STATE OF FLORIDA &y DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION ,. FLORIDA REAL ESTATE APPRAISAL BOARD AO by FLORIDA DEPARTMENT OF BUSINESS & AB Pa PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, Vv. CASE NO. 2008052515 MARLEY ELENA ORTIZ, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Marley Elena Ortiz (“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 6474 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 2091 Nw 84 H:AFREAB\ortiz.AC.doc 1 FDBPR v. Marley Elena Ortiz Case No. 2008052515 Administrative Complaint Terrace, Pembroke Pines, Florida 33024. 4. On or about July 22, 2004, Respondent, as a trainee, and a then supervisor, Michael Machado (Machado) developed and communicated an appraisal report (Report) on a property commonly known as 3255 NE 184th Street, Unit #12208, Aventura, Florida 33160 (Subject Property), valuing the Subject Property at $430,000. A copy of the Report as obtained from the Complainant/lender, bearing Respondent’s purported digital signature, is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. On or about August 4, 2008, Petitioner received a complaint from a lender concerning the Report. 6. The Complainant/lender had obtained a review appraisal valuing the Subject Property condominium at $325,000 using different Comparable Sales. 7. Complainant alleged that the Respondent and Machado overvalued the Subject Property by relying upon developer controlled Comparable Sales when other available Comparable Sales, more similar to the Subject Property and more representative of fair market value, should have been used. 8. Machado’s license has been revoked, and Respondent obtained a state certified residential appraisal license on March 20, 2007. H:\FREAB\ortiz.AC.doc 2 FDBPR v. Marley Elena Ortiz Case No. 2008052515 Administrative Complaint 9. On November 21, 2008, Petitioner’s investigator sent notice of the investigation, a complete copy of the complaint, and a request for the entire work file by certified mail to Respondent's then address of record, 10750 SW 58th Street, Fort Lauderdale, Florida 33328. 10. A copy of the work file request letter, notice of investigation letter, envelope and green return receipt card, signed for by Respondent on November 29, 2008, is attached hereto and incorporated herein as Administrative Complaint Exhibit 2. 11.. Respondent failed to respond to the correspondence served on her on November 29, 2008. 12. The investigator attempted to visit Respondent’s last known address on May 6, 2009 and again on May 20, 2009, but no one answered the door or responded to a business card left at the address. 13. Per Petitioner's database, on May 22, 2008, Respondent updated her address of record to 2019 NW 84th Terrace, Pembroke Pines, Florida 33024-3421. 14. Petitioner's investigator sent another notice of investigation letter, complete copy of the complaint, and request for the entire work file by certified mail to Respondent’s Pembroke Pines address on June 12, 2009. HAFREAB\ortiz. AC.doc 3 FDBPR v. Marley Elena Ortiz Case No. 2008052515 Administrative Complaint 15. A copy of the two letters is attached hereto and incorporated herein as Administrative Complaint Exhibit 3. 16. The correspondence was returned unclaimed as evidenced by the envelope, a copy of which is attached hereto and incorporated herein as Administrative Complaint Exhibit 4. 17. Respondent has failed to submit the requested work files or contact the investigator, thereby hindering the investigation. COUNT ONE Based upon the foregoing, Respondent is guilty of having obstructed or hindered in any manner the enforcement of Chapter 475, 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. WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or the Department of Business and Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or certificate for a period not to exceed ten (10) years; imposition H:AFREAB\ortiz.AC.doc 4 FDBPR v. Marley Elena Ortiz Case No. 2008052515 Administrative Complaint of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section 475.624, Florida Statutes and Rule 61J1-8.002, Florida Administrative Code. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease and desist notice; or any combination of the foregoing which may apply. See Section 455.227, Fla. Statutes and Florida Administrative Code Rule 61J1-8.002. H:AFREAB\ortiz.AC.doc 5 FDBPR v. Marley Elena Ortiz Case No. 2008052515 Administrative Complaint SIGNED this ~(f day of Shwe , 2010. CHARLIE LIEM, Interim Secretary Department of Business and Professional Regulation wet Qu By: Donna Christine Lindamood Assistant General Counsel Fla. Bar No. 273694 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 PCP Date: 1/6/10 PCP MEMBERS: JH/JS 119/00 H:AFREAB\ortiz.AC.doc FDBPR v. Marley Elena Ortiz Case No. 2008052515 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. HAFREAB ortiz. AC. doc 7 . . : COMPLETE APPRAISAL - SUMMARY RFPORT INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT pie no, ahm0403 Property Adaicss 3255 NE 184 Street #12208 Ciy Aventura Stato Fl Tip Code 33160 : x. . i ti I 5 Project Name/Phasc No, Village By The Bay Condo Map Referencp-$2-42-03 asus Tract 97.020 - 9 F poses Hee Ee a Vacan EI sooo iahs somaiseg feo Smote 1 tzasorni | © Monthly Home Owners’ Association Unit Charge-$——— ~~ : 370.00 Soles Price S N/A Date of Sale N/A, Description afd $ amount of nan charges/concessions 10 be paid by seller” 9 hortage Capital i Address 6100 West Atlantic Boulevard Suite 11, Margate, F 7068 Appraiser Maley 2 Adsréss 10205 Sw 20 Court. Miramar, FL 33025 je family housing | Predominant Condominium housin; PRICE to 7 (J Urban CE AGE condominium Al a Over 15% Ge 75% (ys) | occupancy — “| S (000) (yes) Growth rate Repid Stable New! () owner 65 100 Low New Property vatucs {_) inereasing (XK) Stable 500 __ ily 29 =. Progomnunt x () vreitonssins | 300-+ 15+ Present iand use %: One Family 65%, 2-4 Family » Apartments: , Condoriniun . Cormmercle! 