STATE OF FLORIDA’ #4 DEPARTMENT OF BUSINESS AND PROFESSIONAL) REGULATION FLORIDA DEPARTMENT OF BUSINESS AND 20/9 OCT -4) A II: |S PROFESSIONAL RECULATION, ° ‘ DIVISION OF REAL ESTATE, 1OM OF ISTRATIVE Petitioner, ZINGS v. lO ousup," CASE NO. 2008068374 BRIAN LEVENSON, Respondent. / ‘ADMINISTRATIVE COMPLAINT The Department of Business and Professional Regulation (“Petitioner”) files this Administrative Complaint before the Florida Real Estate Appraisal Board against BRIAN LEVENSON ("Respondent"), and alleges: 1. Petitioner is the state agency charged with regulating the practice of real estate appraising pursuant to Section 20.165, Florida Statutes, and Chapters 120, 455, and 475, of the Florida Statutes. . 2. At all times material to this Complaint, Respondent was licensed as a state certified residential real estate appraiser in the State of Florida, having been issued license #5932. 3. Currently, and at all times material to this complaint, Respondent’s address of record is 3964 Hunters Isle Drive, Orlando, FL 32837. 4. On or about November 8, 2007, Respondent developed and communicated an appraisal report for a property commonly known as 8506 Lydia Lane, Panama City Beach, FL 32408 (Subject Property), and estimated its value at $1,435,000 for purposes of a purchase transaction. 5. A copy of the report is attached and incorporated as Administrative Complaint Exhibit 1. 6. Respondent failed to include analysis Subject Property's listing of $895,000 three months prior to the effective date of the appraisal. 7. Respondent failed to give a correct legal description for the Subject Property. 8. Respondent failed to establish correct neighborhood boundaries. 9. Respondent failed to accurately describe the Subject neighborhood. 10. Respondent failed to accurately note the distances between the subject property and comparable properties. 11. Respondent failed to accurately note the correct number of bathrooms in comparable 2. 12. Respondent failed to include in the report analysis of boat accessibility and market value. 13. Respondent failed to include supporting documentation for sales grid adjustments made based on location. 14. Respondent failed to include documentation to support cost approach analysis. 15. Respondent failed to include documentation to support gross living area adjustments. 1¢6¢. Respondent failed to include documentation to support number of rooms of comparable 3. 17. Respondent failed to include documentation of competency to accurately appraise the Subject Property. 18. Respondent failed to include contemporaneous documentation to support one unit housing trends. 19. Respondent certified that the report was developed based on adequate comparable market data. 20. Respondent certified that he has the knowledge and experience to appraise the Subject property in the Subject neighborhood. 21. Petitioner requested additional information of the Respondent on October 9, 2009. 22. A copy of this request is attached and incorporated as Administrative Complaint Exhibit 2. 23. Respondent failed to address additional questions of the Department . COUNT ONE 24, Respondent realleges and incorporates by reference the allegations set forth in paragraphs one (1) through twelve (12) as set forth herein. 25. Section 475.624(15), Florida Statutes, subjects a real estate appraiser licensee to discipline for failing to exercise reasonable diligence in developing an appraisal or preparing an appraisal report. - 26. As set forth above, Respondent failed to exercise reasonable diligence in the following ways: a) failed to include analysis Subject Property's listing of $895,000 three months prior to the effective date of the appraisal. b) failed to give a correct legal description for the Subject Property. c) failed to establish correct neighborhood boundaries. d) failed to accurately describe the Subject neighborhood. e) failed to accurately note the distances between the subject property and comparable properties. f£) failed to accurately note the correct number of bathrooms in comparable 2. g) failed to include in the report analysis of boat accessibility and market value. 27. Based upon the foregoing, Respondent is guilty of having failed to exercise reasonable diligence in developing an appraisal report in violation of Section 475.624(15), Florida Statutes. COUNT TWO 28. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through five (5) and thirteen (13) through eighteen (18). 29. Section 475.629, Florida Statutes, subjects a real estate appraiser licensee to discipline for failure to retain records for at least five years of any supporting data assembled and formulated by the appraiser in preparing appraisal reports. 