STATE OF FLORIDA “Y DEPARTMENT OF BUSINESS & PROFESSIONAL REGUIPTION & FLORIDA REAL ESTATE APPRAISAL BOARD {> re, iy ‘/ FLORIDA DEPARTMENT OF BUSINESS & a 4, PROFESSIONAL REGULATION, j soy G 2 DIVISION OF REAL ESTATE, \0- OY OTPL.. tify, ¥, Petitioner, oe v. CASE NO. 2007068078 MIGUEL ALFONSO RODRIGUEZ, Respondent. ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Miguel Alfonso Rodriguez ("Respondent"), and alleges: ESSENTIAL ALLEGATIONS OF MATERIAL FACT 1. Petitioner is a state government licensing and regulatory agency charged with ‘the responsibility amd 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 5792 in accordance with Chapter 475 Part II of the Florida Statutes. 3. The last license the State issued to Respondent was as a H \FREAB\rodriguez miguel doc 1 FDBPR v. Miguel Alfonso Rodriguez Case No. 2007068078 Administrative Complaint state certified residential real estate appraiser at 334 SW 86th Avenue #207, Pembroke Pines, Florida 33026. 4. On or about October 19, 2007, Respondent and Respondent’s then trainee, Marta Beatriz Figueroa (Figueroa), developed and communicated an appraisal report (Report) on a property commonly known as 1670 Hayes Street, Hollywood, Florida 33020 (Subject Property), valuing the Subject Property at $700,000. A copy of the Report is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. The Report disclosed that Respondent analyzed the sales contract for $690,000, and consists of a single page of a document appearing to consist of 18 pages. A copy of the single page sales contract document from Respondent’s work file is attached hereto and incorporated herein as Administrative Complaint Exhibit 2. 6. Petitioner received a complaint from the lender's representative alleging Respondent used inappropriate Comparable Sales consisting solely of active listings and no closed sales. The lender had commissioned an appraisal review (Review) by another licensee, a copy of which is attached hereto and incorporated herein as Administrative Complaint Exhibit 3. The Review valued the Subject Property at $540,000, using three closed Comparable Sales and one active listing. H \FREAB\rodriguez miguel doc . 2 FDBPR v. Miguel Alfonso Rodriguez Case No. 2007068078 Administrative Complaint 7. Respondent filed a written response to the original complaint, a copy of which is attached hereto and incorporated herein as Administrative Complaint Exhibit 4. 8. Respondent committed the following errors or omissions in the Report: A) Respondent used three active listings, rather than closed sales as Comparable Sales, claiming on page 2 of the Report that, “Due to the lack of similar closed sales inside and outside the project, it was necessary to utilize Pending Sales provided by the Builder to develop the appraisal report;” B) On the line immediately above the above quote, under Summary of Sales Comparison Approach, the Respondent made the inconsistent statement, “The subject property is similar to all three comparable closed sales and given equal consideration, give a very accurate estimate of the subject property;” C) Under Report data sources used, Respondent listed “Offered for sale by builder from sales office and website,” ‘which appears to link the valuation of the Subject Property to the asking price of the seller; D) Respondent failed to identify.the scope of work required to arrive at an independent value for the Subject Property via the Sales Comparison Approach, relying on a lone data _ source, H \FREAB\odriguez miguel doc 3 FDBPR v. Miguel Alfonso Rodriguez Case No. 2007068078 Administrative Complaint “Builder,” in the Sales Comparison Grid on page 2 of the Report: for the three Comparable Sales, and “Listing the verification as “observation;” E) Despite the stated reliance on builder information and observation of the Comparable Sales, Respondent inconsistently listed ISC/Public Records/MLS as data sources in the analysis section appearing below the sales comparison grid; F) Respondent listed Comparable Sale 2 with a sales price of $695,000, when in fact the then active MLS listing #F738451 reflected a listing price of $599,000 (although the listing agent claimed the listing had expired a year before and not been removed through inadvertence); Respondent cited MLS as a data source. A copy of MLS listing #F738451 is attached hereto and incorporated herein as Administrative Complaint Exhibit 5. 9. Respondent stated at the top of page 2 of the Report that there were 129 properties offered for sale in the subject neighborhood, ranging in price from $80,000 to $1,390,000, that were arguably comparable to the Subject Property, and 61 Comparable Sales in the subject neighborhood, ranging in price from $65,000 to $2,300,000, in the past 12 months that were comparable to the Subject Property, although Respondent failed to maintain documentation in the work file to support those assertions. H \FREAB\rodriguez miguel doc 4 FDBPR v. Miguel Alfonso Rodriguez Case No. 2007068078 Administrative Complaint 10. Respondent certainly failed to identify or analyze the three closed sales identified by the Review appraiser as being appropriate closed Comparable Sales to the Subject Property. COUNT ONE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically the Competency Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT TWO Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically the Record Keeping Section of the Ethics Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14),. Florida Statutes. COUNT THREE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically the Scope of Work Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. H \FREAB\rodriguez miguel doc 5 FDBPR v. Miguel Alfonso Rodriguez Case No. 2007068078 Administrative Complaint COUNT FOUR Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule i-1l(a), (b), and (c), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT FIVE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-2(h), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT SIX Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-4(a), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT SEVEN Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, H \FREAB\rodriguez miguel doc 6 FDBPR v. Miguel Alfonso Rodriguez Case No. 2007068078 Administrative Complaint specifically Standards Rule 2-1(a) and (b), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT EIGHT 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) (vii) and (viii), or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624(14), Florida Statutes. COUNT NINE ‘° Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 2-3, or other provision of the Uniform Standards of Professional Appraisal Practice (2006) in violation of Section 475.624 (14), Florida Statutes. COUNT TEN Based upon the foregoing, Respondent is guilty of having failed to exercise reasonable diligence in developing an appraisal report in violation of Section 475.624(15), Florida Statutes. WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or the Department of Business and H \FREAB\odriguez miguel doc 7 | FDBPR v. Miguel Alfonso Rodriguez Case No. 2007068078 Administrative Complaint Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of” Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or certificate for a period not to exceed ten (10) years; imposition of an’ administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section 475.624, Florida Statutes and Rule 61J1-8.002, Florida Administrative Code. The penalties which may be imposed for violation(s) of Chapter 455 of the 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, H \FREAB\rodnguez miguel doc 8g FDBPR v. Miguel Alfonso Rodriguez Case No. 2007068078 Administrative Complaint but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease and desist order; or any combination of the foregoing which may apply. See Section 455.227, Fla. Statutes and Florida Administrati Code Rule 61031-8.002. SIGNED this { day of and Professional Regulation Thomas O’Bryant, Jr., Director, Division of Real Estate ATTORNEY FOR PETITIONER fe Sav H 0304870) Dorma Christine Lindamood ior Attorney Fl Bar No. 273694 Division of Real Estate Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 - FAX PCP: CW/PA 9/08 H \FREAB\rodriguez miguel doc FDBPR v. Miguel Alfonso Rodriguez Case No. 2007068078 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 ofr registration. Please see the enclosed Explanation of Rights and Election of Rights form. H \FREAB\rodniguez miguel doc 10 ile No. M = INVOICE APPRAISALS @ SOUTHEAST FLORIDA, INC 2525 N STATE ROAD 7, SUITE 112 HOLLYWOOD, FL 33021 Telephone Number 954 322 4125 Fax Number: 954 322 4266 TO. t MF1670 Lender Case #* SOUTHEAST CAPITAL MORTGAGE Client File #. 900 WEST 49 STREET #518 HIALEAH, FL 33012 Main File #onform: ~=MF1670 Other File #onform. MF1670 Telephone Number 305-362-3312 Fax Number. 