10% , Industrial ¢_, Vacant » Other 10%. Land vse change: (KJ Nottkay LJ tkey Din process to” . = fg] Note: Race and the racial composition of the neighborhood are nat appraisal tactors. Neighborhood boundaries and characteristics: Neighbo hood Bondaries are (N) Miami Gardens Driv: US1 Expresswat E) NE 30th Avenue ,(S) NE 144 Street * Factors that affect the marketability of the properties In the neighborhood {proximity to employment and amenities, employment stablity, sppeal to market, etc.): The subject is located in an area of mixed residential uses, other nearby uses include commercial uses on main artiries. Access to essway access is within resonable proxi of the subject. Currently unemployment is less than national eal is positive of the subject No adverse goncitions noted that would affect the subj act's ~ NEIGHBORHO marketabil Market conditions in the subject neighborhood (including sup} ~~ such as data on competitive properties forsale inthe project and neijhborhagd, $ and demand fa port lor the above cbnelusions related Lo the trend of property values, Ganonaioniy and marketing time Sescription cof the prevalence of sales and financing concessions, etc.); Level at street grade Typical for area Orainage ars adequate OF - _ pena “™ fed Gas igutinese ‘ Apparent casements Standard utili a 4 ux ““EBgnorete — FEMA Special Fiood Hazard Area x Yes No i ci FEMA Zone AE _ Map Date 03/02/1994 FEMA Map No._ 120635 0084s : ncigachments, special assessmonis, sfide areas, legal ar leg ig Rieinl'SF competitive sites 1 Project Completed: If Project Incomplete: [Subject Phase: Total No. of Phases 1 Total No. of Planned Phasos N/A {Total No. of Units 4 Total No. of Units 374 Tots! No. of Planned Units NVA |To No.of Unis Comated 37.4 w ‘Total No. of Units for Sale 44 Total No. of Units tor Sale N/A ___|TomiNo.cfUnisterSre 4+~ Fd Total No. of Units Sold 374 Tota! No. of ints Sold = N/A [Towa No, o{Unkts Sola 374 Fa Taste te Rone 2+ Total No. of Units Rented N/A |Tota No. ol Uniis Renjod 25-+ 3 Yes) 6 Source ISC/P -_ {Data Source ISC/P.Reds Data Set SCIP.Reds z Projet co Od Primary Residence {_} Second Tomo eereena LJ] Row orTownnouse (| JGarden CJ} Midise UX) Hignnse LJ overall appeal of project is Condition of the project, quality of construction, unit mix, appeal to market, ete: Quali of construction is averag average for this area. Typical unit mix. ‘Are the heating and cooling for the Individual units separately metered? ~~ LX} Yes. L_} No ff'no, describe and comment on compatillty to other projects in market Fe area end market acceptance: Bed Describe common cloments and recreational aciics, Comman Areas, Swimming Pool, Clubhouse. Gym, Security . Are the common elements completed? (X} Yes L_JNo Is the Buildor/Devetopar in convol ol the Home Owners’ Association? Cy ves {XT No . BBB Ac ony common elements leased to u by the Home Owners’ Assoustion? CV ves Oi) No _tryes, attach addendum describing rontal terms and options Proows [Toy [ving [Ding] | _Ben | Family Rm] Rec. Rm.| Besrooms | ¢Buins | tounary [Owe | dea Su Ft os tb} Level 1 P| Ea NS 7,050 Fiee2 | a A RUE RS OU | a A OE NR CN NN FA] Cinished wicu abave gade curtains. 2 Bedroom(s), 2 Bainis); 1,050 Square Foot of Gross Living Aga For Unit fx] GENERAL DESCRIPTION KITCHEN EQUIP. INSULATION BS Floor Na. 2 Refrigerator LJ | Rot None . ES} No.oftevels One RangefOven Patio Garage Celing Cone, Ba TERIOR MaterialsiConditon Disposal Balcony Open) | NootCas 1Car | wats Conc.) Flooring TiletGood Dishwasher Open KX] | Floor Walls Drywall/Good Fan/Hood No.of Cars ASSN | None Bath Floor Marbie/Good Potiry Seco ASE Unknown (x) ed ASSN L) Bath Wainscot__Tite/Good Condition of the unk, deprecietion, repairs needed, quality of Construction, remodeling/madernization, additional features (special energy efficient items, etc.) ): Subject is in average condition overall, no major repairs noted. No functional deficiencies observed. Zz 2 Fl Adverse environmental conditions (such as, bul not limited (0, hazardous wastes, toxic subsiances, cic. ) present in the improvements, on the Site, of in Lh in the field of environmental hazards. 