STATE OF FLORIDA . DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION; FLORIDA REAL ESTATE APPRAISAL BOARD FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, j DIVISION OF REAL ESTATE, IO 2802. p i Petitioner, Vv. CASE NO. 2008050659 MICHAEL LANE, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Michael Lane(“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 7004 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 P O Box 1328, H:\FREAB\lane.mAC.doc 1 FDBPR v. Michael Lane Case No. 2008050659 Administrative Complaint Golden Rod, Florida 32733. 4. On or about April 3, 2008, Respondent developed and communicated an appraisal report (Report) for the property commonly known as 5108 Balboa Drive, Orlando, FL 32808 (Subject Property), and estimated its value at $175,000. A copy of the Report is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. The Complainant was a review appraiser who valued the subject property as of the effective date of the appraisal at $92,000. A copy of the appraisal review (Review) is attached and incorporated herein as Administrative Complaint Exhibit 2. 6. Respondent made the following errors or omissions in the Report: A) Failed to mark the appropriate box indicating the assignment type; B) Failed to analyze neighborhood’s one-unit housing trends, specifically the property values and supply/demand; C) Failed to accurately state housing price range for Subject neighborhood; D) Failed to discuss the higher rate of foreclosures and depreciation in analysis of Subject Property’s market conditions; E) Failed to discuss the effects of neighborhood's economic H:AFREAB\lane.mAC.doc 2 FDBPR v. Michael Lane Case No. 2008050659 Administrative Complaint obsolescence on the Subject Property; F) Misstated the distance from Subject Property in comparables 1, 5; G) Failed to list the prior sale of comparable 5; H) Misstated the site dimensions of the Subject Property; I) Failed to describe the site view of Subject Property; J) Failed to make a time adjustment or explain lack of adjustment for comparable 5; R) Misstated material type of roof surface as asphalt shingle; L) Misstated Subject Property’s windows as aluminum single hung; M) Failed to analyze if comparable sales were qualified; N) Failed to report conditions observed regarding the Subject Property's Functional and External Depreciation; O) Misstated intended use of the assignment; P) Failed to correctly identify the neighborhood boundaries; Q) Failed to note analysis for sales comparison results; R) Failed to note analysis for cost approach analysis; Ss) Failed to note analysis of sales contract for subject property; T) Misstated neighborhood market conditions; H:AFREAB\lane,mAC.doc 3 FDBPR v. Michael Lane Case No. 2008050659 Administrative Complaint U) Failed to note analysis of neighborhood description; V) Failed to note analysis of neighborhood market conditions; Ww) Failed to identify or note the legal, economic, and physical characteristics of the subject property; X) Failed to note any analysis of external obsolescence of the Subject Property; Y) Failed to list or note analysis of prior listing of subject property; Z) Failed to reconcile within the sales approach; AA) Failed to reconcile between varying approaches; and BB) Failure to correctly disclose and display the appropriate designation in writing. 7. Respondent did not forward a copy of his report to Department of Business and Professional Regulation. 8. Subject did not forward a copy of his workfile to Department of Business and Professional Regulation. 9. Respondent failed to retain a workfile. 10. There is no supporting documentation to show analysis for comparables as qualified sales. 11. Respondent failed to adhere to USPAP regulations regarding signature and certification by using a license that was voided as of the effective date of the appraisal. H:\FREAB\lane.mAC.doc 4 FDBPR v. Michael Lane Case No. 2008050659 Administrative Complaint 12. Respondent filed a written response and a witness statement through a legal representative, a copy of which is attached and incorporated herein as Administrative Complaint Exhibit 3. 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 (2005) 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 the Confidentiality Section of the Ethics Rule, or other provision of the Uniform Standards of Professional Appraisal H:\FREAB\lane.mAC.doc 5 FDBPR v. Michael Lane Case No. 2008050659 Administrative Complaint Practice (2005) 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 the Recordkeeping Section of the Ethics Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT FIVE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically the Scope of Work Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT SIX Based upon the foregoing, Respondent is guilty of having failed to exercise reasonable diligence in developing an appraisal report in violation of Section 475.624(15), Florida Statutes. COUNT SEVEN Based upon the foregoing, Respondent is guilty of having obstructed or hindered in any manner the enforcement of Chapter 475, H:\FREAB\lane.mAC.doc 6 FDBPR v. Michael Lane Case No. 2008050659 Administrative Complaint Florida Statutes or the performance of any lawful duty by any person acting under the authority of Chapter 475, Florida Statutes in violation of Section 475.626(1) (f), 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 1-1(a), (b), and (c), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT NINE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-2(e) (i), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT TEN 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 (2005) in violation of Section 475.624(14), Florida Statutes. H:\FREAB\lane.mAC.doc 7 FDBPR v. Michael Lane Case No. 2008050659 Administrative Complaint COUNT ELEVEN 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), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT TWELVE 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) (ii), (iii), (vii), and (viii), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14) Florida Statutes. COUNT THIRTEEN 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 the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT FOURTEEN Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, H:AFREAB\lane.mAC.doc 8 FDBPR v. Michael Lane Case No. 2008050659 Administrative Complaint specifically Standards Rule 1-5(a) and (b), or other provision. of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT FIFTEEN 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 (2005) in violation of Section 475.624(14), Florida Statutes. COUNT SIXTEEN Based upon the foregoing, Respondent is guilty of failing to use proper designation in violation of Rule 61J1-7.001, Florida Administrative Code and Section 475.622, Florida Statutes and, therefore, in violation of Section 475.624(4), Florida Statutes. WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or the Department of Business and Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or H:AFREAB\Iane,mAC. doc 9 FDBPR v. Michael Lane Case No. 2008050659 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 