305-362-7606 Federal Tax ID" 06-1780873 Alternate Number E-Mail’ Employer 10 06-1780873 Lender: SOUTHEAST CAPITAL MORTGAGE Chent’ SOUTHEAST CAPITAL MORTGAGE Purchaser/Borrower NILSON H SARMIENTO Property Address* 1670 HAYES STREET City: HOLLYWOOD County’ BROWARD State: FL 2p: 33020-3681 Legal Description: MARBELLA TOWNHOUSES A PORTION OF LOTS 142 AND 143 QF HOLLYWOOD LAWNS SUBTOTAL Dey S 5 whi AINT EXHIBIT # “| sen on pis sey tte ve 13S OF Ff Appraisals @ Southeast Focida, Inc APPRAISALS @ SOUTHEAST FLORIDA, INC HOLLYWOOD, FL 33021 APPRAISAL OF REAL PROPERTY LOCATED AT: 1670 HAYES STREET LATOWNHOUSES A PORTION OF LOTS 142 AND 143 OF HOLLYWOOC HOLLYWOOD, FL 33020-3681 FoR: SOUTHEAST CAPITAL MORTGAGE 900 WEST 49 STREET #518 HIALEAH, FL 33012 BY: ALFONSO ROORIGUEZ ST. CERT RD-5792 Fam GM “TOA Window ara sutway ae ee. — renee! NISTRA IVE COMPLAINT EXHIBIT # ‘SE 2 one Appraisals @ Southeast Fonda, Inc Fito MFI67O1 Pre #3] Uniform Residential Ap ppraisal Report ses riers ioe NILSON H_ SARMIENTO Owner of Public Record tna TOWNHOUSES LLC Cou BROWARD R Lega Description APSA TOWNHOUSES A PORTION OF LOTS 142 AND 443 OF HOLLYWOOD LAWNS | jean ‘ae MARE SP NEOUSES Map Reference 51-42-10 Census Tract 0803 00 Special Assessments $0 00 fe Leasehold Other (describe) i Reanee Tewseeion | ae sate RTIGAGE ES Ss #518, HIALEAH, FL 33012 te sub property current ofa or sdb ates ioe deed cies Te ek ee pnor to the effective date of tus appraisal? Bd) Yes_{_] No Report data source(s) used, offering price(s}, and date(s} OFFERED FOR SALE BY BUILDER FROM SALES OFFICE AND WEBS! “y &] did did not analyze the cantract far sale for the subject purchase transacten Explam the results of the analysis of the contract for sale or why the analysis was aot lormmed A contract was supphed te the appraiser The apprarser ts nat an attomey For a comp lete anal of the contract please contact an fed Convract Pnce $ 650,000 Oaie of Cantract 12/1/2008 ___Is the property sofler the owner of public record? D<) Yes [ ]No Oala Source(s) ISCIP-Records | {s there any financial assistance (loan charges, sale concessions, gat or downpayment assistance, ete } to be paid by any party on behalf of the borower? 8 If Yes, report the total dollar amount and descnbe the tems to be pard 3% 3% TOWARDS CLOSING COSTS Property Val ac ee ia leit 35. [25-75% [-] under 25% | Demand/Su Shorage 52) in Batance {-] Over Supply | _$ (000 fey roe [jRapd ix) Stable [| Siow He aes See Coerémns| 65 low New [Mub-famy 152] ughbarnood Boundares _ SHERIDAN STREET (North), HOLLYWOOD BLVD (South), ATA (East) and _[2MiL+ Hoh 47 _|Commerial ot 3 Fjus-1 esi [450+ Pred 207. [Ore I q Descnption Single Family / Resdential omplance 5 Legal_[] Legal Nonconformn oy (Sraaabed Use) [No Doong, [1 nel oser (deseribe) me Is the highes and best use of subject property as mproved (or as proposed pe plans and specifications} the present use? Other (describe) NONE FEMA Map # 12071003176 Are the ubiibes and off-site mprovements typical for the market area? Of Yes No_ if No, desenbe Are there any adverse site conditions or expmal factors (easements, encroachments, envronmental condions, land uses, etc)? Yes _{X] No_ Yes, descnbe I Stem Sess NONE [Car-Storage fF [Nong | [) Damp = [J Settlement Ta 5 D [1 None Heating Bo Fwa TCT Hwee TCT Radian [] Woudstave(s) over Seta PAVER Fuel ELECT. Cte IX # of Cars {_} Orop Star De] Stas IE} Other (_] Floor {_] Scuttle Cooling _ P<] Central Ar Conditioning 4 — # of Cars : 25 Batis) = Ef Acitcal fears specal een eae es, ) There were no other features considered in this appra Freddie Mac Form 70 March 2008 Page 1 of 6 Fagg oe Form 1004 EXHIBIT 4. Fam 104 — TOTAL fr Wows appa! aftare bya mde. —7-S0ALAMOOE —— i Tn rnereonnel ie Rie MEL67O1 Pace #4) MF 1670 File # MF1670 Uniform Residential Appraisal Report : Q 100 to$ 2,300,000 : SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 Address 1670 HAYES STREET 1652 HAYES STREET 1654 HAYES STREET 7 HOLLYWOOD, FL 3302 HOLLYWOOD, FL 33020-3681 HOLLYWOOD, FL 33020-3681_|HOLLYWOOD, FL 33020-3681 Provmuty to Subject” 0.01 miles 9.01 miles 3311 66 sqtt BUILDER. NIA NONE KNOWN | | NONE KNOWN NONE KNOWN. : Pending Sale Pending Sale Pending Sale fiocason Average Average Average Average Sie «dA 554 Sq Ft [1,554 Sq Ft View —SSSSS«*Residential [Residential Townhouse [casiAverage [CBS/Average [ Gross Laing Area Rooms Below Grade PS Functonal Ut [HeamnyConing [Centrat______[Central fod Energy Efficient tems Standard Standard Standard Fa Garage/Camort 2 Car Garage [2 Car Garage 2CarGarage | ——_‘|2CarGarage | pT tT Net Adjustment (Total $ + LI- O+ tis j fi+ O- PA Adjusted Sale Price Net Adj * Net Ad) ¥ Be of Comparables Gross Ad als 702,000|Gross Ad. IS 695,000|Gruss Ad xi$ 705,000 a did not research the sale or transfer tustory of the subject property and comparable sales if not, explain AC! Ri PI MPARISON con BF Report the results of the research and analysts of the por sale or transfer tustory of the subject property and comparable sales {report addihanal p vor sales on page 3) a mm —CsTSCSuBecT |S COMPARABLESALE #1 | COMPARABLESNE #2 | _COMPARABLESALE #3 ms Price of Phor Sale/Transter of subject proper PAST TWELVE MONTHS H ISC / Public Records PER PUBLIC RECORDS. 10/15/2007, pach has not been used because this type of pro; @ of the value conchision. Based on a visual inspecti ect ; telined scope of work, statement of and lining sie eet ae EovLaasiieal ieee as: p dat opraisal $___700.000 IFile No MF 1870 Uniform Residential Appraisal Report File # M1670 iL COMMENTS ADDITIONA! late mformahon for the lender/client to replicate the below ‘Support for the openion of site value ESTIMATED J REPRODUCTION OR_(_] REPLACEMENT COST NEW JOPINION OF SITE VALUE = DWELLING 2,225 Soh @3 15500. =$__—344.875. PORCH Souree of cost data Marshall & Swift Quality ratng from costserce C_—_—Effective date of cost data_A [NONE SGR@S Ss g, 2006 sh @ ate = =$ ject property fs an attached dwelling uit. egal Name of Proyect__ MARBELLA TOWNHOUSES, LLC. Total number of phases 1 Total number of uruts 44 Tota number of unuts sod 14 Jo TLR. Freddie Mac Form 70 March 2005 Page 3 of6 Exuisn et myst ROMPEN INT, Fors 1004— "TOTAL for Windows" anprassal software by a ta mode, mc. — 1-800-ALAMODE 5 bar. oT! vay ee (} Yes _§<] No if Yes, desenbe the rental terms and optons Describe common elements and recreational facies. COMMON AREAS Apprasals @ Southeast Fonda, Inc (Fie No. MF 16701 Page #9] [Borower NILSON H SARMIENTO File No_MF 7670 Prog Address 1670 HAYES STREET. Cty HOLLYWOOD* County BROWARD Sale FL ip Case 33020-3681 Lender SOUTHEAST CAPITAL MORTGAGE. PROPERTY HISTORY OF SUBJECT PROPERTY in developing a real property appraisal, when the value opinion to be developed is market value, an appraiser must, if such information ts available to the appraiser in the normal course of business: (a) analyze alt agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal. (b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal ‘The appratser has attempted to obtain specific information on the subject property with the following findings: {&] The subject property has had no change of ownersiup in the past three (3) years. in the past five (5) years. (CZ The subject property has had no change of ownershi O The subject property is currently under contract. Details of the pending purchase are summarzed below QR The subject property is currently offered for sale: The listing price is $ 690,000 (7) The subject property has been sold in the past three (3) year penod. Details of the previous saie(s) are disclosed below. (JJ The subject property is praposed construction and is not currently being offered. D Aprevious sales hustory of the subject property could not be obtained by the appraiser in the normal course of business. Comments: ~ aoe BIT Pa) 7 Forma PHS2 — TT ie Widoe ppaes sara ys ae SAIN (o 93 ee MF1670 File # MF1670 Uniform Residential Appraisal Report This report form 1s designed to report an appraisal of a one-unit property or a one-unit Property with an accessory unit, inciuding a unit in a planned unit development (PUD) This report farm ts not designed to report an appraisal of a Manufactured home or a unit in a condominium or cooperative project This apprasal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and cerbficatons Modifications, additions, or deletions to the intended use, Intended user, definihon of market value, or assumpbons and limring conditions are riot 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 certficabons are also not permitted However, additional certfications that do not constitute material alteratens to this appraisal report, such as those required by law or those related to the appraiser's continuing education cr membership in an appraisal organization, are permutted. 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 defintton of market value, statement of assumptions and limiting conditions, and certhcatons The appraiser must, at a minimum (1) perform a complete visual inspection of the mtenor and extenor areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, venfy, 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 1s for the lender/client to evaluate the property that 1s the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of thts appratsai report Is the lender/client. DEFINITION OF MARKET VALUE: The most probable pnee which a Property should bnng in 4 competttve and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the pce 1s not affected by undue stmulus. implicit in this definition ts the consummaton 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 partes are well informed or well advised, and each acting in what he or she considers his or her own best interest (3) a Teasonable tme is allowed for exposure in the open market; (4) payment is made m terms of cash in U S. dollars or in terms of financial arrangements comparable thereto, and (5) the pnce represents the normal consideration for the property sald unaffected by special or creative financing or sales cancessions* granted by anyone associated with the sale. *Adjusiments 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 resuft of tradition or law In a market area, these costs are Teadity identifiable since the seller pays these costs im wrtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by cormpansans to financing terms offered by a third party insttutional lender that is not