5 immodiote vicinity of the subject property: Freddie Mac Form 485 10-94 a sory n : eee =? Pantie Mae Form 1073 10-94 PAGE__ | og rf es ~ +, COMPLETE APPRAISAL - SUMMARY REPORT j INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT Fite no. ahm0403 AL CORD yyy EE rere Unit Charge £ 370.00 per mo.x12-§ 4,440 por yi. Annual Assessment charge per year/square fect of gross living area + 3 4.23 Is the project subject to ground rent? (1) ve No tyes, § s per year. Usiities included in unit charge: CO Nene = C) Hear (3 Air Conditioning Eiecricty ()Gas Odwacr [) Sewer Note any fees, other than regular HOA charges, for use of facitities Not Noted * : Compared to other competitive projects of similar quality and design,the subject unit charge appears: K High Typical low To properly maintain the project and provide the services anticipated, the budget appears: () Adequate (J inadequate (7) Uninown Management Group: (_} Home Owners’ Association 1D Developer {X] Management Agent (Identity) . Quality of management and its enforcement of Rules and Regulations based on general appearance af praject appears: (x) Adenuate inadequate Special or unusual characteristics inthe Condominium Documents or atherinformation known to the appraiser that would affect marketability (if none, so state) Condo documents were not made available to the appraiser. No unusual characteristics known to the appraiser that would affect the ITEM COMPARABLE HO.2 ice Un SOS NE 14 Suet STS NE 184 Street #6103 (255 NE 184 Seat #12103 [3255 NE 184 Street #12510 and Project Name Village By The Bay C{ Village By The Bay Condo Village By The Bay Condo Millage By The Bay Condo. PROJECT ANALYSIS ark, Shu | __ 40.01 miles (Same Building) ~~ {0.01 miles (Same Buildina) _,_}6.36 miles Sales Price RAL Ap] 438,000 | s 484,900 Physical 1SCiPublic Recorda/MLS {SC/Public Records/MLS 1SG/Pub Records/MLS Vorification Source: spection Exterior Observation Exterior Observation Exterior Observation FVALUE ADWUSTMENTS| DESCRIPTION | DESCRIPTION | s11sminmon | DESCRIPTION [ ctysawames | DESCRIPTION | -1)$ Adjnunen Sales or Financing Conv Mtg Hy Conv Mtg ! Conv Mtg H [Concessions OOM: 47 : DOM: N/A i DOM: N/A i INA : 02/10/2004 —" fAvgikesid _—_—| Avg/Rasid : Avg/Rasid i AvgiResid i ‘Similar; [Similars Similar isted i As Listed As Listed } on front Page Good/Condo [2nd Floor | Design and Appeal Condo/Good ‘Quaity of Construction |CBS/Good ears Toot Bares [ 4; 2: 2.00] 4) 4:3 : 1,366 Se. 1,320 [4.950 54.4 eB None. i Eunetionaiusiey [Good ceoray fteien ns] SEMGard ——__| io Firopigco{s), otc. None i. ftimUpgrade | ay, Ler See ‘mb 7L a ols Ds soo TT a 8,100 428,500 9 3 476,800 All threé Sales are recent and appeal. Sales utilized are SALES COMPARISON ANALYSIS Few suse _comparasieno.1[_cowparaptewo.2 | COMPARABLE NO. Date, Price and Dats 07/2003 No Sales No Sales No Sales Sounco for privriwics {$278,900 Within the Within the Within the within your of uporaisat |ISC/P. Records Last'year . Last year Last year ‘Analysis of any current agreement of sele, aption, or isting of the subject property and analysis of any prior sales of subject and com; parables within one year of the date of appraisal: No current listing or purchase agreement reg ast 12 months. Y o other recent prior sales histories noted. INDICATED VALUE BY SALES COMPARISON APPROACH .. . Deen cette eens teaeeaeeee eee ee enen 5 430,000 INDICATED VALUE BY INCOME APPROACH [It Applicable) Estimated Market Rent $ N/A Mo. x Gross Rent Muttipticr NIA -5 INDICATED YALUE BY COST APPROACH (Anach It Appicabie) ©... 0. 20+ ose vn eter tener dee teen eee eee s ‘subject to the repal's, alterations, inspections, or conditions isted below (D sunject io compietion per plans and specifications included in the value estimate. valua stated is "As in", See limiting conditions s B a pproach is not typically applie ing! d 5 . The purpose gal isto estimate the market valve of the real propery that fs the subject ofthis repart, based on the above conddionsand the cerification, contingent BS) and limiting conditions, and market value definition that aro stated in the attached Freddie Mac Form 439/Fannie Mac Form 10048 (Revised REV.6-83 }. I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 07/22/2004 D THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 430.000 . SUPERVISORY. : Signature + Boe O diene Nome Michael Machado Inspect Property Date Repon Signed 07/22/2004 Date Roport Signed 07/22/2004 State Certification # RD- 4347, State Fl State Conttication ¢ RD-4347 State FI Or State Lucinnse # Stato Or State License # State Freddie Muc Form 465 10-34 State Registered Trainee PAGE 2 OF 2 State Certified Fannie Mee Form 1073. 10-94 Appraiser #Ri 12223 AC PABPRAISACS Tu’ | ‘Residential Aperaiser ARE f 7 CuMPLETE APPRAISAL - SUMMARY REPORT MULTI-PURPOSE SUPPLEMENTAL ADDENDUM FOR FEDERALLY RELATED TRANSACTIONS ahm0403 BorroweriClient Henry frat BorowerlClient Henry Franky Propeny Address _3255 NE 184 Street #12208 : City Aventura County Miami-Dade Stave Fl Zip Code 33160 Lender Aliied Home Mortage Capital Corporation This Multi-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a con- venient way to comply with the current aporaisai standards and requirements of the the Office of the Comptroller of Currency (OCC), The Office of Thrift Supervision and the Federal Reserve. Federal Deposit Insurance Corporation (FDIC), (OTS), the Resatution Trust Corporation (RTC) This Multi-Purpose Supplemental Addendum is for use with any appraisal. Only those statements which have been checked by the appraiser apply to the property being appraised. & 8 o.60 8 i B : M PURPOSE & FUNCTION OF APPRAISAL ‘The purpose of the appraisal is to estimate the market value of the subject prope to assist the above-named Lender in evaiuating the subject property for lending pul ( EXTENT OF APPRAISAL PROCESS ira] The appraisal is based on the information