30. As set forth above, Respondent violated this statute in one or more of the following ways: a) failed to include supporting documentation for sales grid adjustments made based on location. b) failed to include documentation to support cost approach analysis. ¢) failed to include documentation to support gross living area adjustments. d) failed to include documentation to support number of rooms of comparable 3. e) failed to include documentation of competency to accurately appraise the Subject Property. f) failed to include contemporaneous documentation to support one unit housing trends. 31. Based upon the foregoing, Respondent is guilty of failure to retain records for at least five years of any supporting data assembled and formulated by the appraiser in preparing appraisal reports in violation of Section 475.629, Florida Statutes , and, therefore, in violation of Section 475.624(4), Florida Statutes. COUNT THREE 31. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through five (5) and paragraphs twenty (20) and twenty-one (21) as if fully set forth herein. 32. Section 475.624 (2), Florida Statutes, subjects a real estate licensee to discipline for false promises in any business transaction in this state. 33. As set forth above, Respondent violated this statute in one or more of the following ways: a) falsely promised that report was developed based on adequate comparable market data. b) certified that he has the knowledge and experience to appraise the Subject property in the Subject neighborhood. 34. Based on the foregoing, Respondent violated Section 475.624 (2), Florida Statutes, by promising falsely in a business transaction while in the state of Florida. COUNT FOUR 35. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through five (5) and paragraphs twenty-one (21) through twenty-three (23) as if fully set forth herein. 32. Section 475.626(1)(f), Florida Statutes, subjects a real estate licensee to discipline for obstructing or hindering in any matter the performance of any lawful duty by any person acting under the authority of Florida Statute 475.626. 33. As set forth above, Respondent failed to provide answers to additional questions of the Department as requested on October 9, 2009 in a timely manner. 34. Based on the foregoing, Respondent violated Section 475.626(1) (f£), Florida Statutes, by obstructing or hindering the performance of a lawful duty by a person acting under the authority of the above-stated statute. WHEREFORE, Petitioner respectfully requests that the Florida Real Estate Appraisal Board enter an order imposing one or more of the following penalties: permanent revocation or suspension of Respondent’s license, restriction of practice, imposition of an administrative fine, imposition of investigative costs, issuance of a reprimand, placement of Respondent on probation, corrective action, or any other relief that the Board deems appropriate. SIGNED this (? day of — Sureee , 2010. CHARLIE LIEM, Interim Secretary Department of Business and Professional Regulation Nicole McLaren Assistant General Counsel Fla. Bar No.0011310 Department of Business and Professional Regulation Division of Real Estate Legal Section 400 W. Robinson Street, N801 Orlando, FL 32801 (407) 481-5632 - Telephone (407) 317-7260 - Facsimile PCP Date: 06/10/2010 PCP MEMBERS: CW/FG DATE _ i \29 10 SENET OSE GATES POAT BEM TT CON BLL TERE Fe 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. File No. 8506 Lydia Lane , Pani APPRAISAL OF LOCATED AT: 8506 Lydia Lane Panama City. Fi 32408 FOR: Greenvallay Mortgage Comp 1741-B North Ocean Avenue Medord, New York 11763 BORROWER: Seema Chishtl AS OF: duty 10, 2007 BY: Bran € Levenson ALKA INISTRATIVE COMPLAIN Greenvailey Mortgage Corp 1741-B North Ocean Avenue Medord, New York 11763 File Number: 8506 Lydia Lane , Panama City In accordance with your request, | have appraised the real property at: 8506 Lydia Lane Panama City, Fl 32408 The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the market value of the property as of July 10, 2007 $1,435,000 ‘Ong Million Four Hundred Thirty-Five Thousand Dollars The altached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descripuve photographs, limiting conditions and appropriate certifications. Brack Brian E Levenson Uniform Residential Appraisal Report Feta 8506 Lydia Lane, Pa The purpose af ths summary appraisal report is to pravide the lender/chent with an accurate, and adequately supported, option of the a value of the subject prop Property Address 8506 Lydia Lane Panama Cil p Code 32408 Sorewe Seema Chishti Oxner of Pubic Record Sylvia M Harrison Trust 7 Count Assessor's Parcel # Lot-030 Tax Year OG/07 RE Taxes $ 6,500 00 5 