61031-8.002. H:AFREAB\lane.mAC.doc 10 FDBPR v. Michael Lane Case No. 2008050659 Administrative Complaint SIGNED this VA day of Sam , 2010. CHARLIE LIEM, Interim Secretary Departm Business and By: Nicole Victoria McLaren Assistant General Counsel Fla. Bar No. 11310 Department of Business and Professional Regulation Division of Real Estate Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 - Telephone (407) 317-7260 - Facsimile By: PCP Date: 1/6/10 PCP MEMBERS: JH/JS tl7/ro H:\FREAB\lane.mAC.doc FDBPR v. Michael Lane Case No. 2008050659 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\lane.mAC.doc 12 First Option Appraisal Services File No. O5408BD_ APPRAISAL OF LOCATED AT: 5108 Balboa Dr Orlando, FL 32808 FOR: :: Professional Mortgage Funding Inc. 1400 Semoran Blvd Suite C Orlando, Florida 32817 BORROWER: Jose P. Peralta AS OF: April 3, 2008 BY: omane. : SFSATHIE COMPLAINT] Michael D, Lane RRITINTS Summary Report Uniform Residential Appraisal Report Fie No. O5108BD The purpase of this summary appraisal report is to provide the lender/client with an accurale, and adequately supported, opinion of the market value of tha subject property. perty Address 5108 Balboa Dr City Orlando State FL__ Zip Code 32808 Borrower Jose P. Peralta Owner of Public Record Martin Kenneth & Martin Girlie County Orange Legal Description See Attached Addendum, Assessor's Parcel # 19 2229 6946 01 010 Tax Year 2006 RE. Taxes $ 973.56 Pr} Neighborhood Nama Pine Hills Sub No 4 Map Reference S19 T22S R29E Consus Tract 0121.00 ecial Assessments $ HX PUD__HOAS Report dal data wourexs) used, offering price(s), and date(s). Public Records, Mircobase (Jaid not analyze the contract for sale for the subject purchase transaction. Explain the resuits of the analysis of the contract for sale or why the analysis was nat performed. Reviewed the saies contract and everything a ed to be in order. is there any financial assistance (loan charges, sale concessions, git or downpayment assistance, atc.) to be paid by any party on behalf of the borrower? I'Yes, report the totat dollar amount and describe the items to be paid. $ N/A. N/A Zz 5 HE i | Location [_) Urban Suburban (__)Rural Property Values nee AGE _| One-Lnit 90% % a aa Over 75% [_)25-75% [under 25% | DemandiSupply | Jsho (yrs) [2-4 Unit % Fl Growth [ JRapid DxJstabie_[_}siow Marketing Time { JUnder 3 mths (X)3-6mths_{ Jover mths | 30 | Mutti-Fa % Fal Neighborhood Boundaries Bounded North by Silver Star Rd, East by Mercy Dr, South by W 147300 High 80 | Commercial 10% % +4 Colonial Dr, West by N Hiawassee Rd. y75 Pred. 56 _| Other % 2 Neighborhood Description The neighborhood is within reasonable distance to employment centers’ ¢ educational facilities, shopping centers, FA medical, hospital and other typical community amenities. Employment in the area appears stable with reasonably low unemo! loyment tates. Fire and police services are satisfactorally proviced within the local community. Market Conditions (including support for the above conclusions) See Attached Addendum. C4 tilt tose MW Dimensions 124 x 127 (Subject to Surve Area 15748 Sq.Ft. Shape Mostly Rectangular. View Average 5 ific Zoning Classification R1A Zoning Description Single Family Residence Zoning Compliance agal__(_) Legal Nonconforming (Grandfathered Use) __]No Zoning egal (describe) 1s the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? [X]Yes {_JNo HfNo,desoribe, Utilities: Public __ Other (describe) Public Other (describe) Off-site Improvements—Typ Public Pri PY clecricty (XJ Water x Sheet ‘Asphalt ae 2) Gas J None Sanitary Sewer Alley None [ FEMA Special Flood Hazard Area |_]Yes [X]No FEMA Flood Zone X FEMAMap# 12095C0240E FEMA Map Date Tae Are the utilities and off-site improvements typical for the market area? [XJ Yes | JNo if No, describe. 2 ‘Are there any adverse site conditions or external factors (aasements, encroachments, environmental conditions, land uses, ett.)? Yes No If Yes, describe. Tile/Carpet/Vinyl/} Walls Painted/Avg TrimFinish__ Stained/Av: Bath Floor ___Tile/Avg Bath Wainscot_Tile/Avg a ‘ [Dx oriveway #ofcars_1 Attic Heating [XJewa | Jrwes] J Radant| Ame Driveway Surface Concrete js = Stair (J i) X) scat X) Central Air Conditioning an [TJinaviduat JT Joother Et Agoiances [X)Retigerator [X)Range/Oven [X] Dishwasher [_)oisposal_ [Microwave "Bia er_[_Jother (describe) Fx Finished area above grade contains; 7 Rooms 3 Bedrooms 2 Bath(s) 1,545 Square Feet of Gross Living Area Above Grade i Additional features (special energy efficient items, atc.) There were no apparent adverse easements, encroachments, or other adverse conditions 4 noted at the subject site during the inspection. Z| Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). Functional and External Dep reciation is not catculated. Physical Depreciation is due to normal wear and tear. 4 a AS oS) ad A ee ‘re there any physical deficiencies or adverse conditions that affect the livabifty, soundness, or structural integrity ofthe property? L_]Yes [X]No\Dr ves, describe. ~ + j é Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc)? [X]Yes L_JNo If No, describe. - Weenres BLN iy UAW L ~_ Freie Mac Farm 70 Warch 2005, Prat ean REA SE ewe can Eee ares zs - ie ac t ee PAGE ———e o Nor cS Not acne Uniform Residential Appraisal Report Fie No, O5108BD There ara__@ _ comparable properties currently affered for sale in the subject neighborhood ranging in price fom $§ 100,000 ta$_300,000 There ara 6. rable sales in the subject neighborhood within the past twelve months ranging in sale price from $100,000 to$ 300,000 FEATURE SUBJECT COMPARABLE SALE NO. 1 GOMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 5108 Balboa Dr 1020 Nowell St N° 1626 Glendaie Rd 2120 Kingsland Ave Address Orlando Orlando Orlando Orlando Proximity to Subject =) 10.78 miles WSW. 0.54 miles NW 4.00 miles NNE Sale Price $ 175,000 $ 166,000 $ 170,000 $ 170,000 Sale Prica/Gross Lv. Area_| $ N/A sg.it|$ 158.85 sq. ft $136.33 sq. #, $_ 139.92 sq.ft. Data Source(s = 3:41 Inspection Inspection Inspection Verification Source(s) P gi Drive by Inspection/Public Recc| Drive by Inspection/Public Recc| Drive by Inspection/Public Recc VALUE ADJUSTMENTS DESCRIPTION, DESCRIPTION +8 Adjustnent DESCRIPTION +4) $ Adjstent DESCRIPTION 493 Sale or Financing Conv Conv Conv Concessions j Date of Sale/Time. 01/2008 10/2007, =” 12/2007, Location Suburban/A\ Suburban/Ay Suburban/A\ Suburban/A\ Leasehold/Fae Simple__| Fee Simple Fee Simple Fee Simple Fee Simple Site 15748 Sq.Ft. 14840 Sq.Ft. 8,833 Sq.Ft. §,000 | 7,776 Sq.Ft. 5,000 View Average Average Average Average Design (Style) Ranch/Avg Ranch/Avg_ Ranch/Avg Ranch/A\ ‘Quality of Construction _{ CB/Average CB/Average CB/Average . CBS/Average Actual Age (A48E24 Condition ge) Above Grade Room Count Gross Living Area 20! Basement & Finished Rooms Below Grade Functional Util 4 Heating/Cooiin Cent/Cent Cent/Cent rd Energy Efficient tems _| Average Average a. None 2 Att. Garage Porch/Patio/Deck Porch Porch | Kitchen Standard Similar Simitar Fi Fence Fence Fence Fence Fence 2] Net Adjustment (Total XJ+ -_I|s 2,500} Dd+ -_I|s 8,460| (Xl+ - Is 9,100 Adjusted Sale Price i Net Adj. 1.5% % Net Adj. 5.0% % Net Adj. 5.4% % =q of