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Milestone Appraisal Services
<br /> Residential Appraisal Report File No. m727
<br /> Scope of Work,Assumptions and Limiting Conditions
<br /> Scope of work is defined in the Uniform Standards of Professional Appraisal Practice as"the type and extent of research and analyses in an
<br /> assignment."In short,scope of work is simply what the appraiser did and did not do during the course of the assignment.It includes,but is not •
<br /> limitedto:the extent to which the property is identified and inspected,the type and extent of data researched,the type and extent of analyses applied
<br /> to arrive at opinions or conclusions.
<br /> The scope of this appraisal and ensuing discussion in this report are specific to the needs of the client,other identified intended users and to the
<br /> intended use ofthe report.This report was prepared for the sole and exclusive use of the client and other identified intended users for the identified
<br /> intended use and its use by any other parties is prohibited.The appraiser is not responsible for unauthorized use of the report.
<br /> The appraiser's certification appearing in this appraisal report is subject to the following conditions and to such other specific conditions as are
<br /> set forth by the appraiser in the report.All extraordinary assumptions and hypothetical conditions are stated in the report and might have affected the
<br /> assignment results.
<br /> 1.The appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or title thereto,nor does the appraiser render any opinion as to the title,which is
<br /> assumed to be good and marketable.The property is appraised as though under responsible ownership.
<br /> 2.Any sketch in this report may show approximate dimensions and is included only to assist the reader in visualizing the property.The appraiser has made no survey of the property.
<br /> 3.The appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question,unless arrangements have been
<br /> previously made thereto.
<br /> 4.Neither all,nor any part of the content of this report,copy or other media thereof(including conclusions as to the property value,the identity of the appraiser,professional designations,
<br /> or the firm with which the appraiser is connected),shall be used for any purposes by anyone but the client and other intended users as identified in this report,nor shall it be conveyed by
<br /> anyone to the public through advertising,public relations,news,sales,or other media,without the written consent of the appraiser.
<br /> 5.The appraiser will not disclose the contents of this appraisal report unless required by applicable law or as specified in the Uniform Standards of Professional Appraisal Practice.
<br /> 6.Information,estimates,and opinions furnished to the appraiser,and contained in the report,were obtained from sources considered reliable and believed to be We and cared.
<br /> However,no responsibility for accuracy of such items furnished to the appraiser is assumed by the appraiser.
<br /> 7.The appraiser assumes that there are no hidden or unapparent conditions of the property,subsoil,or structures,which would render it more or less valuable.The appraiser assumes
<br /> no responsibility for such conditions,or for engineering or testing,which might be required to discover such factors.This appraisal is not an environmental assessment of the property and
<br /> should not be considered as such.
<br /> 8.The appraiser specializes in the valuation of real property and is not a home inspector,building contractor,structural engineer,or similar expert,unless otherwise noted.The appraiser
<br /> did not conduct the intensive type of field observations of the kind intended to seek and discover property defects.The viewing of the property and any improvements is for purposes of
<br /> developing an opinion of the defined value of the property,given the intended use of this assignment.Statements regarding condition are based on surface observations only.The
<br /> appraiser claims no special expertise regarding issues including,but not limited to:foundation settlement,basement moisture problems,wood destroying(or other)insects,pest infestation,
<br /> radon gas,lead based paint,mold or environmental issues.Unless otherwise indicated,mechanical systems were not activated or tested.
<br /> This appraisal report should not be used to disclose the condition of the property as it relates to the presence/absence of defects.The client is invited and encouraged to employ qualified
<br /> experts to inspect and address areas of concern.If negative conditions are discovered,the opinion of value maybe affected.
<br /> Unless otherwise noted,the appraiser assumes the components that constitute the subject property improvement(s)are fundamentally sound and in
<br /> working order.
<br /> Any viewing of the property by the appraiser was limited to readily observable areas.Unless otherwise noted,attics and crawl space areas were not accessed.The appraiser did not move
<br /> furniture,floor coverings or other items that may restrict the viewing of the property.
<br /> 9.Appraisals involving hypothetical conditions related to completion of new construction,repairs or alteration are based on the assumption that such completion,alteration or repairs will
<br /> be competently performed.
<br /> 10.Unless the intended use of this appraisal specifically includes issues of property insurance coverage,this appraisal should not be used for such purposes.Reproduction or •
<br /> Replacement cost figures used in the cost approach are for valuation purposes only,given the intended use of the assignment The Definition of Value used in this assignment is unlikely
<br /> to be consistent with the definition of Insurable Value for property insurance coverage/use.
<br /> 11.The AC General Purpose Appraisa I Report(GPAR'")is not intended for use in transactions that require a Fannie Mae 1004/Freddie Mac 70 form,
<br /> also known as the Uniform Residential Appraisal Report(URAR).
<br /> Additional Comments Related To Scope Of Work,Assumptions and Limiting Conditions
<br /> Clarification of Intended Use and Intended User:
<br /> The Intended User of this appraisal report is the Client.The Intended Use is to evaluate the property that is the subject of this
<br /> appraisal for a purchase transaction,subject to the stated Scope of Work,purpose of the appraisal,reporting requirements of this
<br /> appraisal report form,and Definition of Market Value.No additional Intended Users are identified by the appraiser.
<br /> Clarification of the term"complete visual inspection":
<br /> Certification#2 on page 5 of this report states that the appraiser has performed a"complete visual inspection"of the property. It
<br /> should be understood that the"complete visual inspection"was performed within the context of the intended use and intended user
<br /> identified on page 4 and clarified above. That is,the appraiser's inspection of the property is for valuation purposes only and is
<br /> strictly for the purpose of assisting the lender/client(and only the lender/client)in evaluating the property for a mortgage finance
<br /> transaction.
<br /> The appraiser's inspection of the property was limited to what was readily observable without moving furniture,floor coverings or
<br /> personal property. Unless otherwise stated,the appraiser did not view attics,crawlspaces or any other area that would involve the
<br /> use of ladders or special equipment. The appraiser's viewing of the property was limited to surface areas only and can often be
<br /> compromised by landscaping,placement of personal property or even weather conditions. Most importantly,the appraiser's
<br /> inspection of the property is far different from and much less intensive than the type of inspections performed to discover property
<br /> defects. The appraiser is not a home inspector,building contractor,pest control specialist or structural engineer. An appraisal is not
<br /> a substitute for a home inspection or an inspection by a qualified expert in determining issues such as,but not limited to,foundation
<br /> settlement or stability,moisture problems,wood destroying(or other)insects,rodents or pests,radon gas or lead-based paint. The
<br /> client is invited and encouraged to employ the services of appropriate experts to address any area of concern.
<br /> I have not performed any services,as an appraiser or in any other capacity,on the subject property within the three-year period
<br /> immediately preceding acceptance of this assignment.
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