dName Grand Lag p Relerenca Delorme. Consus $19, 0026.02 5 fosseon (lower _Diltown (nen acento (Jeun “non s NAT Joer year [Toes monn] Peieatgees Mite timer eee Le Ta ee ae ier Greenvall Mortgage adwess 1741-8 North Ocean Avenue Lessor fen Aew York 11763 | su reson fred to ben fre ee abe ns to the eflecwve date ol ted aporash? [XJves [Jyo st used, oftermygace(s), and dates), Flonda Mis service rh a Ss | (Jad 2a trachyor ‘sale for the subject purchase Gansocton. Explain the resaits of the analysis of the contract for sale of why the analysis was not performed. ere. gssions noted on contract of sale. Fa tals pe 1,455,000 tung Sanaa Jone 2007 15 te property seller the awner of publ record? Dees Jota See | sale concessions, gift of downpayment assstance, ‘ttr.) to be paid by any party on behalf of the borrower? Gescribe the stems in be pad += None noted CONTRACT 2 Bg | ___neignne nod Chureciensncs [resin using ends _—_—=”~SSC=*d;C ni ousing | Present andes | a Stable [price ace {bat up LX) over 25% [7Jo5.25% ( Junder 25% | Demand Supp rage [XJin Batanet Jove soppy | s009 fs) Lattin Fl ccomn | JRend (X)Sube _| ste ee Flue 1a [ilssnm Clowtnm | 200k um _i0lufem 3. z Fed Neighbomood Goundanes The subject a See located south of R198 and North of Thomas S| Road i eae Pred_15 Market Condens (incixiing support for the abave conclusions) Market conditions appear to be active with loan concessions,buy downs and discounts uncommen for the area with no apparent affect on value or marketability of residential properties in the neighborhood Utiives. Pubtic Other (describe Puptle Other (describa} Off site Improvernents—Typ Publle _ Private t! J'so0ampsch was Public phalt ia is Xj er None ‘ eee rw FEMA Flood Zone Za-AE FEMA Mag ? ae ae TE FEMA Map se TaRaTEND hehe a athe ts typcal for we market area? _[X]vos [Jno Wa desente [No WNodesenbe, = CCC“‘CSWC!OCOCOC*d im affect on value ar marketability. —_ |___cenenatcescrntion __[sounparion ___[ EXTEROR DESCRIPTION -maldlaieonazon |INTEROR __mateaiseanansa | {unas DJone [Jone wit Accessory unt [[XJConcrne stab (_}crawi space | Famision wats Concrete/Good [fleas Ceramic/Good _| [roisioes Three tevals II Jruidasemert (“Jara sasement [Eaena wats Masonry/Good [wats Concrete/Good _| [ifson Times Cle Det End Und] Basemeng Area Slab sq & | Roo! Sutace Asphalt/Good [Jrro [ene a 0% % | Gusers § Downspouts Metal/Good Townhouse {Clown an [sae hee | feed Cleese [minions Cotes lessee Se a eet nica is oe Sass ee Toe Elec ea eee 4 [Cron Ill semse tra [ice as Cocionre —[Goleacspes ieee BC ees ence jena ore fl ieee Eee ie Ta {cen Dlitsees Aleem [lowes Diet Mizowa | Viens Clover 5 Ey Frisned zea aboveyade comens Rooms 3. sBecrooms _—d——CBathhs) «3,8 Square fest ol Gros Lang Nea Ape contesns: [Fersned sea aboveyade conan: = Rooms. Beckooms —_—~SC«A—CBathG)—'S, SEG Suave fenvof Gross nvm ea Abe are Feet of Gross ahs i Gate Fy Aisne feanses ‘spec energy efficent dems, etc. eT subject prap eee three wa Glee wath hydrologic. c elavalor. ‘Ave there any pirysical deficiencies of adverse conditions thal affect the livability, ‘soundness. of structural rtegrty of the property? no physical deficiencies or adverse conditions noted at time of inspection The overall soundness and structural integrity of the subj Uniform Residential Appraisal Report Fle No 8508 Lydia Lane , Pa ers Panama Ci pBanare Gty —_ Pasar swvea | _______ 1 pee —— ae ee aigo3aal | [Ts 36752 anf | fiouesi [hacen [ow on ad ili al Coals [lon amos aa |venieston Souce(s] [Owner {Public Records [Public Records [Public Records | [cescrenon | a Financing /| Financing Financing eens seetea [June 2007 —__fosaozoor FZ 5/17/2007 Josi72007 [| i8r2007 | [Open Bay | [ool ew —[ Seo oy | [Fee simple |} Feasimple | Fe ee et et — oat Avera paveroae/ pica wverage/ Typical pesereae! teas. _faweragar Tamil | [Townhouse __| [Rest Moder —_ Modem Howes | postage | a — fsa (20813 ens (ea Svenn | Taso ens Tooeen| —2000 Good Cond betlecel che eed ew ett SSS aaa FF met qamado.oo { 3.568sqn{ 3.572sqnf of 2.375 sgn] 48,000] 4,080 qn} -21,000] Fa a Rooms Below Grade By irommlis,__Aretave—_ Average ——_] | TAverage TT Average ElectnciGac | ElectiCac | ——=~S—=d lectin Cac] ——SCSCS*dRnctrie Cae | Sn insulated Win {insulated Win ese | — an ze ane —| Ey sarge {Car Garage | 2Car Garage -10,600 Nene —|-—7a,aao] 2 Car Gerage [0,000 Erected ——{Pato,Baleon(—[PatoBaeony 1 | Pato, aany [| Pato Balsony | 2| [ate Satan | ____ [Pate Baar | _ x [= } +--+ es ee ol — Fo consumes 6.3%}3 4,425,500 | Goss 52% 1,487,000 | Geass: SOxls 436,700 1 daa ( Jaaraisenth ng Wala heoyal OF ee ROO oe row opin inster este les ue page J noted in the past 3 years pest years past years er $1500.00 | Data Source(s Public