already invaived an the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dottar 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 certfication m this report is subject to the following assumptons and limitng conditions 1. The appraiser will not be responsible for matters of a legal nature that affect ether the property being apprarsed or the tle to it, except for information that he or she became aware of dunng the research mvolved im performing this. apprasal. The appratser assumes that the title is good and marketable and will not render any opinions about the ttle 2 The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch 1s 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 Fioed Hazard Area. Because the appraiser ts not a ‘surveyor, he or she makes mo 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 da so have been made beforehand, or as otherwise required by law 5. The appraiser has noted in this appraisal report any adverse conditons (such as needed repairs, detenoration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of dunng the research involved i performing the appraisal. Uniess otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, detenoration, 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 ne guarantees or warranties, express or implied. The appratser will not be responsible for any such conditons that do exist er for any engineenng or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is sutyect to satisfactory completon, repairs, or alterations on the assumption that the completion, reparrs, or alterations of the subject property will be performed in a professional manner. ADMIN Fredche Mac Form 70 March 2005 Page 40f6 EXHIBIT me 0 Form 1004—“TOTAL for Windows" appraisal software by ala made, ne.—1-BQLALAMODE Jere ° 0 qin tre “A MF 1670 Uniform Residential Appraisal Report Fle # ME1870 APPRAISER’S CERTIFICATION: The Appraiser certfies and agrees that. 1 Thave, at a minimum, developed and reported ‘this appraisal in accordance with the scope of work requirements stated in thts appraisal report. 2. [ performed a complete visual ispection of the intenor and extenor 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 integnty of the property 3 | performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promutgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the tme this appraisal report was prepared 4 (developed my opinton of the market value of the real Property that ss the subject of this report based on the sales Comparison approach to value | have adequate comparable market data to develop a reliable sales companson approach for this appraisal assignment | further certify that { considered the cost and income approaches to value but did not develop them, unless otherwise indicated m this report S. | researched, verfhed, 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 pnor to the effective date of this appraisal, and the pnor sales of the subject Property for a minimum of three years pnor to the effective date of this appraisal, unless otherwise indicated in thts report. 6 | researched, venfied, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise mdicaied m this report 7 I selected and used comparable sales that are locatinally, physically, and functonally 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 pnce of a home that has been duit or will be butt on the land. 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 1 venfied, from a disinterested source, all informatin in this report that was prowded by parties wha have a financial interest in the sale or financing of the subject property. 11° { have knowledge and expenence in appraising ts type of property in this market area. 12. 1 am aware of, and have access to, the necessary and appropnate public and pnvate data sources, such as multiple fisting . services, tax assessment records, public land records and other such data sources for the area i which the property is located. 13. | obtamed the information, estimates, and optnions furmtshed by other parties and expressed in this appraisal report from relable sources that | believe to be tue and correct. 14 {have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proamuty of the subject property to adverse mfluences in the development of my opmion of market value. | have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, detenoration, the Presence of hazardous wastes, toxc substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that 1 became aware of dunng the research involved in performing this apprassal. | 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 sot 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. 16, [ stated in thts appraisal report my own personal, unblased, and professional analysis, opinions, and conciusions, 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 ts the subject of this report, and | have no present or Prospective personal interest or bias with respect to the participants in the transacthon. j 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 ongin of either the prospectve owners or occupants of the subject property or of the present owners or occupants of the propertes 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 antcipated appraisals was not conditioned on any agreement or understanding, wmtten or otherwise, that 1 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). 19. | personally prepared all conclusions and opinons about the real estate that were set forth in this appraisal report. If 1 relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, | have named such individual(s) and disclosed the specific tasks performed in this appraisal report. | cerbfy that any individual so named Is qualified to perform the tasks 1 have not authonzed anyone to make @ cfiange to any stem in this appraisal report, therefore, any change made to this appraisal is unauthonzed and 1 will take no responsibility for it 20. 1 identified the lender/client in this appraisal report who is the indwidual, organwzabon, or agent for the organizahon that ordered and will receive this appraisal report. i OTD Fave fe Form 1004 Hig ey Farm 1004— “TOTAL foc Windows appraisal star by a made, ne. — &S9 Ry ANODE Cor a A Fréddie Mac Form 70 March 2005 Pagé 5 of S EX x MF 1670 Uniform Residential Appraisal Report Fle # MF1670 21 The lender/ctent may disclose or distribute ths appratsa! report fo. the borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns; mortgage msurers, goverment sponsored enterpnses, other Secondary market partcipants, data coflecuon or repartng services; professional appraisal organizatons, any department, agency, or instrumentality of the United States; and any state, the Distinct of Columbia, or other Junsdictons; without having to obtain the appraiser's or supernsory appraiser's (if applicable) consent. Such consent must be obtained befare this appraisal fepart may be disclosed or distnouted to any ather party (inctuding, but nat limited to, the public through advertising, public telatons, 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 jaws and regulatons. Further, { am also subject to the provisions of the Unrform Standards of Professianal Apprasal Practice that pertain to disclosure or disinbuton by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, goverment sponsored enterpnses, and other secondary market participants may rely on this appraisal report as part af any mortgage finance transacton that involves any one or more of these partes. 24 If this appraisal report was transmitted as an “electronic record” containing my “electronic signature," as those terms are defined in appheable federal and/or state laws (excluding audio and video recordings), or a facsimde transmussion of ths appraisal report containing a copy or representaten of my signature, the appratsat report shall be as effective, enforceable and valid as ff a paper version of this apprasat report were delivered Contarning my original hand writen signature 25 Any intentional or neghgent misrepresentation(s) contained in thes appraisal report may result im civil liability and/or cnminal pehales including, but not umited to, fine or impnsonment or bath under the prowsions of Title 18, United States Code, Secon 1001, et seg., or similar state laws. SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certties and agrees that. 1. { directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree wrth the apprarser’s “analysis, opinions, statements, conclusions, and the appraser's certficaton 2 ! accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opimons, statements, conclusions, and the appraiser's certficabon, 3 The appraiser identified in this appratsal report ¢s either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and 1s acceptable to perform this appratsal under the appkcable state law. 4 This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Apprasal Standards Board of The Appraisal Foundabon and that were m piace at the time ths appratsal report was prepared. ing my “electrome signature," as those terms are recordings), or a facsimile transmission of this ite appraisal report shail be as effective, enforceable and intaining my origmal hand wntten signature. Lisds @ Southeast Honda, Inc. State Road 7, Sute 112 Telephone Number Telephone Number 954 322 4125 Email Address Email Address Date of Signature and Report 30, Date of Signature October 30, 2007 Effechve Date of Appraisal 10/19/2007 Stafe Certification # _RD5792 State Cerbfication # or State License # or State License # RI9706 State FL ‘or Other (descnbe) State#_o Ss Expiration Date of Certification or License