gathare si Pp reliable has been used. Data believed to be unreliable was not it The Reproduction Cost is based on Marshall & Swift Residential Cost Handbook and local contractor's publications. supplemented by the appraiser's knowledge of the jacal market. Physical depreciation is based on the estimated effective age of the subj present, is specificall personal knowledge of values fram sales of improved properties. The subject property is located in an area of priniftity owner dered to be meaningful. For this reason, the Income Approach was nat uscd. The Estimated Market Rent and Gross Reng subject market area. The rental knowledge 15 Basedroniago Multiplier is based on prior and/or curre! mate of pricésiand market rates for residential properties. pris a For income producing properties. ac j = ee According to Homeowner/Public records “i has not been offered fora inthe page (_) 30 days L) 1 year To3years CJ Other = a rm! —_———- is currently offerad:iog.sale tig §, ui ~ . was offered for sie within the past T30 days DC tryear Ga years C) Otner for $ this addendum. According to Homeowner/Public records Co has not transferred in the past FY year years LJ Other is presented first. The sources and data are considered reliable. When conflicting information was provide rty as defined herein. The function of the appraisal is poses. This is a federally related transaction. .d by the appraiser from public records, other identified sources, inspection of the ubject properly and neighborhood. and selection of comparable sales within the subject market area, The ofiginat source of the com- arables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source jed, the source deemed most inctuded in the report nor used as a basis for the value conclusion. ject propesty. Functional and/or external depreciation, if addressed in the appraisal report or other addenda, in estimating the site value, the appraiser has telied on ae e re kat. Ths knowiadge is based on prior andlor current analysis of site sales and/or abstraction of site -occupied single tamily residences and the Income Approach Js not consi- utilized in the Income Approach are based on the appraiser's knowledge of the or and/or current rental rate surveys of residential properties. The Grass Rent get roms) acancies and expenses have been reported and analyzed. They have been used to pro- ect future fonts, vacancies and expaiises. —gaF SUBJECT PROPERTY OFFERING INFORMATION the subject property; Offering informatioliiwas consitiered in the Final reconciliation of value. Offering informati 5 not edfisideredin the final reconciliation of value. Offering information = ie. The reasons for unavailability and the steps taken by the appraiser are explained later in SALES HISTORY OF SUBJECT PROPERTY the subject property; has transferred in the past Otyear £X}3 years (J Other All prior sales which have occurred in the past months or years are listed below and reconciled to the appratsed value, either in the body of the report or in the addenda. Sales Price Document # f@ FEMA FLOOD HAZARD DATA Sunject propery is not located in a FEMA Special Flood Hazard Area. 60) Subject property is Focated in'a FEMA Special Flood Hazard Area. 07/2003 __ $278,900 Aventura Dev LLC. Henry Franky Name of Communit 03/02/1994 Village By The Bay Condo Tne community does not participate in the National Fiood insurance Program. The community does participate in the National Flood Insurance Pregram. It is covered by a regular program. © itis covered by an emergency program. : Fro vony ATs EDDA BTEY wow nom ome pow] COMPLAINT, Sal eh see a COMPLETE APPRAISAL - SUMMARY REPORT ahm0403 tM CURRENT SALES CONTRACT {00 The subject property is currently not under contract. ©) The contract and/or escrow instructions were not available for review. The unavailability of the coniract is expiained later in the addenda section. © The contract and/or escrow instructions were reviewed, The following summarizes the contract: Contract Date Amendment Date ContractPrice Seller (CO The contract indicated that personal property was not included in the sale. ©) The contract indicated that personal propenty was included. {t consisted of Estimated contributory value is $ Personal property was not included in the final value estimate. Personal property was included in the final value estimate. ‘The contract indicated ne financing concessions or other incentives. The contract indicated the following concessions or Incentives: — _—_—— a ——— 0 I concessions or incentives exist, the comparables were checked for similar ‘concessions and appropriate adjustments were made, if appiicabie, so that the final value Conclusion is in compliance with the Market Value defined herein, @ MARKET OVERVIEW 36 months is considered a reasonable marketing period for the subject property based on’ Analysis: Of Closed Sales Were Provided By The Local Multiple Listing Services. f@ ADDITIONAL CERTIFICATION The Appraiser certifies and agrees that: (1) Their analyses. opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform: Standards of Protessionat Appraisal Practice ("USPAP"), except that the Departure Provision of the USPAP does not apply. (2) Their compensation is not contingent upon the fepérting of predetermined value of direction in value that favors lhe cause of the client, the