Records Public Records Public Records. Public Records Current Current Current Currant ‘Analysis of prior sata or uansfer history of the subject propery and comparable sales There was no noted transfer on the subject property in the last three ears. [TJ subject 19 completion per plans and specications an the basis of a hypothetical condiion that the imipravements have been completed, CT) subject ta the totowng repars or aterators en ie tases pita con ta he eps e aerabons hae be competed, Based on a complete visual inspectian al the interior und exterior areas of the subject property, defined scope of wark. statement of assumptions and limiting conditions and appraiser's certification, my (cur} opinion of the market vafue, as defined, of the real property thal és the subject of this report is $ 1,435,000 cr Opes ne Papiak Levenson Appraisals, inc, Uniform Residential Appraisal Report Fie no. 8506 Lydia Lane , Pa Pe .——] TE] EE , Ee | pe ee OOO a SY EE eT ooo OO ee OO ee Ee . 8 ADDITIONAT COST APPROACH 70 VALUE (not required by Fannie Mae) Fe] Source of cost data Marshall & swift / Suilding-Cost net Fe Quatty ratrg from cos: servce Averag Effective date of cost data Current iS Ee Comments on Cos Approach (ress tang area cakutatons, dewecaton etc) | Ha High land vatues are yoical for the area with ne apparent effect _| GaraueCapon 208 gfies 4000 ... st 41,520 Cosi-New beset 793,400 fs) on value or marketability Estimated Remaining Economic Lie (HUD and VA onty} SS. Years | INDICATED VALUE BY COST APPROACH . INCOME APPROACH TO VALUE (not requi ; 5 Fel esTIMATED _ [_JREPROGUCTIONOR [XIREPLACEMENT COST NEW ing-Ca: Joescned [Janached q.eformation fcr PUDS ONLY d the developerfbuiige is m control of the HOA and the sutrect property ss an attached dwefing tat 3 Total number of phases: Totat number af unis Total number of ursts lor sale Mi E ia project crested by the conversion of an exsing buniding project contaws arry muty-dwelling units? z fe Does the opet contam: ay maroaweting ums? Jes | Teaned wy A iciare —eeereens Fant 10 Mach lee oh Fa at we | aoe Uniform Residential Appraisal Report This repost form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD) This report form is not designed to Teport an appraisal of a manufactured heme or a unit in a candominium or cooperative project This appraisal report is subject te the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of markat value, or assumptions and limiting conditions are not Permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on tha complexity of this appraisat assignment. Modifications or deletions te the certifications are alsc not permitted. However, additional certifications that do not constitute materia! alterations to this appraisal report, such as those required by faw or these related to the appraiser's continuing education or membership in an appraisal organizat’on, are permitted. SCOPE OF WORK: Ths scope of work for this appraisal is defined by the complexity of this appraisal assignment and the seporting requirements of this appraisal report form, inciuding the follewing definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum’ (1) perform a complete visual inspection of Iha intenor and exterior areas of the subject property, {2) inspect the neighborhood, {3} inspect each of tha comparable sales from at least the straet, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conctusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/chent to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client DEFINITION OF MARKET VALUE: The most probable price which a Property should bnng in a competitive and apen market under all conditions requisite to a falr sale, the buyer and seller, each acting prudently, knowledgeably and assuming tha prica Is not affacted by undue stimulus. implicit In this definition is the consummaton of a sale as of a ‘specified date and the passing of tle from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated: (2) both parties are well informed o¢ well advised, anc each acting in what he or she considers his ar her awn best intrest (3) a reasonable time is allowed for ‘exposure in the open market; (4) payment 1s made in terms of cash in U, S. dollars or in tarms of financial arrangements comparable thereto} and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions’ granted by anyone associated with the sale. “Adjustments to the comparables must be made for special! or creative financing or sales concessions. No adjustments are necassary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily \dentifiable since the seller pays these costs in virtually al sales transactions Special or creative financing adjustments can