Augof2008 State FI eee Expiration Date of Certfication or License 11/1/2008 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED C Did not inspect subject property 1670 HAYES STREET (7 Oid inspect exterior of subject property from street HOLLYWOOD, FL 33020-3681 Date of taspection APPRAISED VALUE OF SUBJECT PROPERTY $ 700,000 ® i inspect interior and extenor of subject property LENDER/CUIENT ate of tspection |9/2007 SE CAP COMPARABLE SALES Company Name SOUTHEAST CAPITAL MORTGAGE Company Address 900 WEST 49 STREET #518, HIALEAH, FL C1 Did not inspect exterior of comparable sales from street 33012 OY Did inspect extenar of comparable sales from street Email Address Date af Inspection 10/19/2007 Freddie Mac Form 70 March 2005 Page 6 of G Fannie Mae Farm 1004 March 2005 Form 1004 — "TOTAL for Windows" apprarsal software by a & mode, mc. — 1-800-ALAMODE ADMINISTRATIVE COMPLAINT File No_MFI670] Page #10 Building Sketch (Page - 1) mt_NILSON H_ SARMIENTO Property Address 1670 HAYES STREET fity_ HOLLYWOOD. County BROWARD State FL Zp Code 33020-3681 Lender SQUTHEAST CAPITAL MORTGAGE. Net LIVABLE Area ADMINISTRATIVE COMPLAINT ©XMIBIT el ; 12 Fam SKT.BIESK — “TOTAL for Windows" appraisal software by a la mode, inc, — 1-800-ALAMODE | Subject Photo Page ‘ Borower/Chem NILSON H_ SARMIENTO Progerty Address 4670 HAYES STREET Cry HOLLYWOOD County BROWARD State FL Zp Code_33020-3681 Lender_ SOUTHEAST CAPITAL MORTGAGE Subject Front 1670 HAYES STREET Sales Pree 690,000 Gross Leng Atea 2,225 Total Rooms 6 Total Bedrooms 3 , Total Batwooms «6-25, Location Average View Residentat She 1,554 Sq Ft Quairty CBS/Average Age 0 Subject Rear Subject Street Fam PERS — “TTA fr Windows april sata yd, — UORYAPRES TRA Try COMPLAINT °XMIBIT # i He eo ie —_/ Fee A Fle No MF16701 Pace #12] F1670] Page #12] Subject Interior Photo Page Borower/Cient_NILSON H_ SARMIENTO Property Address_ 1670 HAYES STREET ender SOUTHEAST CAPITAL MORTGAGE Subject Interior 1670 HAYES STREET Safes Pnce 690,000 Gross Living Afea. 2,225 Total Rooms 6 Total Bedrooms 3 Total Batrooms «= 2S Locator Average View Residental Site 1,554 Sq Ft Quairty CBS/Average Age 0 Subject Interior Subject Interior fem PEF — “TOTAL br Woe pric sow bya ma, — tai oe STRATIVE COMPLAINT; °¥MIBIT #_ . alee Subject Interior Photo Page Borrowei/Clent NILSON H SARMIENTO Property Address. 1670 HAYES STREET HOLLYWOOD BROWARD State FL in Code_33020-3681 - [Lender SOUTHEAST CAPITAL MORTGAGE Subject Terrace 1870 HAYES STREET ‘Sales Pace 690,000 Gross Long Area 2,225 Total Rooms 6 Total Bedrooms 3 Total Battwooms = 25 Location Average View Residential Site 1,554 Sq Ft. Quainty CBS/Average Age oO Subject Light Meter Subject A/C fom POPS HA Mw sae en by 2th — ME a TH COMPLAINT, Comparable Photo Page Borawer/Clent NILSON H SARMIENTO Proverty Address_ 1670 HAYES STREET County BROWARD Tip Gode 33020-3681 SOUTHEAST CAPITAL MORTGAGE Comparable 1 1652 HAYES STREE Prox. to Subject = 0. 01 miles. Sale Pace 702,000 Gross Livng Area 2,230 Total Rooms 6 ‘Total Bedrooms «3 ‘Total Bathrooms «= 2.5 - ‘Location Average View Residential Site 1,554 Sq Ft - Quality CBS/Average Age New ‘ Comparable 2 1654 HAYES STREET Prox. ta Suhject =: 0.01 miles ‘Sale Pnce 695,000 Gross Living Area 2,230 Total Rooms 6 Total Bedrooms 3 Tota Bathrooms «= 2.5 Locaton Average View Residental Site 1,554 Sq. Ft Quality CBS/Averege Age New Comparable 3 1660 HAYES STREET Prox to Sudject © 0.02 miles Sala Price 705,000 Gruss Living Area 2,230 Tota Reoms € Total Bedrooms 3. Total Bathrooms «25 ‘Location Average View Residental Site 1,572 Sq. Ft Osaity CBS/Average Age New FomPCPOch TOL Weer apa sotany same AAGANERTRATIVE COMPLAINT SXHIBIT #_] | Location Map | Borrower/Chent_NILSON H_ SARMIENTO. Property Address 1670 HAYES STREET City HOLLYWOOD County BROWARD State FL 219 Code _33020-3681 Lender_ SOUTHEAST CAPITAL MORTGAGE. ADMINISTRATIVE COMPLAINT my PV Eaim \ Form MAP LOC — “TOTAL for Windows" anprarsal software by ala mode, inc — 1-200-ALAMODE" $ © cee ots Cm mae _ #2943852 + | STATEOR FLORIDA ~ iene GP ROSTNEUE AMD SeDeessTONRt, eecuta: : DEPARTMENT, Saree “GAL “GEATE AVERALSAE ‘Bg TOR SEO#ios1sc702250 Under the proriaions of ot Bxpixetion date; ROY. 36, 2098 ROQRIGUEZ, waGieL afrorso 334 S.¥. SST AVENGE UONIT#eZD7 7 * 7 PEMBROKE PIRES zh 33026 ‘provisions of dates NOW 20; =~ - “ee aed «FIGUEROA, MARTA BEATEI i [giggee: iehim Steen‘ AUMINISTRATIVE COMPLAINT Eure te Farm TADD — “TOTAL for Windows" appraisal software by 2 la mode, me, — 1-800-ALAMODE E (Fie No 670 Supplemental Addendum ME1670 File No Zip Code 33020-3681 GENERAL STAR NATIONAL INSURANCE COMPANY GeneralStar™ 2o.be 10s nn Stamford, Connecticut 05904 REAL ESTATE APPRAISERS ERRORS & OMISSIONS LIABILITY INSURANCE POLICY DECLARATIONS PAGE Thes ts a clams made and reported policy Please read thus policy and ali endorsements and attachments carefully Palicy Number Anes Renewat of Number NIMES 1, NAMED -NSURED. Migaet Alfanso Rosiragwen MAILING ADDRESS’ TSES N State Bund 2, Suste 112 Heliyword, FL 202) 2 POLICY PERIOD inception Date SCP 2007 Expiration Date Setezane Effective 12°01 a m. Standard Time at the mading address ofthe Named insured 2) LIMIT OF LIABILITY: ‘ ° Each Clair: § L008.c6n regan: 520000 ‘Cock Ba Leablty: Ra 4. CLAIM EXPENSES. b kxmven sopacets trnit af lines § STATUS OF INSURED. Corpératinw. § DEDUCTIBLE Each Ctsim, Sm06r.00 tb Trededictibis smouer speotied above apples to beth Dnmagss ‘and Clams Expo. 7 PRIORACTS DATE: = BSOP2ae fla dato indicated, tus insurance wel net apply ta any requtar act, errot, orm or personal injury whoch occusred defare such dare @. PREMIUM, S$ SURO ASRoomal 10% FL Darras Pend Sore ees 3 ENDORSEMENTS: “Dis poiley Is made and accepled such tothe pitted conditions in thun-policy together wit the provisiocrs, ‘Stipulakors and agreements. contained in the fattawmd form(s} or endorsement(s). SNF PIRATE, GRH-06 PLB PL OS : “wer Tae TTR) GST PLAS OIE . 33 MANAGING AGENT Hesbert H, Landy Insurance Agency, inc, 7S Second Avenua, Suite 410 Nedham, Mussactusets 02494-2878 Fatonand Rejresenaane Presidcer Code, OOCE2EF ‘Class Oude, “3138 “Date: 0608 2007 Shad {SSN-06-RE-720 (03/2005) ADMINISTRATIVE COMPLAINT reg TUL OIT Form TADD — "TOTAL for Windows" appraisat software by a fa made, mc. — 1-800-ALAMODE = File No__MF1670 Borrower/Chent_ NILSON H_ SARMIENTO Property Address_1670 HAYES STREET. City HOLLYWOOD County BROWARD. Zn Cade 33020-3681 Lender_ SOUTHEAST CAPITAL MORTGAGE. Comments and Conditions of Appraisal Purpose of the isal The purpose of the appraisal is to estmate the Market Value of the subject property as of the date indicated. The definition of Market Value is as defined in FHLBB R-11e (9/11/87) and FNMA Form 1004b (7/86) - Highest and Best Use : Highest and Best Use (or Uses) that will produce the highest net or higher present worth In analyzing Highest and Best Use, the apprarser considered four pnmary elements in the order presented 1 Possible Those physically possible uses to which the site is suted 2 Permissible’ Those possibile uses permitted by zoning or deed restnictions 3. Feasible Those permissible uses, which will produce a net return or present worth to the owner. 4. Highest and Best Use: Those feasible uses, which will produce the highest net return or highest, present worth The opinion of Highest and Best Use indicated in this report takes into account these factors and the subject Property as it compares with the surrounding neighborhoods. Septic Tanks If "Septic Tanks" is indicated in the SITE section of the report, itis noted that this is an acceptable form of waste disposal in the neighborhood Untess otherwise noted in the comment section of SITE or by separate addenda, no visible problem with a septic tank was noted at the time of inspection. The existence of a septic tank would have no effect on the estimate of value or marketability. Condition of Components The appraisal form used for this appraisal calls for opinions of conditions of certain components of the subject improvements including but not limited to appliances, heating'and cooling systems, surfaces, electrical, mechanical or plumbing systems. The conditions indicated in this report are based on observation made at the time of the inspection. They rely on visual indicators as well as reasonable expectations as to adequacy, and are dictated by neighborhood standards relahve to marketabulty. Flood Zone Information The Flood Zone information appeanng on this report does not directly address the questions of whether or not flood insurance ts required on the property Flood insurance requirements are established by Secondary Market participants through regulation, guideline and commitment The information appeanng on this report refers to the locaton (or not) of the subject property in a FEMA or HUD identified Special Flood Hazard Area. For the purpose of this report, properties located in A, B, C or zones are deemed to be in a Special Flood Hazard Area. The information shown on the report was derived from Flood insurance Rate Maps (FIRM) issued by the National Flood Insurance Program (NFIP) of the Federal Emergency Management Area (FEMA) From time to time a subject Property will Ite on or near a zone boundary line and it may be difficult to determine which zone or zones are indicated. in such cases, the appraisal form will indicate the most hazardous zone. Final determination.of flood Zone should be verified against a property engineering survey, indicating floor elevations. Income Approach to Value The Income Approach is premixed on capitalizing a net operating income from a property to arrive at an indicated value. The subject is a residential