Comparables Gross Adj. 10.5%6 | § 168,500 | Gross Adj. 7.9% %1$ 178,460 | Gross Adj. 8.3% % |$ 479,100 1 DXJaid [_Jaid not research the sale or transfer history ofthe subject property and comparable sales. nat, explain My research [_Jaid (X]aid not reveal any prior sales or transfers of the subject property for the three years prior to the affective date of this appraisal, Data s)_ Public Records, Mircobase Myresearch | Jdid [XJ did not reveal any prior sales or transfars of the comparable sales for the year prior to the date of sale af the comparable sale. Data (s) Public Records, Mircobase Report the resuits of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3) ITEM SUBJECT "COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 Date of Prior Sale/Transfer No other sale in 3 years _| No other sale in past year | No other sale in past year | No other sale in past year Price of Prior Sale/Transfer No other sale in 3 years __| No other sale in past year | No other sale in past year | No other sale in past year Data Source(s) Public Records, Mircobase | Public Records, Mircobase | Public Records ,Mircobase | Public Records, Mircobase Effective Date of Data Source(s) | April 3, 2008 April 3, 2008 i, April 3, 2008 April 3, 2008 Analysis of prior sale of transfer history of the subject property and comparable sales There eres no other contracts, options or listings of the Subject Dwelling at this time. Summary of Sales Comparison Approach. All sales are closed sales with closed dates. All sales are in the same area, are similar to the subject and deemed to be the best available sales at this time. All sales were verified by field inspection. Comp 1 was adjusted for gross tiviny area and porch, Comp 2 was adjusted for gross living area, site and 1 carport, Comp 3 was adjusted for gross living area, site, 1 bathroom and porch. _ a indicated Value by Sales Comparison Approach $ 175,00 indicated Value by: Sales Comparison Aj hs 175,000 Gost Approach {if developed)$ 157,200 Income. ich (if devatoped} $ N/A. The Cost Approach to Value and gales Comparsiop“Analysis were both weighed in the Final Estimate of Value. Que to the quanity and ality of recent sales in the area the Sales Comparison Analysis was weighed most heavily in the Final Value Estimate. \ =4 This appraisal is made asis," {_}subjact to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, iP “ LD ubject to the folowing repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, ar [_] subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair. Personal property is not included in this report. M| The income Approach to Value was not used in this report as no rentals were found in the area of the subject. | am Based on a complete visual inspection of the Interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting — a conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of of this report Is $ 175,000 as of April 3, 2008 CRABL ALN Freddie Mac Form 70 March 2005 inate cepa ota oe j Bn First Option Appraisal Service: Summary Report Uniform Residential Appraisal Report Fie No. O5108BD Clarification of intended Use and Intended User: The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. ADDITIONAL COMMENTS ‘Support for the opinion of site vaiue (surmmary of comparable land sales or other methods for estimating site value) Land Value was determined by the land extraction method. Fe] ESTIMATED __[XJREPRODUCTION OR _(_) REPLACEMENT COST NEW Fs] Source of cast data Marshall & Swift Fa Quality rating from cost service N/A Effective date of cast data N/A, . . : & 7 ; = E4 Comments on Cast Approach (gross living area calculations, depreciation, etc.) Appliances, Floor Coverings, Patio 27,000 fp] Reconstuction cost uses Marshall & Swift Residential Cost Garage/Carport_O Sq.Ft @$ = Q {3} Handbook. Remaining Economic Life:37 years Property does. Total Estimate of Cost-New 228 181,423 confirm to applicable HUD/VA property standards 4905.1. test “65 _Physical_| Functional dation $76,488 a 76,488; Deed Cast of Improvements. “Asis” Value of Site improvements ._ Estimated Remaining Economic Life (HUD and VA onl ‘37 Years | INDICATED VALUE BY_ cost AEPROACH Oh S inie Mae w! Fj Estimated Monthly Market Rent $ N/A__X Gross Rent Mute “NIA =$ "NA Indicated Value by Io me Agoach £2] Summary of Income Approach (including support for market rent and GRM) NVA ts the developerfbuiider in control of the Homeawners' Association (HOA)? ___J¥es [X}No _ Unit type(s) Detached [_Jattached Provide the following information for PUDs ONLY if the developerfbuilder is in control of the HOA and the subject property is an attached dwelling unit, Legal name of project F Total numberof phases Total number of units Total number of units sold Fe Total numberof writs rated Total number of units for sale Data source(s) F=4 Was the project creatad by the conversion of an existi (3) into a PUD? = |_JNo if Yes, data of conversion. £5] Does the project contain any mult-dwalling units? Cie Pie _| Fa Are the units, common elements, and recreation facilities completa? te IENo, describe the status of completion, $ z ‘re the common elements leased to or by the Homeowners’ Association? [_JYes [_JNo if Yes, descrite the renal terms and options. Describe common elements and recreational facilities. RNS Freddie Med Form 70 March 2005 ny Wee Pr a Na ST wo sorman FEATURE SUBJECT 5108 Balboa Dr Address Orlando Summary Report Uniform Residential Appraisal Report COMPARABLE SALE NO. 4 | COMPARABLE SALE NO. § 1815 Glendale Rd Orlando 2104 Hartford PI Orlando 0.89 miles NNE File No. O51088D COMPARABLE SALE NO. 6 Inspection DESCRIPTION ()§ Adustnent Conv 03/2008 isin _—_ Suburban/Avg ‘Suburban/Avg Fee Simple site «| 15748 Sq.Ft. 9,379 Sq.Ft. 5,000 | 10,500 Sq.Ft.” 5,000 | pen Average Average Average Ranch/Avg Ranch/Avg Ranch/Avg Quality of Construction _| CB/Average CB/Average CB/Average hae (AS6E28 (ASQE25 [(a38eE19 Condition. Average) Average) Average) Above Grade Total |Berms; Baths Total_|Barmns Baths, Total [deme Baths: Total |Bdrr Baths. Room Count 713 2| 7) 3 2 Z 1.6 2,000 Gross Living Area 20) 1,545 sq, ft 1,470 sq.ft. 1,500 1,064 sq. ft 9,620 gq. ft. Basement & Finished N/A NIA NIA Rooms Below Grade N/A N/A N/A Functional Uti Average Average Average Heating/Cooling Cent/Cent Cent/Cent Cent/Cent Energy Effcient ams | Average Average Average i} jarage/Carport _ None 2 Att. Carport -4,500|2 Att. Garage PorchiPatio/Deck Porch Porch Porch Kitchen Standard Similar Similar Fence Fence Fence ; Fe] Net Adjustment Tota) | Ks T- Ts 2,000| J+ C- Ts 9.120) IJ py saison | Net Adj. 1.1% % Net Adj. 4.8% % Net Adj. 0.0% % Fy of Comparables | Gross Adi, 6.1% %} $ 182,000 | Gross Ad. 12.8%6 | $ 198,120 | Gross Adj, 0.0% % < ITEM SUBJECT COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6 Fo] Date of Prior SaleIranster [No other sale in 3 years _ | No other sale in past year [No other sale in past year fod Price of Prior Sale/Transfer No other sale in 3 years__{No other sale in past year _| No other sale in past year a Data Sourca(s) Public Records, Mircobase | Public Records, Mircobase | Public Records, Mircobase Fe] Eftective Date of Data Source(s) [April 3, 2008 [April 