be made to the comparabie proparty by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property cr transaction. Any adjustment should not be calculated on a mechanical dollar for doilar cost of the financing or concession but the doltar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, axcept for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2 The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the impravaments The skatch is Included only to assist tha reader in Visualizing the property and understanding the appraiser's determination of its size 3, The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency {or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express of implied, regarding this determinatian. 4, The appraiser will not give testimony or appear in court because he or sha made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted In this appraisal report any adverse conditions {such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.} observed during the inspection of the subject property ar that he or she became aware of during the research Involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no Quarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that de exist or for any engineering or (esting that might be required to discaver whether such conditions exist. Because the appraiser is nat an expart in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the Property. 6 The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactary campletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in 8 professional manner Flew 8506 Lydia Lane , Par Uniform Residential Appraisal Report FleNo 8508 Lydia Lane , Par APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. Ihave, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report 2 | performed a complete visual inspection of the interior and exterior areas of the subject property. | reported tha condition of the improvements in factual, specific terms | identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. | performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisai Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisa! Foundation and that were in place at the time this appraisal report was prepared. 4. | developed my opinion of the market value of the real property that is the subject of this report based on the sales companson approach to value. | have adequate comparable markat data to develop a reilable sales companson approach for this appraisal assignment. | further certify that | considered the cost and income approaches to value but did not develop them, unless ctherwise indicated in this report. 5. 1 researched, verified, analyzed, and reported on any current agreement for sate for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of thres years prior to the effective date of this appraisal, unless otherwise indicated in this report 8. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless athermse indicated in this report. 7. 1 selected and used comparable sales that are locationalty, physically, and functionally the most similar to the subject property. 8. {have not uséd comparable sales that were the result of combining a land sale with the contract purchase pnea of a home that has been built or will be built on the land. 8. | have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable saies 10, | verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property 11. | have knowledge and experience in appraising this type of property in this market area, 12. 1am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple fisting services, tax assessment records, public land records and other such data sources for the area in which the property is located 13. | obtained the information, estimates, and opinions fumished by other partes and expressed in this appraisal report from tellable sources that | believe to be true and correct. 74. | have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. | have noted in this appraisal report any adverse conditions (such as, ut not limited to. needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that ! became aware of during the research involved in performing this appraisal | have considered these adverse conditions in my analysis af the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 145 | have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledga, ail statements and information in this appraisal report are true and correct. 