amount of the value estimate, the attainment of a stipulated fesutt, or the occurrence of a subsequent event. (3) This appraisal assignment was not based onthe reaiigstec minimum valuation, a specific valuation, or the approval of a foan. pene ( ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS ne, " The value estimated is based on the assu i nt the property is not negatively affected by the existence of hazardous subsiances or detrimental environmental conditions unless otherwiSéaica ifs repor. The appraiser is not an expert inthe identification of hazardous substances or davimentai environmental conditions. The appraiser's fe¥ulle inspection of and inquiries about the subject property did not develop any information thal indicated any apparent significant a ei ores environmental conditions which would affect the property negatively unless otherwise slated in this report. {t is possible thatsgsts and ispigctions made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or desrimiental environiggetal ‘conditions on or around the property that would negatively affect its value. requirements: of the State of Flofida for State Certified Aprraisers_ "i ee Effective Dae 07/22/2004 (Prone # ($54 432-1235 Date Prepared 07/22/2004 Ri f2e83 Tax IDF Appraiser's Signature Appraiser’s Name (print) State Fl iS CO-SIGNING APPRAISER'S CERTIFICATION Od) Sdhification # ira] The co-signing appraiscr has personally inspected the subject property, both inside and oul, and has made an exterior inspection of all comparable sales listed in the report. The report was prepared by the appraiser under direct supervision of the co-signing appraiser The co-Signing appraiser accepts responsibility for the contents of the report including the value conclusions and the timiting conditions, and confirms that the certifications apply fully to the co-signing aporaiser The co-signing appraiser has not personally inspected the interior of the subject property and: CO has not inspected the exterior of the subject property and all comparabie sates listed in the report, §Q has inspected the exterior of the subject propery and all comparable sales listed in the report. 2 The repon was prepared by the appraiser under direct supervision of the co-signing appraiser The co-signing appraiser accepts responsibility for the contents of the report, including the value conclusions and the limiting conditions, and confirms that the certifications apply fully Lo the co-signing appraiser with the exception of the certification regarding physical inspections. ‘The above describes a level of inspection perlormed by © co-signing appraiser. i) The co-signing appraiser's level of inspection, involvement in the appraisal process and certification are covered etsewhere in the addenda section of this appraisal. { CO-SIGNING APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION Co-Signing : ; Appraiser's Signature ich Poche Effective Date 07/22/2004 none # (954 432-1235. Date Prepared 07/22/2004 Appraisers Name (print) Michael Machado Pr State Fl License (XJ Cenificationt RD-4347 Tax iD # La. Proceed wnat AGI atone, O02 GTZ ww acme com FLOORPLAN File No. ahm0403 eee SSS SEQ aE OOS w oooo=xe or 14.0 8.0" oa a 39.0" TOTAL LIVABLE (rounded) 2 Calculations Total (rounded) SuBJECT PROPERTY PHOTO ADDENDUM A . File No. shm0403 FRONT VIEW OF SUBJECT PROPERTY Appraised Date: July 22, 2004 REAR VIEW OF SUBJECT PROPERTY STREET SCENE : Fite No, ahm0403 Subjects Kitchen Subject's Living Room File No, ahm0403 Subject's View ~ COm#ARABLE PROPERTY PHOTO ADDENDL. i? 7, Fite No. ahm0403 COMPARABLE SALE #1 3165 NE 184 Street #6103 Sale Date: 02/09/2004 Sale Price: $ 438,000 COMPARABLE SALE #2 3255 NE 184 Street #12103 Sale Date: 02/09/2004 Sale Price: $ 438,000 COMPARABLE SALE #3 3255 NE 184 Street #12510 Village By The Bay Condo Sale Date: 02/10/2004 Sale Price: $ 484,900 RATIVE COMPLAINT LOCATION MAP File No. ahm0403 mpai 3 3255 NE 184 Btreat #12510 | Vikage By The Bay Condo, Fl 23160 bei-Dade County of / Mami Dede Podoe pt} Bolin District Statice # inere FLOOD MAP File No, ahm0403 DS EEE Fie No, ahmO403 DEFINITION OF MARKET VALUE: = The most probable price which @ property shouid bring in a competitive and open market under al! 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 considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. 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 speciai or creative financing or sales concessions. No adjustments are necessary for those costs which are normatly paid by sellers as a result of tradition or law In a market area; these costs are readily identifiable since the seller pays these costs in virtuaity all sales transactions. Special or creative financing adjustments can be made ta the comparable praperty by camparisons 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 caiculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the Appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will nat be responsible for matters of a lega! nature that affect either the property being appralsed or the title tot. