This form is designed to report an appraisal of a one-four unit residential property. This form is not to be used when appraising the following types of properties: commercial properties, co-operative units, vacant land, and properties with other than a Fee Simple or Leasehold interest. This report form can only be completed when Multiple Listing Service (MLS) data is used as the primary data source for the sales comparables.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications are not permitted without express authorization by the client. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Additional certifications that do not constitute material alterations to this appraisal report are permitted.

The appraiser's scope of work for this product must include, at minimum, the following (the appraiser can expand on the scope of work based on the complexity of the assignment): (1) Research, verify, and analyze data from reliable public and/or private sources which must include Multiple Listing Service (MLS) or other accepted market data source for the subject's market area, (2) Identify the characteristics of the subject property that are relevant to the purpose and intended use of the appraisal, (3) Include a minimum of 3 closed comparable sales, (4) Utilize the provided Property Condition Report (performed by a local real estate agent or broker) and other sources considered reliable to reconcile the physical condition, view or external influences of the subject property (5) Report the analysis, opinions, conclusions, and rationale for conclusions in this appraisal report.

EXPOSURE TIME:   The estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.

EXTRAORDINARY ASSUMPTIONS:   (An extraordinary assumption is directly related to a specific assignment and presumes uncertain information to be factual. If found to be false this assumption could alter the appraiser's opinions or conclusions. Any extraordinary assumption may affect the assignment results.) Subject property report is based on the extraordinary assumption that the interior finish is consistent with the exterior condition, which is based on information and photographs provided by the Property Condition Report (PCR)/Property Condition Inspection (PCI) and the inspection/condition described within that report is accurate as of the effective date of value presented in this report. If other form of inspection was used for consideration with this report, that report will be noted in this report. The use of this extraordinary assumption, if found to be false, could alter the appraiser's opinions or conclusions.

HYPOTHETICAL CONDITIONS:   (A hypothetical condition is that which is contrary to what exists, but is asserted by the appraiser for the purpose of analysis. Any hypothetical condition may affect the assignment results.)

PURPOSE:
The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report based on a sales comparison analysis solely for the use by the lender/client identified in the report.

INTENDED USE:
The intended use of this appraisal report is Home Equity Line of Credit by the lender/client. This report is not intended for any other use.

INTENDED USER:

DEFINITION OF MARKET VALUE:
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. (Source of Definition of Market Value: FDIC Law, Regulations, Related Acts, 2000 - Rules and Regulations § 323.2 Definitions)