16. | stated in (his appraisal report my own personal, unbiased, and professional analysis, opinions, and canciusions, which are subject anly to the assumptions and limiting conditions in this appraisal report 17. | have no present or prospective interest in the property that is the subject of this report, and { have no present or prospective personal interest or bias with respect to the participants in the transaction. | did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national ongin of either the prospective owners or occupants of the subject property or of the present owners ar ‘occupants of the properties in the vicinity of the subject property ar on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that | would report (ar present analysis supporting) a predetermined specific value, a predetermined minimum value, a range of direction in value, a value that favars the cause of any party, or the attainment of a specific rasuil or occurrence of a specific subsequent event (such as approval of a pending morigage loan application), 19. | personally prepared ail conclusions and opinions about the reat estate that were set forth in this appraisal report. ff! relied on significant real property appraisai assistance from any individual or individuals in the performance of thts appraisal or the preparation of this appraisal report, | have named such individual(s) and disclosed the specific tasks performed in this appraisai report, { certify that any individual so named ts quatified to perform the tasks. | have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and | will take no responsibility for it. 20. | identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Uniform Residential Appraisal Report Fie Ho. 8506 Lydia Lane , Pat 24. The lender/client may disciose or distribute this appraisal report to: the borrower, another lender at the request of the borrower; the mortgages or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services, professional appraisal organizations, any department, agency, or mstrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or disinbuted to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or olher media} 22 _|.am awara that any disclosure or distribution of this appraisal report by me or the lender/clent may be subject to certain laws and regulations. Further, | am also subject to the provisions of the Unitorm Standards af Professional Appraisal Practice that pertain to disclosure or distnoution by me 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, govemment sponsored enterprises, and ather secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24 If this appraisal report was transmitted as an “electronic record" containing my “electronic signature,” as those terms are defined in applicable federal and/or staie laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall ba as effective, enforceable and valid as ifa paper version of this appraisal report were delivered containing my orginal hand wnitten signature. 25. Any intentional! or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or cnminal Penalties inctuding, but not limited to, fine or imprisonment ar both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that 4. J directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree wilh the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification 2. (accept full responsibility for the contents of this appraisal report including, but not limited tc, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3 The appraiser |dentified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser {or the appraisat firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law 4. This appraisal report complies with the Uniform Standards of Protessional Appraisal Practice that were adopted and promulgated by the Appraisai Standards Board of The Appraisal Foundation and that were in place at the time this appraisal Teport was prepared, § if this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those tarms are defined in agplicabie federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of th's appraisal report were delivered contalning my original hand written signature APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED} Signature { ‘3 Yun Ss Signature Name Brian E Leven Name Company Name Levenson Appraisals Inc Company Name Company Address 3964 Hunters Isle Drive Company Address. Qranda,Fl 32837. Telephone Number 407-352-6022 0 Telephone Number Email Address Blgbrybasser@aolcam = com Email Address Date of Signature and Report 07/10/2007 Date of Signature Effective Date of Appraisal July 10,2007. SCS 10,2007 State Certification # Stata Certification # RO5932 00 or State License # or State License # Florida State Certified Appraiser State Certified Appraiser State or Other (describe) State # Expiration Date of Certification or License State . Expiration Date of Certification or License 11/30/08 