3, 2008. [April 3, 2008 Ps ‘Summary of Sales Comparison Approach Comp 4 was adjusted for gross living area, site and 2 att. carport, Comp 5 was adjusted for gross living | area, site and 2 alt. garage. a Freddie Mac Form 70 March 2005 Predicd using ACS sofware, 600.234.8727 woe accom File No.:_ O5108BD Borrower, Jose P. Peralta Property Address: 5108 Balboa Or Case No.: Zip: 32808 City: Oando Lender, Professional Mortgage Funding Inc. Legal Description Pine Hills Sub No 4 S/43 Lot 1 Blk A Or B&P 5731/3601,On 04-15-99,inst W D Neighborhood Market Conditions General market conditions in the subject neighborhood appear to be average. Special loan discounts, interest buydowns and other special concessions are not known to be prevalent. There appears to be average market activity with listings and sales transactions refiecting a balance in supply and demand. Marketing time is currently averaging approximatley 4.3 months, for properties in the local MLS. Property values appear to be trending slightly upward in the past 12 months. as A Vereeas TAS E | Borrower: Jose P. Peralta SUBJECT PROPERTY PHOTO ADDENDUM File No.:_ 05198BD. Property Address: 5108 Balboa Dr Case No.: City: Orlando State: FL Zip: 32808 Lender: Professional Mortgage Funding Inc. FRONT VIEW OF SUBJECT PROPERTY Appraised Date: Aprit 3, 2008 Appraised Value: $ 175,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE TRATIVE COMPLAINT . | “L | _ \ . — , = COMPARABLE PROPERTY PHOTO ADDENDUM File No.:_O5108BD Borrower: Jose P. Peralta City: Orlando State: FL Lender: Professional Mortgage Funding Inc. COMPARABLE SALE #1 1020 Nowell St N Orlando Sale Date: 01/2008 Sale Price: $ 166,000 COMPARABLE SALE #2 1626 Glendale Rd Orlando. : Sale Date: 10/2007 sg Sale Price: $ 170,000 COMPARABLE SALE #3 2120 Kingsland Ave Orlando Sale Date: 12/2007 Sale Price: $ 170,000 Borrower: Jose P. Peralta COMPARABLE PROPERTY PHOTO ADDENDUM File No.:_©5108BD Property Address: 5108 Balboa Dr Case No.: City: Orlando State: FL Zip: 32808 Lender: Professional Mortgage Funding COMPARABLE SALE #4 1815 Glendale Rd Orlando Sale Date: 10/2007 Sale Price: $ 180,000 COMPARABLE SALE #5 2104 Hartford PI Orlando Sale Date: 03/2008 Sale Price: $ 189,000 COMPARABLE SALE #6 Sale Date: Sale Price: $ Borrower: Jose P. Peraita City: Orlando Lender: Professional Mo! gage Funding Inc. Borrower: Jose P. Peralta File No.:__05108BD Property Address: 5108 Baiboa Dr Case No.: City: Orlando State: FL Zip: 32808 Lender: Professional Mortgage Funding Inc. FLOORPLAN Borrower: Jose P. Peralta File No.:_05108BD Property Address: 5108 Balboa Dr. = Case No. City: Orlando State: FL Zip: 32808 61.0 Bed Bath , Laund Room Room Kitchen Roo, . 10.0° 9.0" 24.0° Dining Room " Master Bathroom Living Master Bed Room WAL.C. Bedroom om 14.0° Screened Porch Sketch by Apex IV Windows™ fe Daserlotion 5 Size First Floor 1545.00 First Floor 14.0 =x 47.0 658.00 9.0 x 23.0 207.00 10.0 x 61.0 610.00 5.0 x 0 ; LOCATION MAP | Borrower, Jose P. Peralta File No. 05708BD Property Address: 5108 Balboa Dr Case No.: City: Orlando State: FL Zip: 32808 Subject $108 Balboa Dr Summary Report Uniform Residential Appraisal Report File No. 051088D 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 aiso 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, (3) inspect each of the comparable sales from at least 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 all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are 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 normal consideration for the property sold unaffected by special or creative financing or sales concessions” granted by anyone associated with the sale. ‘Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily iGentifiable 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: 4. 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 research invoived 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 examined 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 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 cr 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 report and valuation conctusion 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. a ee ms Summary Report Uniform Residential Appraisal Report File No. 05108BD APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 4. thave, 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 saie, unless otherwise indicated in this report. 7. 1 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 buitt or will be built on the iand. . 9. Ihave 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, ail information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 41. | 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 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. 44. | 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 in this appraisal report any adverse conditions (such as, but not limited to, néeded 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 from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 416, | 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 | 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, or the attainment of a specific result or occurrence of a specific subsequent event (such as approvai of a pending mortgage loan application). 49. | personally prepared ali 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 appraisat 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/ctient in this appraisal report who js the individual, organization, or agent for the organization that ordered and will receive this appraisal report. PVE COMPLAINE Produced using ACI software, 000.204.8727 www aciweb.cont Page 5 of ef Summary Report Uniform Residential Appraisal Report Fie No, 051088D 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 applicabie) 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). 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 lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage 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 laws (excluding audio and video recordings), or a facsimile transmission of this appraisal teport 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 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. I 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 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 identified 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 appraisat report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place 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. