BE CONSIDERED RELIABLE MARKET VALUE INDICATORS. REVIEWER PROVIDED FOUR SIMILAR VERIFIED SALES WITHIN THE DESIRED ONE MILE GUIDELINE AND ADJUSTED ON MARKET GRID Opinion of Value THE COMPARABLE SALES SELECTED BY THE APPRAISER ARE NOT CONSIDERED TO BE THE BEST AVAILABLE FAIR AND ACCURATE MARKET VALUE INDICATORS FOR THE SUBJECT PROPERTY. COMPS. 1 & 2 ARE BUILDER SALES AND NOT CONSIDERED REFLECTIVE OF THIS CURRENT DECLINING MARKET. COMPS.1 & 3 ARE BEYOND THE DESIRED ONE MILE GUIDELINE WHEN OTHER MORE SIMILAR SALES WERE AVAILABLE TO. APPRAISER WITHIN THIS GUIDELINE. REVIEWER PROVIDED FOUR RECENT SALES ON GRID * Addendum Page 1 of 1 COMPLAINT, EXHIBIT 7 nee eh . SUBJECT PROPERTY PHOTO ADDENDUM Borrower: CARDENA. ANDRES, File No.: QUA-301 Property Address: 16524 SW 97th ST. Case No.: ‘City: MIAMI State: FL Zip: 33193 Lender: JPMORGAN CHASE BANK FRONT VIEW OF SUBJECT PROPERTY Reviewed Date: May 27, 2008 Reviewer's Opinion: $ REAR VIEW OF SUBJECT PROPERTY STREET SCENE ADMINISTRATIVE COMPLAINT, L EXHIBIT 4_o “37 Page Gop. eet es COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: CARDENA,ANDRES File No.:_QUA-301 Property Address: 16524 SW 97th ST. Case No.: City: MIAMI State: FL Zip: 33193 Lender: JPMORGAN CHASE BANK COMPARABLE SALE #1 16535 SW 96th TERR MIAMI,FL.33193 Sale Date: 11/2007(CLSD) Sale Price: $ 240,000 COMPARABLE SALE #2 8515 SW 165th PL. MIAMI,FL.33193 Sale Date: 03/2008(CLSD) Sale Price: $ 235,000 COMPARABLE SALE #3 40202 SW 162nd CT. MIAMI,FL.33193, Sale Date: 04/2008(CLSD) Sale Price: $ 230,000 ADMINISTRATIVE COMPLAINT, COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: CARDENA,ANDRES File No.:_ QUA-301 Property Address: 16524 SW 97th ST. Case No.: City: MIAMI State: FL Zip: 33193 Lender: JPMORGAN CHASE BANK COMPARABLE SALE #4 16568 SW 85th LN. MIAMI,FL.33193, Sale Date: 02/2008(CLSD) Sale Price: $ 205,000 COMPARABLE SALE #5 Sale Date: Sale Price: $ COMPARABLE SALE #6 Sale Date: Sale Price: $ ADMINISTRATIVE COMPLAINE LOCATION MAP Borrower: CARDENA,ANDRES File No.: QUA-301 Property Address: 16524 Sw 97th ST. Case No.: : City: MIAMI State: FL Zip: 33193 Lender: JPMORGAN CHASE BANK Wop (C)1984-2008 Tele Atlas NA Inc Prepared by. Salimino Appraisal Services Subject 16524 SW 97th St Sale 1 16535 SW 96th Ter Sale 2 8515 SW 165th Pl Sale 3 10202 sW 162nd Ct Sale 4 16568 swW 85th La MSTRATIVE COMP May 22, 2009 To DBPR, RE: BDPR Case #2008062294 First and foremost the allegations made are not true. I am currently not employed as an appraiser. The company I worked for at the time of the appraisal has gone out of business. The file for this report was lost and the services utilized to create the file are no longer available to me. The Appraisal Panel at Chase sent me a letter advising that my appraisal status had been changed to ineligible and that they would not accept appraisal reports performed by me. At this time I analyzed the review appraisal and found that: Comparable #1 was not available on public records. Comparable #2 was a bank owned foreclosure Comparable #3 was a short sale in need of repairs Comparable #4 was a foreclosure The review was not consistent with his adjustments across the board and makes unwarranted adjustments. Review appraiser only adhered to the bank guidelines without regard for USPAP and Fannie Mae guidelines. Review goes as far as to place such comment in report that he strictly complied with the desired six month and 1 mile guidelines. In order to comply with said bank guidelines he utilized non arms length transactions which did not reflect a fair and open market. The appraisal report conducted by me was compiled utilizing the most recent arms length transactions available at time of appraisal. The appraisal assignment was not for liquidation value or foreclosure value. Although the appraisal file is not available all comparables presented in the report where verified through realtors or home owners. Sincerely, Reinaldo Go St. Cert. Res. . “ws a Abin Satibitay pei. EXHIBIT # ? Page 7 setae lvetennimatd ntact tne,

Docket for Case No: 10-002187PL