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The propery is appraised ‘on the basis of it being under responsible ownership. & 2. The appraiser has provided @ sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing thig property and understanding the appraiser's determination of its size. ee, 3. The appraiser has examined the availableigoed maps thatllpe provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal rept wheter the subject site is located in an identified Special Fiood Hazard Area. Because the appraiser Is not a surveyor, he or she makesiig,quaraiiiees, express or implied, regarding this determination. i feF “= 4. The appraiser will not give tes! oPmeggeeiMage because he or she made an appraisal of the property in question, unless specific arfangements to do so have been mage before! l. Es : 5. The appraiser has estimated ffiiyalue ofthe land in the cost approach at its highest and best use and the improvements at their contributory value. These,éiipafate valine of the land and Impravements must not be used in conjunction with any other appraisal and are invalid if they are so us i 6. The appraiser has notedlleaye aqgffisat report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc. } bbserved during the inspection of the subject property or that he or she became aware of during the normal research invoived in performing the appraisal. Unless otherwise stated In the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, ete. ) that would make the property more or less valuable, and hes assumed that there are no such conditions and makes no Quarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appralser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. . 7, The appraiser obtained the information, estimates, and opinions that were expressed In the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. . 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9, The appraiser has based his or her appraisa! report and valuation conclusion for an appraisal that is subject to satisfactory compietion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10, The appraiser must provide his of her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated ) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisai organizations, any state of federally approved financial institution; or any department, agency. or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. ‘The appraiser's written consent and approval must also be obtained before the appraisai can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. - Fannie Mae Form 10048 6-93 VE COMPLAINT, Freddie Mac Form 439 6-93 3 ke ee File No. ahm0403 APPRAISERS CERTIFICATION: | The Appraiser certifies and agrees that: 1. | have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those Items of significant variation. ita significant item in a comparable property is superior to , or more favorable than, the subject property, | have made negative adjustment ta reduce the adjusted sales price of the comparable and, if a significantitem In a comparable property is inferior to, ar ess favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparabie, 2. | have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. | have not knowingly withheld any significant information from the appraisal report and ! believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. | stated in the appraisal report anly my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject ‘only to the contingent and limiting conditions specified In this form. 4. | have no present or prospective interest in the property that Is the subject to this report, and | have no present or prospective personal interest ot bias with respect to the participants in the transaction, | did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, famillal 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 tn the vicinity of the subject property. 5, [have no present or contemplated future interest in the subject property. and neither my current of future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. | was not required to report a predetermined value or direction in vaiue that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve & specific mongage, loan. a, EA 7. | performed this appraisal in conformity with the Epiform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of Fhe'Aippriisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision afthose Stands, which does not apply. | acknowiedge that an estimate of a reasonable time for exposure in the open market Is a gbriditi in the definition of market value and the estimate | developed is consistent with the marketing time noted in the neighbarhood a unless | have otherwise stated in the reconciliation section. 8. | have personally inspected the intesi \d ‘extigior areas of the subject praperty and the exterior of all properties listed as comparabies: in the appraisal report. | further e thi ve léted any apparent or known adverse cénditions in the subject improvements, on the subject site; or on any site within fe immediat@vicinity of the subject property of which | am aware and have made adjustments for these adverse conditions in my analysis @ethe propegfy value ta the extent that | had market evidence to support them. | have also commented about the effect of the aiversgagenstions tshmaiserketabilty of the subject property. 