property, typically purchased for the intangible amenities of home ownership and not for the purpose of generating income If the indicated value by Income Approach on the appraisal form was completed N/A, then it was the judgement of the appraiser based on the above factors and our research that the Income Approach was inappropriate for this assignment ADMINISTRATIVE COMPLAINT SXHISIT # Farm TADO — “TOTAL fr Widows apres otra by al mde, ne —1-60-ALAMODE- /B a Borrower/Chent_NiLSONH SARMIENTO. County BROWARD State FL Lp Code_33020-3684 (ender_ SOUTHEAST CAPITAL MORTGAGE Personal Property Certam items normally found in residential properties are Personal Property, which can be defined, as those items are not permanently attached to the real estate. From time to time purchase/sale contracts include tems of personal property as part of the contract and sales pce. These might include (but not limited ta) * refngerator * window treatments ° * above ground swimming pool * washer/dryer * counter top microwave oven * movable dishwasher * outdoor patio furniture * recreational items Explanation of Building Square Foot Area The apprarsal uses actual ing area in the market analysis for both the subject and the comparable sale properties. The ining area utilized for the sales data has been abstracted from the Public Records/Tax Rolls listed square foot. area data and may have been further modified by the field appraiser's observation of the actual improvements The abstracted Irving area of the sale properties have been calculated to the best of the appratser’s observation and information obtainable However, the appraiser has not measured the sale properties or had benefit of surveys, unless othenmse noted. In Miami-Dade County, the square foot data in the Public Records/Tax Rolls ts given ina composite amount called the "Adjusted Living Area”. This figure is the sum of the base living area, plus a percentage of other building areas (such as garage, carport, porches, etc ) This living area utilized in the Market Analysis may have been further modified by the field appraiser's observation of actual improvements. In accordance with the defintton of Market Value, attached hereto, the Subject Property ts appraised on the basis of conventional financial arrangements, unaffected by special or creative financing or sales concessions granted by anyone associated with one sale Scope of the raisal According to the Uniform Standards of Appraisal Practices, as adopted February 27, 1987 and effective July 1, 1987, the term “Scope of the Apprarsal" means “the extent of the process of collecting, conforming and reporting data” In order to vaiue the subject at hand, an inspection of the subject property, as weil as it's surrounding area, wil be performed for the purpose of thoroughly famiharizing oneself with it's locational, physical and environmental qualities. Attention will be directed to the physical charactenstics and direction of growth and the principal factors likely to influence the quality and quantity of demand for the area's residential market. A survey and analysis will then be conducted of residential properties in the relevant market area to determine the market trends with regards to physical charactenstcs inherent within the residential segment The subject property will then be valued using the Cost Approach, Direct Sales Approach and income Capitalization Approach, however, any omission of these : recognized methods will be explained by the appraiser. Comparable Sales Over Six Months Every effort has been made to secure comparable saies, which transpired within the six-month period immediately preceding the date of valuation ' Utiizston of sales which occurred beyond the optimum pencd will indicate that more recent sales were unavatlable or that the most recent sales available would necessitate larger adjustments than the anes on the comparable sales utilized in this report. Comparable sales, therefore, will reflect the selection of those sales deemed most representative for the subject property. The time frame is expanded to recite sales which have characteristics similar to those of the subject property and provide accurate indicators of value, this is common and necessary appraisal practice in this area. An analysts of sales within the past year of similar properties in the area reveals no significant increases or decreases in property values which would warrant a market condition (fime) adjustment. Lack of more current comparable sales in the subject's market area does not necessarily mean that adverse market conditions exist and their use is not considered to affect the quality of the value estimate since current market denved adjustments were used to compensate for major differences between the subject and comparable sales utilized. Comment on In’ tion, Dampness and Settlement Limiting Conditi The subject property has been inspected by the appraiser to determine it's current general condition for the purpose of estimating it's market value. This inspection is not a Home Inspection or a Termite Inspection. Although the appraiser did not note any severe adverse conditions the appraiser Is not licensed or trained in the above disciplines and cannot legally render a professional opinion. There are no guarantees or warranties given or implied. For an accurate report on the above mentioned unknown potential problems an inspection is recommended through an appropriate licensed professional. mment jominant and The Age or Sales Price which occurs within the marketplace with the greatest degree of frequency, within the time ~ frame from which the sales data was selected (typically 6 months or 1 year), is reported as the "Predominant" factor. ADMINISTRATIVE COMPLAINT EXHIBIT # Form TA0D — “TOTAL. for Windows" appraisal software by a fa mode, mc. — 1-800-ALAMODE IZ File No FileNo__ MF 1670 e/Cient_ NILSON H_ SARMIENTO Property Address 1670 HAYES STREET Cry HOLLYWOOD County BROWARD Lender SOUTHEAST CAPITAL MORTGAGE There ts no direct relatronship between a greater occurance of any single factor within a limited time frame, and the market value or marketability of one parhcular property the fact that the predominant sales price is lower or higher than the estimate of market value does not indicate an adverse condition for the subyect property Line {tems The client may rely on the reported estmate of market value and the apprarsal report as a whole No relance may be placed on any indvidual line rtem and or section of the report. All information contained herein is befieved to be correct, but not guaranteed Warranties and Indemnity Apprarser does not make any warranties or guarantees of any land tegarding the condition of the subyect property, sufficiency of title, areas and boundanes, mechanical and structural conditions of the improvements and with the agreement that the Appraisal Report represents Appratser's opinion of value only, without any warranty that the property will seil for the appraised value Clent agrees to indemnify Appraiser, his employees and independent contractors from all claims, suits and charges of any nature that may anse out of this agreement. Comments on Sales Comparison All sales were closed sales and considered strong market vaiue indicators for the subject property They are all relatively stmilar to the subject in terms of size, design and market appeal. After extensive research, these sales were deemed the best available and most similar confirmed sales in the subject's immediate area They are all located in the subject's immediate area and share the same #f not similar neighborhood amenites DIGITAL SIGNATURE The digital signatures utiized in this report were taken from the ‘ongina! signature furnished by the appraiser. The appraiser's Signature affixed in this report was actuaily the inspecting appraiser's signature The software program utilized in this report Provides a secunty feature that protects the integnty of the appraiser's signature by a password protechon system and the appraiser has the sole personaied control of affoang the signature. An electronically affixed signature cames the same level of authenticity and responsibility as an mk signature on a paper copy report This electronically transmitted report meets USPAP reporting requirements. Steps have been appropnatety taken to protect the data integnty of this transmitted report. ADMINISTRATIVE COMPLAINS exaieit #1 ut @O of Farm TADD — TOTAL for Windows" apprassal software by a fa ride, inc, — 1-B00-ALAMODE onan a MARBELLA PURCHASE AGREEMENT ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. ANY PAYMENT IN EXCESS OF TEN (10%) PERCENT OF THE PURCHASE PRICE MADE TO DEVELOPER PRIOR TO CLOSING MAY BE USED FOR CONSTRUCTION PURPOSES BY THE DEVELOPER. In this Agreement, the term “Buyer” means or refers to the buyer or buyers Listed below who have signed this Agreement. The word “Seller” means or refers to MARBELLA TOWNHOUSES, L.L.C., a Florida Limited Liabitity Company. If the first letter of a word is capitalized in this Agreement, that word will have the meaning given to it in this Agreement Buyer(s): N lsan _ Sarcmer [ Sergio Rahino Address: City: State: Country: Zip Code: Home Phone: Office Telephone: Soc. Sec, No.: _: Fax No.: IGta Hayes St. Holkyuwcad (FRO) 2e02z0 . 