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Mk k h Aive. Signature Name Michael D. Lane Name Company Name First Option raisal Services Company Name Company Address P.O. Box 1328 Company Address Goldenrod, Florida 32733 Telephone Number 407-620-3516 Telephone Number Email Address flexman35@yahoo.com Email Address Date of Signature and Report April 4, 2008 Date of Signature Effective Date of Appraisal April 3, 2008 State Certification # State Certification # or State License # or State License # St, Reg. Res R1#16033 State 2 or Other (describe) State # Expiration Date of Certification or License State FL Expiration Date of Certification or License 11/30/2008 ADDRESS OF PROPERTY APPRAISED SUBJECT PROPERTY §108 Balboa Dr (Did not inspect subject property Oriando, FL_ 32808 (did inspect exterior of subject property from street Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY $ 175,000 {X) Did inspect interior and exterior of subject property Date of Inspection April 3, 2008 LENDER/CLIENT Name Ray Hamiel COMPARABLE SALES Company Name Professional Mortgage Funding Inc. (Did not inspect exterior of comparable sales from street Company Address 1400 Semoran Blvd Suite C Qd Did inspect exterior of comparable sales from street Orlando, Florida 32847 Date of Inspection Aprit 3, 2008. Email Address Produced using AGI sofas, 800,234 B77 wen ached corn Paget of 6 mE First Option Appraisal Services : me First Option Appraisal Services File No. O5108BD weeaeieee INVOICE File Number: O5108BD April 3, 2008 Professional Mortgage Funding Inc. Borrower : Jose P. Peralta Invoice #: Order Date : Reference/Case #: PO Number : DQ 5108 Balboa Dr ° q 7 Orlando, FL 32808 . a a 1004 - 2005 Form $ 750.00 $ Invoice Total $ 750.00 State Sales Tax @ $ 0.00 Deposit iC] ) Deposit ($ ) Amount Due ‘ $ 750.00 Terms: Please Make Check Payable To: First Option Appraisal Services Fed. .D. # P.O, Box 1328 - Goldenrod, FL 32733 _ [external depreciation is not calculated, but it is the reviewer's opinion that there is external obsolescence due to the current market conditions and probably Metropolis Appraisal Services, INC. Loan No. $791032__File No. 80460__Page #1 Metropolis Appraisal Services One-Unit Residential Appraisal Field Review Report rie # 80460 The purpose of this appraisal field review report is to provide the lender/client with an opinion on the accuracy of the appraisal report under revi Property Address 5108 Balboa Dr. City Orlando State Fl Zip Code 32808 | Borrower Peralta, Jose P. Owner of Public Record Martin, Kenneth and Girlie County Orange Legal Description Pine Hills Sub No 4 $/43 Lot 1 Blk A | Assessor's Parcel # 19 22 29 6946 01 010 Map Reference 192229. Census Tract 121.00 | Property Rights Appraised [X|Fee Simole [_]Leasehold [_] Other (describe) Project Type [_]Condo [_{PuD [_] Cooperative Loan # 9791032 Effective Date of Appraisal Under Review 4/3/2008 Manufactured Hame[_| Yes [XJ No Lender/Client AME Financial Corporation/Landsafe Address 1. Is the information in the subject section complete and accurate? Yes x No If Yes, provide a brief summary. If No, explain. Refinance is checked, however the borrower and owner of public record are different and there is a price of $175,000 noted as the contract price. 2. Is the information in the contract section complete and accurate? { | Yes [ ]No Not Applicable If Yes, provide a brief summary. If No, explain. The reviewer was not provided with a copy of the sales contract for review. L- 3. Is the information in the neighborhood section complete and accurate? [~] Yes [XJNo_If Yes, provide a brief summary. If No, explain. The report indicates that the subject is located in a stable market that is in balance. The Central Florida area as a whole has been declining with an influx of listings over the year prior to the appraisal. The subject's particular market appears to be suffering depreciation at a higher rate than typical as the number of foreciosures and increased listings is very high. The housing price is more accurately stated to be between $49,000- $189,900 with the average being $121,000. This section is inaccurate and misleading. 4. |s the information in the site section complete and accurate? O Yes No if Yes, provide a briet summary. If No, explain. The site dimensions are easily verified via | public record as being 104 x 110 x 105 x 110, equaling 11495 sq/ft +-. This is not considered to adversely affect the value, however, further indicates a lack of diligence in reporting accurate data. ——| 5, Is the data in the improvement section compiete and accurate? Yes x No. if Yes, provide a brief summary. If No, explain. The subject appears to be minimally maintained from the exterior and the effective age of 28 years would seem to indicate a condition of less than average. The subject's construction components ‘are misstated as the roof is a roll roof and the windows are primarily casement. An interior inspection was not performed by the reviewer and there is little confidence that the interior descriptions are accurate as the remainder of the report is of very poor construction, The appraiser states that functional and some functional depreciation as the home does not appear to have been well updated over recent years. 6. Are the comparable sales selected locationalty, physically, and functionally the most similar to the subject property? [_| Yes (XINo If Yes, provide a brief summary. If No, provide a detailed explanation as to why they are not the best comparabie sales. Sales #1 and #3 are not an arms-length sales. They did not sell via MLS and transferred between what appears to be family members with the same name. It would also appear as though the proximity to the subject for some of the comparables exceeds 1 mile and is not comparable in location as there were many other sales available that were more recent and closer in proximity. It is the reviewers opinion that the sales chosen were selected based on their prices being in the upper range of the neighborhoods value and not at all based on comparability to indicate a fair market value. 7, Are the data and analysis (including the individual adjustments) presented in the sales comparison appreach complete and accurate? Yes No. Hf Yes, provide a brief summary. If No, explain, There were no adjustments made for market conditions on older sales when a deciine of 12% has been determined via MLS statistical data over the 90 days prior to the inspection date in the subject’s market. While the sales are minimally adjusted, they are not accurately described, therefore not considered to be representative of the market trends. Sale #1 is a sale between family members via public record, sale #2 is described by MLS as having been totally updated within 6 years, and it would appear as though sale #3 also transferred between family members when it did not sell on the open market after 232 days listed via MLS. Sale #4 sold for $15,000 above list price, with no deduction being made for concessions, and sale #5 was unable to be verified. 6, Are the data and analysis presented in the income and cost approaches complete and accurate? [| Yes [x]No_[ | Not developed _It'No, explain. The income approach was not completed. The cost approach does not reflect a reasonable site value or price per square foot ($82-88 per Marshall and Swift), and the $27,000 cost for appliances, floorcovering and patio is misplaced. The site improvements are estimated low and there is a statement that the subject appears to meet HUD/ VA property standards, There is also no mention of an external obsolescence as indicated by current market conditions. 