ADDRESS OF PROPERTY APPRAISED SUBJECT PROPERTY 8506 Lydia Lane (Did not inspect subject property Panama City, Fl 32408 Cbs inspect exterior of subject property from streat Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY $ ___ 1,435,000 0 Did inspect interior and exterior of subject property Date of Inspection LENDER/CLIENT Name COMPARABLE SALES Company Name Greenvallay Mortgage Corp. Dold not inspect exterior of comparable sates from street Company Address 1741-8 North Ocean Avenue Medord, New’ Ci 0id inspect extertor of comparable sales fram street Date of Inspection F AP TRRIRI POR Wo ee Email Address a PREPOSSR ES aris pee 234 TTT www acheeb.camn Ped ng AG mes Levenson Appraisals, Inc QODCoOoOoOoOooooODoRoOnooOoonDpoooCooooooooOopAoABoABoSHAoooCoHaAD Zip: 32408 OOOO Ce COON oOS0oooe2SROnoRDoOoooOoDooAoooooOoOoRApSADogoDAo DOOODCODDOoDoOCOooODoOoOoCoDeoooRooOoAponoSooOoooARoaHGHoRoSoH File No.: 8506 Lydia Lane , Panama Ci OOO OOOO oooooooOoOooOOooOoNoooOpoonecoSosoAASapoAoRHAASpAB DOODOOOOCOORoDOOOOn ooo DoOOoOoRoRSooOooRosEDooosoRASSAodaADHQ 2 5 z é B 8 3 8) ” 3 E x & OoooooopoocoooononooooooooOopoooeEooodppsooasosesooo TTFFPUOQOIIQTODITETETETETITTITI TLC 7TTT0 Co oe wk ee ee ee ee 4 LTT HATEEELTLTTLL HTT HTT TT HOM MO OM OO Oe ITEETTEETTEETTATTP ETT ETAT Pi ee ee ee ae a ie? HOAAUARAASOROEAOORMABAAROAROORMORAGRAOEAOA re mee ct on he ACI Dove Raper symm NRTA DIMENSION LIST ADDENDUM Dm GROSS BUILDING AREA (GBA) ___ 3,854 GROSS LIVING AREA {GLA) Area Measurements Borrower: Seema Chish Address: 3506 Lydia Lane Pr ity: Panama Ci SUBJECT PROPERTY PHOTO ADDENDUM Borrower: Seema Chisht Property Address: 8506 Lydia Lang City: Panama Ci tender: Greenvattay Mo: FRONT VIEW OF SUBJECT PROPERTY Appraised Date: July 10, 2007 Appraised Value: $ 1,435,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE OMPARABLE PROPERTY PHOTO ADDENDUM Property Address: 8506 Lydia Lana Case No.: City: Panama City State: FI Zip: 32408 Lender: Greenvalley Morty COMPARABLE SALE #t 4929 Spyglass Drive Panama City Sale Date: 03/30/2007 Sale Price: $ 1,500,000 COMPARABLE SALE #2 §410 Gulf Drive Panama City Sale Date: 06/17/2007 ' Sale Price: $ 1,400,000 COMPARABLE SALE #3 7905 Surf Onve Panama City Sale Date: 6/15/2007 Sale Price: $ 1,475,000 ADMINISTRAL EXHIBIT i. ee DAGE ( OF . Zip: 32408 FLOORPLAN Borrower: Seema Chishii File No.:_8508 Lydia Lane , Panama City Property Address: 8S08 Lydia Lane Case No.: City: Panama City State: A Zip: 32408 Lender: Greenvailey Mortgage Corp LIVING ROOM MASTERBEODRCOM MASTERBATH BEDROOM 2.0 LEVEL#t LEvEL#2 LEVEL#S SKETCH CALCULATIONS Living Area First Floor AI: 2.0x35.0 = 710.9 A2 10,0x20,02 200.0 Attached Garage Second Floor AS: 2.0x59.07 Third Floor AS: 2.0% 59.0 = Total Living Areu Garage Area Attached Garage AB? 120x240" ALIEN IE | LOCATION MAP: Borrower: Seema Chisht) File No. 8506 Lydia Lane , Panama City Property Address: 8506 Lydia Lane Case No.: Gity: Panama City State Fi Zips 32408 City: Panama Ci State: Fi Zip: 32408. Lender: Greanvalley Mongage Corp ARNMUNISTRATIVE COMPLAINT EXHIBIT #, INVESTIGATOR FOLLOW-UP QUESTIONS FOR SUBJECT In your opinion, what did you do to ensure no violations? In your opinion are you fully competent in all areas of the state of Florida as it relates to appraisals? How did you educate yourself to the Panama Beach City area? Did you receive a copy of the contract with the letter of engagement? If not, where is it typically located? Did you follow-up with a request for one? Were there any other files or documents used to support or analyze any data used? Incomplete Property Appraiser records for the Subject property, no sales data only page 1 of daia report In work file (ex. Pg. ). Do you have it available for review? Did you identify the most recent sale of the subject property? Did you physically inspect the subject property interior/exterior? Did you physically inspect the comparables interior/exterior? Do you believe you stayed within the marketing area when selecting your comparables? if not, explain? The best comparable is the one next door, so why did you not utilize it as a comparable? Where is your cost data source, you referred to Marshall & Swift? You stated in your report that Marshall & Swift was utilized, where is your support for the replacement cost new amount? : Provide supportive data for: Site (land) value Replacement cost new Line item adjustments: For lot size — worth $ For age/condition For bathroom count For GLA ; For swimming pool ADMINISTRATIVE COMPLAINT. Did you utilize paired sales to achieve the adjustments? EXHIBIT 4 . _ PAGE cesul ewnuass OF ssces - What data do you have beyond zillow show the housing trends?"

Docket for Case No: 10-009454PL