1. Purchase and Sale. Buyer agrees to buy, and Seller agrees to sell (on the terms and_ conditions contaiued in this Agreement), the property located at : according to the Plat thereof, as recorded in the Public Records of Broward, County, Florida improved with the townhouse style dwelling substantially similar to Model ___. as desctibed by the plans and specifications teviewed by Buyer at Seller’s office (the “Unit”) in MARBELLA HOMEOWNERS ASSOCIATION, INC. (the “Association”). The Unit and the Association are described in greater detail in the Declaration of Covenants, Restrictions, and Easements (the “Declaration”) The total purchases price for the Unit is $ gs 10. CO0< {the “Purchase Price”). rhe Purchase Agreement I : Page of 1B ADMINISTRATIVE COMPLAINT EXHIBIT tet son etcetera Soe TE oF ——4thT 93-2324-301503181-2 One-Unit Residential Appraisal Field Review Report Fig ¢ 98825352 with an opinion an the accuracy of the anprarsal report under review The purpose of this appraisal field review reports tn provide the lenderich Property Address _i670 HAYES ST City HOLLYWooD _- State Fu-" "> zip Code 33020" - Borrower _NILSON SARMIENTO ‘Owner of Puble Record MARSELLA TOWNHOUSES LLC County BROWARD. : 2 Legal Desenpton MARABELLA TOWNHOMES A PORTION OF LOTS 142 AND 143 OF.HOLLYWOOD LAWNS” hee Assessors Parcels NOTYETASSESEQ 0 Map Reference 51 Census Tract 903 00 Propeny Rights Appratsed [XX] Fee Sunpie ["] Leasehoid [[] Other {desenbe) ~~ Pryect Type [1] Conde [J pun [1] cooperative Loan# 032324'301503181-2_' Effective Date of Appraisal Linder Review eed Manutactured Home ([] Yes [XJ No LendedChent WASHINGTON MUTUAL + + ~ WHOLESALE 1201 THIRD AVENUE SEATTLE WA 98101 - Eres ae alee re _ 1 Is the mformaton m the sutyect secton campiete and accurate? Yes [No ives, provides bref summary If No, explain THE SUBJECT SECTION INFORMATION / "EARS TO BE COMPLETE AND ACCURATE THE REVIEW.APPRAISER DID) NOT Ed ves [] vo REVIEW APPRAISER.” ” -a ® . yor get ae Belyves C] No if Yes, provide a bref 5 ts the data m the improvements secton complete and accurate? Sow ne enn ms se et et BES EN TR MER OVEMCATS SECTION ARREARS. 6 Are the comparable sates selected locationally, physically, and functonally the most simdar to the subject property? summary If No, provide 2 detaied explanation as te why they are no( the best comparable sales Seo= ITNo, expla Bs Yes []No ifYes, prowde a bref 3. Is the sale or transfer hestory reparted for the sutyect property and each of the comparable sales complete and accurate? summary If No, seer ee ase CO ves Gd] Ne it Ne, complete Section iL Freddie Mac Form 1032 March 2005 Page 1 of4 . ain nae ‘ 03-2324-301503185-2 One-Unit Residential Appraisal Freld Review Report File ¢ 26825352 1 Prowde detailed reasoning for disagreement with the opsnran of value m the appraisal report under review ‘THE REPORT UNDER REVIEW DOES NOT INCLUDE ANY CLOSED SALES ONLY THREE PENDING SALES WERE PRESENTED BY THE APPRAISER 3. Prowde a new opmion of vaiue as of effective date of the apprarsal report under review using the below sales companson analysis gnd (NOTE Thes may or may not include the use of the same comparable sales in the apprarsal report under rewew ) SUBJECT COMPARABLE SALE #1 Address 1664HAYESST © <7 s | 1754.NE 11 STREET HOLtYwooD - FL-. 332020 ES [3 Pee Pee Net Ady Bete, 531600| Gross Ao ans a sc. eae Vy eS RORER EE Tas Report the resuts of the research and analy ofthe poor sale ortranatar heir ofthe above comparable sales (report additional prar sales on an axidendum) Trem COMPARABLE SALE Ea COMPARABLE SALE #3 Date of Par SaiesTransier sake =| Nove ween sens 2 eee ee Pnee af Prior Sale/Transtar Data Sourea(s) Effective Date of Data Source(s} visual inspection ofthe exteror areas of the subject property from at least the street or [_] complete visual inspection of the interior and extenor areas of the subject property, defined scope of work, statement of assumptions and limi certification, my opinion of the market value, as defined, of the reaf property that is the subject of tus report is TTR SEZ , which is the effective date of the appraisal report under review. Freddie Mac Form 1032 March 2005 Page 2 of 4 03-2324-301503181-2 Unit Residential Appraisal Field Review Report Fite # 88825352 _ WORK ir? a5 ta The scope of work for this appraisal field review is defined by the complexty of the appraisal report under review and the reporting requirements of thrs Teporl form, including the following statement of assumptions and limiting conditions, and certficatons The review appraiser must, at a munumum (1) read the entre appraisal report under review, (2) perform a visual inspection of the extenor areas of the subyect property from at least the street, (3) inspect the neighborhood, (4) mspect each af the comparable sales from at ieast the street, (5) perfarm data research and analysis to determine the appropnateness and accuracy of the data in the appraisal report, (6) research, venfy, and analyze data fram reliable public and/or private sources, (7) determine the accuracy of the opinion of value, and (8) assume the property condition reported in the apprarsai report is accurate unless there rs endence to the contrary If the review appraiser determines that the opimon of value m the report under rewew 1s not accurate, he or she ts required to provide an opinion of market value The remew appraiser is nat required to replicate the steps completed by the onginal appraiser that the review appraiser believes to be reliable and in compliance with the applicable real property appraisal development standards of the Uniform Standards of Professional Apprasaf Practice Those tems in the appraisal report under remew are extended to this report by the use of an extraordinary assumption, which is kentfied in Secon li, Questen 2 If the review appraiser determines that the opinion of value is not accurate, he or she must present additional data that has been researched, venfied, and analyzed to produce an accurate apinion of value in accordance with the applicable sections of Standard 1 of the Uniorm Standards of Professional Appratsal Practice review report ts the lender/chent cea es ‘The appraisal review function 1s «mpartant to maintamung the mtegniy of bath the apprarsal and foan underwnting processes The following guidance 1s intended to aid the raviaw appraiser with the development and reporting of an apprasai field renew 1 The rewew appraiser must be the indidual who personally read the ente appraisal report, performed a visual inspe Te Subject property from at least the street, inspected the neighborhood, mspecied each of the comparable saies from data research and analysis, and prepared and signed this report 2 The rewew appraiser must focus hts or her comments on the appraisal report under review and not mclude personal opmions about the appraiser(s) who prepared the appraisal 3, The lender/ckent has withheld the identity of the appraiser{s) who prepared the appratsal report under rewew, uniess otherwise indicated in this report. 4 The review apprarser must assume that the condition of the property reported im the appraisal report is accurate, uniess there is evidence to the contrary 5 Ths One-Unit Residential Appraisal Field Review Report 1s divded into twa sectons Section t must be cornpleted for all assignments Secton If must be completed only if the answer to Question 10 in Section | as "No * 6 The renew appratser must determine whether the opinion of market vaiue 1s accurate and adequately supported by market evdence When the revew appraiser disagrees with the opinion of value, he or she must complete Section 11 Because appraiser's opinions can vary, the review appraiser must have conclusive ewdence thal the opinion of value ts not accurate 7 The revew apprarser must explain why the comparable sales in the appraisal report under rewew should not have been used Simply stating “see gnd” 1S unacceptable The revew appraiser must explain and support his or her conclusions 8 The remew appratser must form an opinion about the overall accuracy and quailty of the data in the apprarsal report under review. The objective is to determine whether matenal errors @ast and what effect they have on the opinions and conclusions in the appraisal report under review When the rewew appraiser agrees that the data is essentially correct (although munor errors may exst), he or she must summanze the overall findings When the review appraiser deterunes that matenal errors exast in the data, he or she must identify them, comment on their overall effect on the opinians and conciusians in the appraisal report under rewew, and mciude the correct information $ The Questons in Section | are intended to identify both the positive and negatve elements of the appraisal under rewew and to report deficencies The femew appraiser must make it clear to the reader what effect the deficencies have on the opinions and canclusions in the appraisal report. Simple "Yes" and “No” answers are unacceptable 10 The review appraiser must provide specific, supportable reasons for disagreeing with the opinton of value in the apprarsa! report under femew in response to Question f in Secton ft 11 The rewew appraiser must dently any extraordinary assumphons that were necessary in order to ammve at his or her opmuon of market valve Extraordmary assumptons melude the use of information from the appraisal report under revew that the review apprarser concludes 1s retable (such as an assumption that the reported condiban of the subject property 1s accurate) 12. The rewew appraiser must ncude the ratonale for using new comparable sales, The following question must be answered. Why are these new comparable sales better than the sales in the apprarsal report under review? 