9. | personally prepared i conecluSiins and opinions about the reai estate that were set forth in the appraisal report. If! relied on significant professional assistance frogyany individual or individuals in the performance of the appraisal or the preparation of the appraisal report, | have named such fi and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report, | certify that any individual ‘$0 named is qualified to perform the tasks. | have not authorized anyone to make a change to any item in the repor; therefore, if an unauthorized change Is made to the appraisal report, | will take no responsiblity for it SUPERVISORY APPRAISER'S CERTIFICATION: {fa supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 3255 NE 184 Street #12208, Aventura, Fl_ 33160 APPRAISER: SUPERVISORY APPRAISER (only if required) Signature: Italy) Vrhout Name: Michael Machado Date Signed: 7/22/2004 Signature: Name: Date Signed: 07/ State Certification #: RI 12223 State Certification #: RD-4347 or State License #: or State License #: State: FL State: FI Expiration Date of Certification or License: November 30,2004 Expiration Date of Certification or License: November 30, 2004 (© pa LD) Did Not Inspect Property State Registered Trainee Appraiser #RI 12223 State. Certified Residential Appraiser #RD4347 Apa hE Sa > Freddle Mac Form 439 6-83 eS PPAR TV Es foto 6.03 Division of Real Estate Forida Departments, Thi O'’Bryant, Jr., Direct jomas O’Bryant, Jr., Director Bu sine he | 5080 Coconut Creek Parkway, Suite A . Margate, Florida 33063 Regulation a Phone: 954. 917.1325 » Fax: 954.917.1343 Chuck Drago, Secretary Charlie Crist, Governor 11/20/08 Certified Mail Return Receipt Requested Certified Number 7006 2150 0000 2473 2988 . Marley Elena ORTIZ 10750 SW 58 STREET FORT LAUDERDALE, FL 33328 RE: DBPR Case # 2008052515 CONFIDENTIAL WORK FILE REQUEST Dear MS. ORTIZ, Please provide DBPRa true and accurate copy of the appraisal as delivered to the client. Please provide a complete copy o your entire working file and supporting data for this appraisal. Upon receipt and analysis of these documents, additional ae may be needed to adequately investigate the allegation. These documents should be mailed to the address listed below within twenty (20) days of receipt of this letter. Note: If photocopies of the photographs of the subject and comparable properties are not clear, please provide duplicates of the original photographs. The appraisal in question is: Your file# is AHM0403 The effective date of the appraisal is stated as 07/22/04 The subject address is 3255 NE 184 STREET #12208 AVENTURA, FL 33160 The lender/client is identified as ALLIED HOME MORTGAGE CAPITOL CORP. Please contact me as soon as possible to make arrangements for me to secure your file, as this matter is time sensitive. : Sincerely, Bernardo Investigation Specialist {I 5080 Coconut Creek Parkway, Suite A Margate, Fl 33063 Voice (954) 917-1325 Fax (954) 917-1343 Enclosure LICENSE EFFICIENTLY. REGULATE FAIRLY. WWW.MYFLORIDALICENSE.COM - ADMINISTRATIVE COMP — U-S. Postal Service Tm CERTIFIED MAIL..: RECEIPT a (Domestic Mail Only; No Insurance Coverage Provided} 5 For delivery information visit our website at WWW.USDS.com, mL_ OFFICIAL USE nm > recor |s | Tu Certified Fee go TI _Retum Receipt Fee Postmark CO (Endorsement Recuies Here oO o uy nl mu O Cy | BREE ABE Net ipeng gp enna ao Pei siaa apg LO PS Form:3800; August'2006:: See Reverse for Instructions ~ SENDER: COMPLETE THIS SECTION COMPLETE. THIS SECTION ON DELIVERY > Complete items’1, 2, and 3. Also complete A. Signatufd - oy | _* tem 4 if Restricted Delivery is desired. xX j O Agent | ™ Print your name and address on the reverse KWAK \\ Z. My “A _T Addressee { .. 80 that we can return the card to you. ace p bots} Rn ame Uc. pate | i Attach this card to the back of the mailpiece, wi 0 a () \ Oe) 5; abe” : A or on the front if space permits, vas =, ; D. Is delivery addresd different from item 17 _JehYes ~ 1. Article Addressed to: ILYES, enter delivery address below: “C1 No , 4G PI NWW EY 12H. Marley Elena ORTIZ f) 10750 SV 58 STREET COMUBKEI IES: 3302 $39 FORY LAUDERDALE, FL 33328 3. Seyfice Type Miocene Ha =O) Express Mail CO Registered 1 Retum Receipt for Merchgnfise O insured Mat ~=1c.0D, in 4s Sted Doliva Gaff i Carat fon rervice bop 7006 2150 o000 2473 24a, : PS Form 3811, February 2004 Domestic Return Receipt 102595-02-M-1540 ADMINISTRATIVE COMPLAINT EXHIBIT # Department of Busines : 2ssional Regulatic Ei i iM DIVISION OF REAL ESTATE 5080 Coconut Creek Parkway ?00b 2150 0000 2473 2486 Suite A Margate, FL 33063-3942 8. yEres . ane + AINT, MPL. 8) TRATIVE Marley Elena ORTIZ 10750 SW 58 STREET FORT LAUDERDALE, FL 33328 STRICTED DELIVERY Florida peparments Division of Real Estate Thomas O'Bryant, Jr., Di Businesy/) sooo Coca Geok Pra, SuleA , Florida 33063 proressiona nA Phone: -954. 