9, Is the sale or transfer history reported for the subject property and each comparable sales complete and accurate? EX} Yes No if Yes, provide a brief summary. If No, analyze and report the correct sale or transfer history and the data source(s). This information appears correct per PROC. TT 10. Is the opinion of market value in the appraisat report under review accurate as of the effective date of the appre...w a 6 No.~lt-NoreompieteSectiort. | Freddie Mac Form 1032 (March 2008) Form reproduced by United Systems Software Company (800) 069-6727 waw unitedsystems.com - Page 1 of 4 Fannie Mae Foi 2000 (March 2005) Eva) EXHIBIT PAGE Metropolis Appraisal Services, INC. Loan No. 9791032__File No. 80460_Page #2 80460 One-Unit Residential Appraisal Field Review Repo FEON O* 10 QUESTION eTION 1. Provide detailed reasoning for disagreement with the opinion of value in the appraisal report under review. The original appraisal is misleading and appears to be fraudulent. There are many critical mis-statements throughout the report and the fee noted for the appraisal service on the invoice is $750 when a fee between $250-$350 would be standard for this market, The appraiser appears to be a trainee, operating without supervision as seen on the signature pages of the certification of limiting conditions. 2. State all extraordinary assumptions used (i.2. gross living area, room count, condition, etc.). Itis assumed that all of the info provided by the report re: ‘the interior condition, equipment, occupancy, etc. of the property is accurate. Alf MLS, PROC and other data are assumed correct. 3. Provide a new opinion of value as of the effective date of the appraisal report under review using the below sales comparison analysis grid. (Note: This may or may not include the use of the same comparable sales as in the appraisal report under review.) FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 5108 Balboa Dr. 1013 San Domingo Rd. 310 Wilmer Ave. 5625 Balboa Dr. (Orlando, Ai 32808 Orlando, Fl 32811 Orlando, FI 32808 0.86 MIS 0.50 MI W Sale Price e $99,000 ae $ 120000 $70,050 Sale Price/Gross Liv, Area |$ N/A SQ. ft./$ 68.28 sq. ft $ 67.11 sq. tt. Heo$ 49.61 sq, it : Data Source(s) : PROC/MLS PROC/MLS PROC/MLS: Verification Source(s) : IMLS 04798576 MLS 04785305 MLS 04825868 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION meT) $ Adjustment DESCRIPTION +{-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sale or Financing |Cash 31 DOM Conv. 203 DOM Conv. 43 DOM Concessions s INone Per Realtor None Per Realtor None Per Realtor Date of Sale/Time 3 10/31/2007 ae 4/28/2008 0/03/07/2008 t) Location Pine Hills/Avg. [Pine Hills/Avg. Orlando/Avg. O}Pine ills/Avg. [) Leasehold/Fee Simple _|Fee Simple Fee Simple Fee Simple Fee Simple Site 0.26 Acres 0.24 Acres [0.21 Acres 2000/0.20 Acres 2500] View Residential Residentiat | Residential 0|Residential/Commercial} 10000} Design (Style) ‘One Story \One Story One Story One Story Quaiity of Construction _|Average lAverage Average . Average Actual Age 57/28 eff 57/28 eff 0149/30 eff 0151/20, eff } 3000; Condition |Average(-) |Average(-} OA e(-) OlAverage } Above Grade Total |Bdtms.| Baths | Total |Bérms.| Baths Total [Bdrms.| Baths Total |Bdrms.| Baths Room Count 7 3 2.00; 5 3 2.00 a? 4 | 2.00 o| 6 2 | 2.00 LY} Gross Living Area 1945 sq. ft. 1450 sq. ft. 3500! 1788 sq. tt. ~8500) 1412 sq. ft. 4500) Basement & Finished N/A IN/A N/A N/A Rooms Betow Grade N/A IN/A N/A N/A Functional Utility ‘Typical [Typical Typical Typical Heating/Cooling Central [Wall Units 2500} Central 0|Central 0} Energy Efficient Items [Standard [Standard Standard Standard Garage/Carport None 2 Carport. -3000)2 Garage -5000)1 Carport +1500 Porch/Patio/Deck Covered Porch ‘Cove Entry 500|Screened Porch -500|No Porch 1000) Fireplace No Fireplace Fireplace -500! No Fireplace O|No Fireplace 9 Pool No Pool [Open Pool (poor) No Adj.|No Pool O|No Pool ie] Net Adjustment (Total) i ee [l+ X- | 9000) = |s -12009] + ({}]- 3 13500] Adjusted Sale Price ‘ Net Adj. 8.97% Net Adj. 10.00% Net Adj. 19.27%) of Comparables Gross Adj. 22.10 %|$ 90120|Gross Adj. _13.33%|$ 108000|Gross Adj. 32.12% 1 x did did not research the sale or transfer history of the above comparable sales. If not, explain. My research [| did xX did not reveal any prior sales or transfers of the comparables sales for the year prior td the date of sale of the comparable sale. Data Source(s) PROC/MLS : Report the results of the research and analysis of the pricr sale or transfer history of the above comparable sales (report additional prior sales on an addendum). ITEM COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Oate of Prior Sale/Transfer 10/5/2007 and 8/27/2007 5/24/2007 No Prior Sales Price of Prior Sale/Transfer $100 and $65000 $100 within 12 months Data Source(s) PROC/MLS PROC PROC Effective Date of Data Source(s) [04/03/2008 (04/03/2008 04/03/2008 Analysis of prior sale or transfer history for the comparable sales, No other sales or listing history found for comparables other than noted above according to Orange County Public Records and local MLS. Sales #1, #2, #4 and #5 appear to have been foreclosure sales. This is typicat of the subject's market. See Above. Summary of Value Conclusion (including detailed support for the opinion of value and reasons why the new comparable sales are better than the sales used in the appraisal report under review). The above grid provides a reliable range of indicated value for the subject property, with the subject's estimated value being bracketed both by the sales prices of the comparable and the adjusted sales prices of the comparable’s. Room variations are adequately considered in square footage adjustments. Most weight is given to the mid range of value due to current market conditions with sales #2 and #3 being the most recent. Sale #1 was adjusted for an average rate of depreciation of 12% as was the decline over the 90 days prior to the subject's inspection. Sales #2 and #3 sold within the 90 days prior and were not adjusted for market conditions. Short Sales and Bank Owned properties were utilized as this is typical in the current market and these sales are influencing the market trends. These sales have higher net and gross adjustment totals but this is due the necessary adjustments having been addressed in this report where they had been overlooked in the previous report. There were active and pending listings available to continue to support this estimate of value and! indicate further decline in coming months. EVIEW AP HS OPINION OF MARKET VALUE (requires L Based ona visual inspection of the extertor 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 $ 92,006 , a8 of 4/3/2008 , which is the effective date of the appraisal report under review, Freddie Mac Form 1032 (March 2005) Form reproduced by United Systems Software Company (800) 969-8727 www.unitedsystems.com - Page 2 of 4 Fannie Mae Form 2000 (March 2005) / IT Metropolis Appraisal Services, INC. Loan No. 9791032 __ File No. 80460 Page #3 id Review Report TES uit is pitas Pe Rete The scape af work for this appraisal field review is defined by the complexity of the appraisal repert under review and the Feporting requirements of this report form, including the following statement of assumptions and limiting conditions, and certifications, The review appraiser must, at a minimum, (1) read the entire appraisal report under review, (2) perform a visual inspection of the exterior areas of the subject property from at jeast the street, (3) inspect the neighborhood, (4) inspect each of the comparable sales from at feast the street, (5) perform data research and analysis to determine the appropriateness and accuracy of the data in the appraisal report, (6) research, verity, and analyze data from reliable public and/or private sources, (7) determine the accuracy of the opinion of value, and (8) assume fhe property condition reported in the appraisal report is accurate unless there is evidence to the contrary. 