13. The new comparabie safes prowded by the revew apprarser and reported in the safes companson analysis gnd must have dosed on or before the effective date of the apprarsal report under review. It may be appropnate to include data that was not available to the orginal appratser as of the effective date of the original appraisal, however, that informabon should be reported as “supplemental” to the data that would have been available to the original apprarser . 14. The review appraiser must provide a sale or transfer histary of the new comparable sales for a munimum af one year pnor to the date of sale of the comparable sale The rewew appraiser must analyze the sale or transfer data and report the effect, ff any, on the review appraiser's conclusions. 15 Areview of an appratsaf on a unit m a condonunium, cooperative, or PUD project requires the rewew appraiser to analyze the project infonnation in the ‘appraisal report under review and comment on its campieteness and accuracy 16 An appraisal renew of a manufactured home requires the review appraiser to assume that the HUD data plate information ts correct, unless mformation to the contrary 1s available In such cases, the review apprarser must identify the source of the data phe = 17 The remew appratser’s opimion of market value must be “as of the effective date of the appraisal report undes Woe ISTRATIVE COM) LAINT, Se * Fatiene Me Form 2t = Freddte Mac Form 1032 March 2005 Page 3 of 4 03-2324-301503181-2 One-Unit Residential Appraisal Field Review Report Fiie # 88825352 1 The rewew appraiser will not be responsible for matters of a tegal nature that affect either the property that is the subject of the appraisal under review or the ttle to it, except for informanon that he or she became aware of dunng the research involved in performing tins appraisal renew The review appraiser assumes that the ttle is good and marketable and will not render any opmrons about the ttle 2 The review appraiser will not give testimony of appear in court because he or she perfarmed a rewew of the appraisal of the property in question, unless Specific arrangements to do so have been made beforehand, or as otherwise required by law 3 Uniess otherwise stated in this appraisal field review report, the rewew appraiser has no knowledge of any hidden or unapparent physical deficencies or adverse conditions of the property (such as but not limited to, needed repairs, detenoration, the presence of hazardous wastes, toxc substances, adverse environmental conditions, etc ) that would make the property less valuable, and has assumed thal there are no such conditions and makes no guarantees or warranties, expressed or implted The review appraiser will not be responsibie for any such conditions that do exast or for any engineenng ‘or testing that mught be required to discover whether such conditions exist Because the review apprarser is not an expert in the field of envronmental hazards ths appraisal field rewew report must not be considered as an environmental assessment of the property DEES TO eee Some The Revew Appraiser certfies and agreas that 1 Thave, al a minimum, developed and reported this appraisal fleld remew in accordance wih the scope of work requirements stated m this apprarsal field review report 2 | performed this apprarsal field review in accordance wath the requirements of the Uruform Standards of Professional Appraisal Practce that were adopted and promulgated by the Apprarsal Standards Board of The Apprarsal Foundation and that were i place at the hme this appraisal field review repart was prepared 3. Thave the knowledge and expenence to perform appraisals and review appraisals far this type of property in this market area 4 1am aware of, and have access to, the necessary and appropnate public and pnvate data sources, such as multiple isting services, tax assessment Tecords, public land records and other such data sources for the area m which the property ts located 5 [ obtamed the information, estimates, and opmuons furshed by other pares and expressed in this appraisal field rewew report from rekable sources that | beiteve to be tue and correct & [have not knowingly withheld any significant informaton fram this appraisal field remew-report and, to the best of my-knowedge, all-statements and -- - -— information in this appraisal field review report are true and comect. 7 [stated in this appraisal field review report my own personal, unbiased, and professional analysis, opimions, and conclusions, which are subject only to the assumptions and limutng conditions in this apprarsal field revew report 8 [have no present ar prospective interest in the property thal :s the subject of this report, and | have.no present or prospective personal mterest or bias with respect to the participants in the transaction | did not base, ether partially or completely, my analysts and/or opinton of market value (if any) in this appraisal field review repart an the race, color, religion, sex, age, mantal status, handicap, farrdial status, or nabonal ongin 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 an any other basis prohibited by law 9° My employment and/or compensation far performing this appratsal field review or any future or antcipated appratsals or appraisal field reviews was not ‘conditioned on any agreement or understanding, wntten or othermse, that | would report (or present analysis supporting) a predetermined specific value, 2 Predetermined munimum value, a range or direchon 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 conciusions and openions about the real estate that were set forth mn thrs appraisal field renew report. | further certify that no one Provided significant professional assrstance to me in the development of this appratsal field review report. | have not authonzed anyone to make a change to any item in this appraisal field rewew report, therefore, any change made to this appraisat field review report 1s unauthorized and { will take no. responsibility far it 11 (identfied the lender/chent in thts appraisal field review report who is the individual, orgarnzaten, or agent for the argamzation that ardered and wall recerve this appraisal field review report 12. The lenderfchent may disciase or disinbute this appratsal field rewew report to the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterpnses, other secondary market partaipants, professional appraisal organizations, any department, agency, or mstrumentaiity of the United States, and any state, the Drsinct of Columbia, or other junsdictions, vathout having to obtain the rewew appraiser's ‘consent Such consent must be obtained before this apprarsal field review report may be disclosed or distnbuted to any other party (inciuding, but nat limited to. the public through advertising, public retabors, news, sales, or other media) 13. The mortgagee or its successors and assigns, mortgage msurers, government spansored enterpnses, and other secondary market partapants may rely on this apprarsal field rewew report as part of any mortgage finance transacton that invoives any one or more of these partes 14 Mf this apprarsal field review report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are defined m apphcable federal and/or state laws (excluding audio and video recordings), or a facsumsle transmission of this appraisal field review report contamung a copy or representation of my signature, the apprarsal field review report shall be as effectve, enforceable and vaid as if a paper version of this appraisal field revew report were delivered containing my enginal hand written signature. 15. Any intentional or neghgent misrepresentabon{s) cantained m this appraisal field remew report may resuit in cra liability and/or cnrmunal penaltes inciudmg, but not iimited to, fine or mpnsonment or both under the provisions of Titte 18, United States Code, Section 1001, et seq , or simular state da caine = ieee — Expraton Date of Certfeaton or License Page 4 of 4 (Us JFandie Mie-Rawn 2000 Match.2005 0 ewevanerrererrniee- Freddie Mac Form 1032 March 2005 03-2324-301503181-2 One-Unit Residential Appraisal Field Review Report Fie sas2s352 SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE #6 . 1613 HARRISON ST 1394 W HARBOUR VIEW DR . FL. 33020 | HOLLYWOOD: FL__33020 HOLLYWOOD FL 33019 Pros to “Vref Sic | 10-70 MILES 175 MILES D 549000 ]7.2 est Atv al$ 28394 sqft FARES/MUSITAX ROLL” * - FARES vi JUSTMENTS DESCRIPTION DESCRIPTION _| + () 5 Adjustment DESCRIPTION | +() Adusument | DESCRIPTION | + (1 $ Adpsiment [Sale or Fnancng hag 3 BAed ACTIVE LISTIN ACTIVE LISTIN Conces: adel - 7 a Date of Sale/Time PEE a 2] USTING + LUSTING : PAVERAGE AVERAGE AVERAGE : a easeh: Fee Simple FEE SIMPLE . FEE SIMPLE" i * a 1554 SF 3439 SE ~1,900 [3118 SF : 71,800] View RESIDENTIAL RESIDENTIAL : RESIDENTIAL r Design (Sivie) TOWNHOUSE TOWNHOUSE, TOWNHOUSE . jakty of Construct CBSIAVG. * [eesiave a CBSIAVG . : Actual NEW - 2 +: 6- th : : = Condition AVERAGE “AVERAGE, : ‘ AVERAGE : ‘0 “2 Above Grade Totat_ledms | Baths | - Total_|Berms | Baths |- > _|Totat_Jedems | Baths _ Room Count je [3. {25 6 3 35 -|. * 6000| - a ee Gross Living Area 2051 5 ‘ £3,500 | 1937 sqft +5800}. -- ‘ssqh| , ‘i - Basement & Finished NONE“ 2 {NONE Rooms Below Grade : : : Funcbonal Ute _— 7 = 5 4 * a4 + ~ {$s ~~. i600 + b- inerag 93 %) ead OS. Slceass ad 10s~.: %j$ > 2*7550600 jarass ag 24°F %/S Date of Pror Sale/Transfer. Pree of Pnor Saie/Transfer COMPARABLE SALE #6 eerse = Data (3) Effective Date of Data Sos (s) 7 y= Fanne Mi ew ‘orm 2000 March 2005 ADDITIONAL FIELD TEXT FieNo 88825352 Boroweschent NILSON SARMIENTO. Braperty Acres 1670 HAYES ST cy HOLLYWOOD. Lander 7s APPROPRIATE COMPARABLES COMMENTS . THE REPORT UNDER REVIEW DOES NOT INCLUDE ANY CLOSED SALES ONLY THREE PENDING SALES WERE PRESENTED BY THE APPRAISER PLEASE NOTE THAT THE PENDING SALES