91 7.1325 Fan 954.917.1343 Chuck Drago, Secretary Charlie Crist, Governor 11-21-08 ~ CONFIDENTIAL -- Marley Elena ORTIZ 10750 SW 58 STREET FORT LAUDERDALE, FL 33328 RE: DBPR Case # 2008052515 Dear MS. ORTIZ, This letter is to serve as official notice to you in accordance with Section 455.225(1), Florida Statutes, that a complaint has been filed against you (copy attached) and that an investigation has been initiated regarding the allegations made in the complaint. | have been assigned to the case, and | will be in contact with you at the earliest possible time to schedule a mutuaily convenient appointment to discuss the complaint in detail. You may submit a-written response to the information contained in the complaint within 20 days after receipt of this letter. Any such response and/or contact with the agency regarding this matter, prior to personal contact with me, should be directed to my attention at the letterhead address. Please be advised that at this stage, our investigation is confidential. Pursuant to Section 455.225(10), Florida Statutes, the complaint and all information obtained pursuant to the investigation is confidential until ten days after probable cause is found to exist, if such a finding is made, or until the licensee waives their right of confidentiality, whichever occurs first. - Investigations differ in complexity and duration, so a definite time frame of completion is not possible. We appreciate your cooperation and understanding in this regard. If you have any questions about the foregoing, you may contact me at the telephone number listed above. . Sincerely, Bernardo Investigation Specialist li Division of Real Estate Bureau of Enforcement Enclosure LICENSE EFFICIENTLY. REGULATE FAIRLY. WWW.MYEFLORIDALICENSE.COM ADMINISTRATIVE COMPLAINT exHieiT #Q TI PAGE OF Florida Department, Ay Division of Real Estate Thomas O’Bryant, Jr., Director Bu st i nes . 5080 Coconut Creek Parkway, Suite A Professi a Margate, Florida 33063 Phone: -954. 917.1325 « Fax: 954.917. Regulation one 325 + Fax: 954.917.1343 Charies Drago, Secretary ‘ Charlie Crist, Governor 06-12-09 Certified Mail number 7006 2150 0000 2473 3411 -- CONFIDENTIAL -- Marley Elena ORTIZ 2091 NW 84 Terrace Pembroke Pines, Fl 33024-3421 RE: DBPR Case # 2008052515 Dear MS. ORTIZ, This letter is to serve as official notice to you in accordance with Section 455.225(1), Florida Statutes, that a complaint has been filed against you (copy attached) and that an investigation has been initiated regarding the allegations made in the complaint. | have been assigned to the case, and | will be in contact with you at the earliest possible time to schedule a mutually convenient appointment to discuss the complaint in detail. You may submit a.written response to the information contained in the complaint within 20 days after receipt of this letter. Any such response and/or contact with the agency regarding this matter, prior to personal contact with me, should be directed to my attention at the letterhead address. Please be advised that at this stage, our investigation is confidential. Pursuant to Section 455.225(10), Florida Statutes, the complaint and all information obtained pursuant to the investigation is confidential until ten days after probable cause is found to exist, if such a finding is made, or until the licensee waives their right of confidentiality, whichever occurs first. Investigations differ in complexity and duration, so a definite time frame of completion is not possible. We appreciate your cooperation and understanding in this regard. If you have any questions about the foregoing, you may contact me at the telephone number listed above. Sincerely, Bernard pes Investigation Specialist I! Division of Real Estate Bureau of Enforcement Enclosure LICENSE EFFICIENTLY. REGULATE FAIRLY. WWW.MYELORIDALICENSE.COM ADMINISTRATIVE COMPLAINT, “os exHisit #2 ae ca page __) Division of Real Estate Florida Peparments th O'Bryant, Jr, Direct iomas ant, Jr., Director Bu SINesy S a 5080 Coconut Creek Parkway, Suite A Margate, Florida 33063 Reoresslor va Phone: 954. 917.1325 * Fax: 954.917.1343 Charles Drago, Secretary Charlie Crist, Governor 06/12/09 Certified Mail Return Receipt Requested Certified Number 7006 2150 0000 2473 3411 Marley Elena ORTIZ 2091 NW 84 Terrace Pembroke Pines, Fl 33024-3421 RE: DBPR Case # 2008052515 CONFIDENTIAL WORK FILE REQUEST Dear MS. ORTIZ: Please provide DBPR a true and accurate copy of the appraisal as delivered to the client. Please provide a complete copy of your entire working file and supporting data for this appraisal. Upon receipt and analysis of these documents, additional data may be needed to adequately investigate the allegation. These documents should be mailed to the address listed below within twenty (20) days of receipt of this letter. Note: If photocopies of the photographs of the subject and comparable properties are not clear, please provide duplicates of the original photographs. The appraisal in question is: Your file# is AHM0403 The effective date of the appraisal is stated as 07/22/04 The subject address is 3255 NE 184 STREET #12208 AVENTURA, FL 33160 The lender/client is identified as ALLIED HOME MORTGAGE CAPITOL CORP. Please contact me as soon as possible to make arrangements for me to secure your file, as this matter is time sensitive. . Sincerely, Bernardo & Investigation Specialist II 5080 Coconut Creek Parkway, Suite A Margate, FI 33063 Voice (954) 917-1325 Fax (954) 917-1343 Enclosure LICENSE EFFICIENTLY. REGULATE FAIRLY. WWW.MYFLORIDALIGENSE.COM ..,. ncTRATIVE COMPLAINT REIN ZLLYO Bualy Aspey : ait _—_ / ~ WILNAGIINOD— \- | Ce se ae ANAAITAC CALOPALSA, sey 8 Jo was / : ad ; _ <¢ CARTY we EE, . : ~CThE Eon? adaa’ sta 002 4 Suvari wows canna Z H ; of GOL" LLs Mie age? ; ' ! ZHOE-EOOEE TH “TER IUYA * vans , Amd JID Nwoso0D 080s aqeysq] [Bay JO WOIsIAI Sada, opreulsg E COMPLAINT, ADMINISTRATIy EXHIBIT PAGE “fy ebay Aguas 33085) uoneinbay ese4Old SauIsng uaLunledag epuolt

Docket for Case No: 10-003320PL