80460 =| Ifthe 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 not required to replicate the steps compieted by the original appraiser that the review appraiser believes to be reltable and in compliance with the applicable real property appraisal development standards of the Unifrm 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 Il, Question 2. If the review appraiser determines that the opinion of value is not accurate, he of she must present additiona! 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. 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 appraisaf 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. np The fender/ciient has withheld the identity of the appraiser(s) who prepared the appraisal report under review, unless otherwise indicated in this report. bad The review appraiser must assume that the condition of the property reperted in the appraisal report is accurate, unless there is evidence to the contrary. > The One-Unit Residential Appraisal Field Review Report is divided inta two sections. Section | must be completed for all assignments. Section !f 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 Il. Because appraiser's opinions can vary, the review appraiser must have conclusive evidence that the opinion of value is nat accurate. a ‘The review appraiser must expiain why the comparable sales in the appraisal report under review should not have been used. Simply stating: *see grid’ is unacceptable. ‘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. : 2 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 deficiencles have on the opinions and conclusions in the appraisal report. Simple Yes" and "No" answers are unacceptable. o 10. The review appraiser must provide specific, suppertable reasons for disagreeing with the opinian of value in the appraisal report under review in response to Question 1 in Section Il. . 11. 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 conciudes is reliable (such as an assumption that the reported condition of the subject property is accurate). 12. 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? 13. The new comparable sales provided by the review appraiser and reported in the sales comparison analysis grid must have closed on or before the effective date of the appraisal report under review. it may be appropriate to inctude data that was not available to the origina! appraiser as of the effective date of the original appraisal; however, this information should be reported as "supplemental" to the data that would have been available to the original appraiser. 44, The review appraiser must provide a sale cr transfer history of the new comparable sales for a minimum of one year prior to the date of the sale of the comparable sale. The review appraiser must analyze the sale or transfer dala and report the effect, if any, on the review appraiser's conclusions. 15. Areview of an appraisal on a unit ina 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. 16, 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 available, In such cases, the review appraiser must identify the source of the data. AURA The a bas . = ; MANUMES TALI VE COMPLAINT EXHIBIT / 17. The review appraiser's opinion of market value must be “as of" the effective date of the appraisal report under review. E x id i e it # . 7 ‘annie Mae Form Freddie Mac Form 1032 {March 2005) Form reproduced by United Systems Software Company (800) 969-8727 www unitedsystems. cofft-. Hi rch 2005) ere Loan No. 9791032 _File No. 80460_ Page #4 ‘Metropolis Appraisal Services, INC. ort 80460 Fi le # One-Unit Residential Appraisal Field Review Re) . The review appraiser will not be responsible for matters of a legal nature that affect either the property that is the subject of the appraisal under review or the title to it, except for information that he or she became aware of during the research invalved in performing this appraisal review. The review appraiser 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. Nn Unless otherwise 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 jess 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 or testing thal might be required to discaver whether such conditions exist. Because the review appraiser is hot an expert in the field of environmental hazards, this appraisal field review report must not be considered as an environmental assessment of the property, co The Review Appraiser certifies and agrees that: 1. Ihave, at a minimum, developed and reported this appraisal field review in accordance with the scope of work requirements stated in this appraisal fleld review report, 2. | pertormed this appraisal field review in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisat Standards Board of The Agpraisal Foundation and that were in place at the time this appraisal field review was prepared. 3. Ihave knowiedge and experience to perform appraisals and review appraisals for this type of property in this market area. 4. Lam 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 fs located. 5. [obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal field review report from reliable sources that | belleve to be true and correct. 6. Ihave not knowingly withheld any significant information fram this appraisaf field review report and, to the best of my knowledge, all statements and information inthis appraisal field review repart are true and correct, 7. | 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 {imiting conditions in this appraisal field review report, 8. Ihave 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 (if any) in this appraisal tleld review report on the ~face, 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 ar occupants of the properties in the vicinity of the subject property or on any other basis prohibited by iaw. 9. My employment and/or compensation for performing this appraisal field review ar any future or anticipated appraisals or appraisal field reviews 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, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 10. | 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. | have not authorized anyone to make a change to any item in this appraisal field review Teport; therefore, any made to this appraisal field review report is unauthorized and t will take no responsibility for it. 11. | identified the lender/client in this appraisal fieid review report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal field review report. 