PROVIDED BY THE APPRAISER SHOULD NOT BE CONSIDERED GOOD INDICATORS OF VALUE SINCE 1670 HAYES STREET AND 1654 HAYES STREET WERE RECENTLY LISTED FOR SALE FOR $549,000 ANO $599,000 RESPECTIVELY WHICH ARE SAME MODEL UNITS FURTHERMORE, THE REVIEW APPRAISER WAS NOT ABLE TO PROVIDE ANY ADDITIONAL PENDING SALES NOR CLOSED SALES FROM WITHIN THE SUBJECTS PROJECT ALE NECTUATIVE COMPLAIN TM no TEXT ADDENDUM rane 88825352 BorowerChont NILSON SARMIENTO. Property Address_ 1670 HAYES ST = ° couny BROWARD, suto FL -_ 2p coe 33020 ‘ety HOLLYWOOD: + Lender > : : ey WASHINGTON MUTUAL Beginning Addendum. ‘ + One-Unit Field Rewew Summary of Value Conclusion THE REVIEW APPRAISER HAS PRESENTED THREE CLOSED SALES AND TWO ACTIVE LISTINGS OF SIMILAR UNITS FROM WITHIN THE: SUBJECTS MARKET AREA THAT SHOULD BE CONSIDERED AMONG THE BEST INDICATORS OF THE SUBJECT'S CURRENT ESTIMATED OPINION OF MARKET VALUE THE REVIEWER RELIES ON THE PRINCIPLE OF SUBSTITUTION WHICH HOLDS THAT TYPICAL POTENTIAL BUYERS IN A MARKETPLACE, USUALLY ARE UNWILLING TO PAY MORE FOR A PROPERTY THAN THE COST OF ACQUIRING AN EQUALLY DESIRABLE SUBSTITUTE PROPERTY THE ESTIMATED OPINION OF MARKET VALUE ON THIS APPRAISAL REVIEW IS SIGNIFICANTLY INFLUENCED BY THE SUPPLY AND PRICING OF ALTERNATIVE PROPERTIES AVAILABLE TO BUYERS, WHEN ARRIVING AT THE SUBJECTS CURRENT ESTIMATED OPINION OF MARKET VALUE MOST WEIGHT WAS PLACED ON COMPARABLE SALE #1 SINCE IT IS THE MOST RECENT SALE OF A SIMILAR MODEL AVAILABLE FURTHERMORE, THE REVIEW APPRAISER TOOK WTO CONSIDERATION 1670 HAYES STREET AND 1654 HAYES STREET WHICH WERE RECENTLY LISTED FOR SALE FOR $549,000 AND $539,000 RESPECTIVELY THE SUBJECT PROPERTY IS LOCATED IN NEW TOWNHOME PROJECT THAT {S UNIQUE TO THE AREA SINCE THE SUBJECT'S AREA IS COMPOSED MOSTLY OF OLDER SINGLE FAMILY HOMES THIS TYPE OF DEVELOPMENT iS SOMETIMES REFERRED TO AS “INFILL”, WHERE AN UNDEVELOPED PARCEL iN AN OTHERWISE EXISTING NEIGHBORHOOD IS PURCHASED FOR HOME CONSTRUCTION AT THE TIME OF THE INSPECTION, THE PROJECT APPEARS TO HAVE BEEN IN THE EARLY PHASES OF CONSTRUCTION AND THERE WERE NO CLOSED SALES FROM WITHIN THE DEVELOPMENT AVAILABLE FOR INCLUSION IN THE REPORT IN ADDITION, SINCE THERE WERE NO OTHER DEVELOPMENTS OF THIS TYPE IN THE IMMEDIATE AREA, THE REVIEW APPRAISER HAS SELECTED COMPARABLE SALES THAT ARE LOCATED OVER THE PREFERRED 1 MILE IN DISTANCE QUE TO THEIR SIMILAR LEVEL OF UPDATING ANO MAINTENANCE, NO AGE ADJUSTMENT WAS NECESSARY FOR THE AGE DIFFERENCES BETWEEN THE SUBJECT AND THE COMPARABLE SALES PRESENTED BY THE REVIEWER THE SALES WERE CONSIDERED TO YIELD AN EFFECTIVE AGE SIMILAR TO THAT OF THE SUBJECT PROPERTY ADMINISTRATIVE COMPLAINT SUBJECT PHOTOGRAPH ADDENDUM SorrowerChent NULSCN SARMIENTO Propeny Address 1670 HAYES ST city HOLLYWOOD Coury BROWARD stare FL 2p code 33020 ender WASHINGTON MUTUAL. 7 Ace FRONT OF SUBJECT PROPERTY REAR OF SUBJECT PROPERTY ADMINISTRATIVE COMPLAINT me op oe ADDITIONAL PHOTOGRAPH ADDENDUM Fie No 88825352 BormweriCient NILSON SARMIENTO. Property Address 1670 HAYES ST cwy HOLLYWOOD : Lender a Lt *, State FL“. Zp Code 33020 WASHINGTON MUTUAL © * >". ” ORIGINAL-COMPARABLE #, 1652 HAYES STREET- ADMINISTRATIVE COMPLAINT, OMHIRIT a3 “= ADDITIONAL PHOTOGRAPH ADDENDUM BorrowerChent NULSON SARMIENTO : Property Agcress_ 1670 HAYES ST Te, - wo city HOLLYWOOD _ County “= " state FL" 2p code 33020 Lender : : “ Lt ORIGINAL.COMPARABLE # ASS HAYES STREET."_"= ADMINIST: \e tem aa RATIVE COMPLAINT COMPARABLES PHOTOGRAPH ADDENDUM BoomwertCuent_ NELSON SARMIENTO ~ Propony Adéress 1670 HAYES ST. - . cry HOLLYWOOD ~ Coury BROWARD Lender . Comparable Sale 2829: 6TH CT | ADMINISTRATIVE COMPLAINT EXHIBIT #3 sage OF ti I4( COMPARABLES PHOTOGRAPH ADDENDUM fie No 88825352 SoraweriGient NILSON SARMIENTO = Property Address 1670 HAYES ST cay HOLLYWOOD > = sorry, image is not available ADMINISTRATIVE COMPLAINT EXHIBIT # ce J2_. oF LOCATION MAP ADDENDUM Bonewerchent NELSON SARMIENTO. Propeny Adaress_ 1670 HAYES ST ~ an cay HOLLYWOOD”. - =" : = couny BROWARD ‘see FL 2p case 33020 2 Lender . eo “WASHINGTON MUTUAL“. 7. ‘4353 NE 71 STREET: 12.3 milesy Compurable 2 029 Swatch {G70 HAYES ST Comprrabic HA i JANUARY 23, 2008 RALPH TULLO INVESTIGATION SPECIALIST tt 5080 COCONUT CREEK PARKWAY SUITE A MARGATE, FL 33063 RE: DBPR CASE # 2007068078 DEAR MR. TULLO- This letter should serve as a response to the complaint filed against me by Steve Lanman from Washington Mutual. Enclosed you will find a true and accurate copy of the appraisal as it was delivered to the client via e-mail, as well as a complete copy of the working file. Reading the complaint, Mr Lanman States that it is not an acceptable appraisal practice to use only pending sales to determine an opinion of value. {n all of the appraisal courses that | have taken | was never instructed by any teacher {specialists professional in Appraisal Law and Develop) that this type of report is illegal or not acceptable. After an extensive search in the area and further the appraiser was not able to find similar closed sales _ ----.- . comparables The subject property is a four level brand new tawnhouse with atwocargarageandlikea... 2. ene single family home with a jot and block. The property is located in an area conformed only by multi-families, single families and some condominiums. The appraiser decided to develop the appraisal report using pending sales from the subject property project that were given to the appraiser by the developer's office. Regarding the sentence, “three closed comparables sales used” tt was a typographical error and | apologize for that, but you can also see that in the same paragraph the appraiser wrote a comment about using pending sales. Also on the page of the comparables under date of sale the appraiser did type on each comparable pending sale. Regarding the last paragraph from Mr. Lanman's complaint that two of the pending sales were fecently listed for sale, the appraiser used a total of three properties as comparables: 1652 Hayes Street Hollywood, Fl 33020 1654 Hayes Street Hollywood, Fl 33020 1660 Hayes Street Hollywood, Fl 33020 : and only one (1654 Hayes Street Hollywood, Fl 33020) was listed on the MLS under MLS # F738451 and it shows that the listing was cancelled on 09/27/2007. When the appraiser saw the comparable property in the MLS search, the appraiser immediately called the Real Estate company to find out the listing posting because the appraiser was unable to find the history for that listing and the answer that was given to the appraiser was that the listing was old and they forgot to cancel it on time (please see Real Estate Company letter attached). Based on that information and the fact that the property was on the MLS as "under construction” the appraiser disregarded the listing pice. Sincerely, Miguel A Rodnguez 2525 N State Road 7, Suite 112 Hollywood, Florida 33021 Phone (954) 322-4125 Fax (954) 322-4266 . ADMINISTRATIVE COMPLAINT, EXHIBIT # AOE MAXIMILIANO RICCA RE2 - CONDOICO-OPVILLAT OWNHOUSE Southeast Florida Ms MEt F739455 BC: PRGAOI OF: Fragma 3 Real Estate AREA: 3030 STATUS: C AD: 1654 Hayes St UN: = B2 RP; LLP: LP: $599,000 CT: BROWARD Fit: CITY! HOLLYWD. 2P: 33020 GEOAR: PAVEA LG: HOLLYWOOD Lawns FL: 1 ToTRL: 4 BLOG#: STYLE: 51 Mc: TN: SE SD: PN: MAP; sto TYPE: TOWNHSE DY: Marbella Place ° CN: Marbella Place INTLVLS: 3 MIN: Garden FS: UNIT BLG: 5 UNIT COMPLX: 11 LA: 2,218 TA: 3,516 YR: 2006/ UC CONV: EFF: BED: 3 FBATH: 2 ‘ HBATH: i #8 UNIT: — EASTUS1 DET: oN MINLIV: DOCK SPACE#: GOVRN: HOA GARAG: 2 CPT: PARK SPACES: WTRFR: WTRAC: FACE: UNTVW: GAROEN ' SECUR: UNTALARM . BALEP: CONST: cas DINE: SF/FF: 0 PARK: 2+SPACES PARKING RESTRICT: . FLOOR: CERAMIC MIN LS #DAY: 365 HULSE YR: 1 REM: Mediterranean style four feval townhomes under construction, estimated Galivery 2007, 3/2.5 with Toot top terraces, balcony and fs: garden. Vanety of upgrades to choose from. Steps form the Hollywood Beach Golf and Country Club. Blocks from historic MS: downtown. Call ksting agent for floor plans, brochures, registration forms, Developer contract, 1.75% developer fee, Hs: DIR: US 1 TO HAYES (WHICH Is 10 BLOCKS NORTH OF HOLLYWOOD BLVD/YOUNG CIRCLE) EAST TO N 17 AV, PROPERTY is ON THE CORNER OF HAYES sT AND M47 AV BRK-REM: 7% commission ts fara limited tne, Selected unis, based on full price LR: DR: DA: KT: FR: FL PR: Ma: 2B: 3B: 4B: DN: UR: PR: BEORM: = MBRUPSTR CF oo MSBTH: PETS: ¥/ 20+ ROOMS: INTER: — FIRESPRK FRENCHOR ROMANTUB VAULTED WALKCLOS EQUIP: OISHWASH DISPOSAL ORYER RANGE-E REFROG SECURITY SMOKEDET WASHER WRHoOWw: EXTER: DECK OPENBALC = PATIO MAINT: INSURANCE TRASHREM WATER AMENS: NONE RESTR: OKLEASE APPRY: NONE Hopa: HEAT: CENTRAL cool: CENTRAL TRMSCONS:CONY ASSUME: DAV/SOH: MPR: N TOA: H ~ TOTAL FEES: $0 ™ DMV/ASV: TAXES: 40 TAXYR: 2000 TAR: = NENCONST TM: APP FEE: $0 MAINT FEE: $0 LAMDLSE: $9 REC LSE: $0 SPEC: POSS: FUNDING IDX: ¥ LPT: 9703622 tS: Silvina Corrales APH: 305-794-5316 OPH: = 954-556-8913 x 0 2PmD: 3100731 2A: Richard Leroy 2AGY 205-609-2737 FAX: 954-929-5226 lity: ER OM: ON: 2PH: 305-796-5316 URL: woew.marbella-place.com PHOTO: NoPHO BRO: F EMAILA: siivinae@belisouth net vt: COBA: 7% cOTB: 7% CONR: 7% VAR: Y¥ JA: N Wh: OCCUP: VACANT SHOW: CALL-LA LD: xO: PREY STATUS: PS STATUS CHNG:; 09/27/07 OK ADY: Y tz: PREVS: PRICE CHNG: ORIGS: $599,000 La: . INET: YAMediterranean townhomes Steps from the Hollywood Beach Golf and Country Club. Blocks from historic Downtown Hollywood. PD: CONTING: DM: FURN: cre SP; ECD: CE: SPID: Ss: sl FR: SPID2: ss2i S2 *{c} 2008 — Southeast Florida Regional — INFORMATION IS BELIEVED ACCURATE BUT 1S NOT WARRANTED* 01/16/08 07:56 PM AOMINISTRATIVE COMPLAL meme yy +—-—

Docket for Case No: 10-009407PL