12. The lender/ctient 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, or ather jurisdictions; without having ta obtain the review appraiser's consent. Such consent must be obtained before this appraisal field review report 3 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). é. ss Q oS Leg KC 13. The mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal fieid review report as part of any mortgage finance transaction that involves any one or more of these parties. 14, 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 shall be as effective, enforceable and valid as if a paper version of this appraisal field review report were delivered containing my original hand written signature. 15. Any intentional or negligent misrepresentation(s) contained in this appraisal field review report may result th civil fiability and/or criminal penalties including, but not fmt to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. a hind eye Signature Pring pat ypda. Name Name Megan sont Sudd Company Name AME Financial Corporation/Landsafe Company Name ‘Metropolis Appraisal Services, INC. Company Address 6455 Shiloh Rd. Company Address 2903 Timberfake Dr. #D, Alpharetta, Ga 30005 ~Y Orlando, Fl. 32812 Telephone Number 407 282 1600 Email Address metropolis@cfi.rr.com Name & Date of Signature and Report 98/27/2008 Company Name Professional Mortgage Funding Inc. ei State Certification # RO 3035, St. Cert. Res. REA Company Address 1400 Semoran Bivd, Suite-C ry or State License # Orlando, Fl 32817 I i) State FL Reviewer's Opinion of Market Value $ 92000__Date 4/3/2008 _ fl 4 Expiration Date of Certification or License 11/30/2008 Only if review appraiser answered "No to Question 10, Section |. a4 Freddie Mac Forma 1032 (March 2005) Form reproduced by United Systems Software Company (800) 969-8727 www.unitedsystems.com - Page 4 af 4 Fannie Mae Form 2000 (March 2005) Metropolis Appraisal Services, INC. Loan No. 9791032_ File No. 80460_Page #5 One-Unit Residential Appraisal Field Review Report COMPARABLE SALE #6 80460 Sale Price FEATURE I SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 Address 5108 Balboa Dr. [911 Sunniland Dr. 1325 Roger Babson Orlando, FI 328 JOrtando, Fi 32808 Orlando, Fi 32808 Proximity to Subject 0.07 Mi SE (0.47 MI NNE Sale Price/Gross Liv. Area $67.0 Sq. Data Source(s) PROC/MLS PROC/MLS Verification Source(s) MLS 04829267 MLS 04838828 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-}$ Adjustment DESCRIPTION +) $ Adjustment DESCRIPTION | +(-) $ Adjustment Sale or Financing None Noted Concessions Typical 6 DOM Date of Sale/Time [Active Listing | Location Pine Hills/Avg. Pine Hills/Avg. Pine Hills/Avg. Leasehold/Fee Simple _ {Fee Simple Fee Simple Fee Simple Site 0.26 Acres (0.25 Actes 0.23 Acres 1000) View Residential Residential/SmLake -10000/Residential ~ o} Design (Style) One Story |One Story One Story Quality of Construction {Average lAverage Average Actual Age 57/28 eff 153/28 eff } 51/28 eff + Condition |Average(-) Average(-) } Average(-)__} Above Grade Total |Bdrms.| Baths | Total {Bdrms.] Baths Total |Bdrms.| Baths Total |Bdrms.{_ Baths Room Count 7 | 3 | 200; 7 | 3 | 15 2000] 7 | 3 2 ol Gross Living Area 1545 sq. ft. 1635 sq. ft. -3000) 1242 sq. ft. 10500} sq. ft. Basement & Finished == |N/A IN/A N/A Rooms Below Grade N/A. IN/A. N/A Functional Utility Typical {Typical Typical Heating/Cooling Central |Wail Unit 2500| Central ql Energy Efficient Items Standard Standard Standard Garage/Carport_- None INone O|1 Carport -1500) [Porch/Patio/Deck Covered Porch CovEntry/Enclosed -2500| Patio/Covered -500| Fireplace No Fireplace None 0|None O} Pool No Pool None OiNone oO Net Adjustment (Tota!) Cis &X- | -t1000] J+ CJ]- |s gsool f+ - | Adjusted Sale Price Net Adj. 10.05 %| Net Adj. 12.18%! Net Adj. % of Comparables Gross Adj. 18.26 %/$ 98500}Gross Adj. 14.32 %|$ 87500) Gross Adj. 41S Report the results 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 # 4 COMPARABLE SALE # 5 Date of Prior Sale/Transfer 1/29/2008 Price of Prior Sale/Transter '$90000 Data Source(s) PROC/MLS Effective Date of Dala Source(s) [8/19/2008 4/21/2008 and 4/11/2008 COMPARABLE SALE # 6 $67000 and $65000 PROC/MLS 18/19/2008 Summary of Value Conclusion {including detailed support for the opinion of value and reasons why the new comparable sales are better than the sales used in the appraisal report under review). Listings have been added at the underwriters request to illustrate the activity at the time of the original appraisal, in the subject's market. Both have since sold. Listing #1 sold for $105000 and Listing #2 for $65000. . | Freddie Mac Form 1032 (March 2005) Farm reproduced by United Systems Sofware Company (800) 269-8727 ww unitedsysiems.com Fannie Mae Form 2000 (March 2005) Metropolis Appraisal Services, INC. Loan No. 9791032__ Fife No. 80460__ Page #6 SUBJECT PHOTOGRAPH ADDENDUM Borrower/Client Peralta, Jose P. - Unit No. N/A Address 5108 Balboa Dr. City Oniando County Orange State Fl Zip Code 32808 Lender/Client AME Financial Corporation/Landsafe Front View Side View Street View Form produced by United Systems Software Company (800) 969-8727 www.unitedsystems.cam Loan No. 9791032__ File No. 80460 Page #7 Metropolis Appraisal Services, INC. SUBJECT PHOTOGRAPH ADDENDUM Borrower/Client Peralta, Jose P. Address 5108 Balboa Dr. : Unit No. N/A City Orlando County Orange State AL Zip Code 32808 Lender/Client AME Financial Corporation/Landsafe a Side View Form produced by United Systems Software Company (800) 969-8727 www.unitedsystems.com Metropolis Appraisal Services, INC. Loan No. 9791032 _ File No. 80460 _ Page #10 COMPARABLE PHOTOGRAPH ADDENDUM Borrower/Client Peralta, Jose P. Address 5108 Baiboa Dr. Unit No. N/A City Orlando County Grange Zip Code 32808 Lender/Client AME Financial Corporation/Landsafe Original Sale #1 Front View Address: Proximity: Price: $ GLA: Rooms: Bedrms: Baths: Original Sale #2 Front View : Address: : Proximity: < ee : Price: $ : a I GLA: Rooms: Bedrms: Baths: Original Sale #3 Front View Address: Proximity: Price: $ GLA: a Rooms: Bedrms: Form produced by United Systems Software Company (800) 969-8727 www.unitedsystems.com Metropolis Appraisal Services, ‘NC. Loan No. 9791032__File No. 80460 _Page #11 COMPARABLE PHOTOGRAPH ADDENDUM Borrower/Client Peralta, Jose P. Address 5108 Balboa Dr. TnitNe. NA City Orlando County Orange _ Zip Code 32808 Lender/Client AME Financial Corporation/Landsafe om fis cat Original Sale #4 Front View tes Address: i, : Proximity: Price: $ GLA: Rooms: Bedrms: Baths: Original Sale #5 Front View Address: Proximity: Address: Proximity: Price: $ GLA Rooms: Bedrms: Baths: OL AINT Form produced by United Systems Software Company (800) 969-8727 www.unitedsystems.com Loan No. 9791032_File No. 80460_Page #8 Metropolis Appraisal Services, INC. COMPARABLE PHOTOGRAPH ADDENDUM Borrower/Client Peralta, Jose P. Address 5108 Balboa Dr. Unit No. N/A City Qrando County Orange ___ State Fl ZipCode 32808 Lender/Client AME Financial Corporation/Landsafe Sales Comparable 1 Front View Address: 1013 San Domingo Rd. Prox. to Subject, 9.46 MI W Sales Price: $ 99000 Gross Living Area: 1450 Total Rooms: 5 Total Bediooms: 3 Total Bathrooms: 2.00 Location: Pine Hills/Avg.