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SCOPE OF THE APPRAISAL REPORT <br /> USPAP defines Scope of Work as: The type and extent of research and analyses in an <br /> assignment. <br /> For each appraisal, appraisal review and appraisal consulting assignment, an appraiser <br /> must: <br /> 1) Identify the problem to be solved, <br /> 2) Determine and perform the scope of work necessary to develop credible <br /> assignment results; and <br /> 3) Disclose the scope of work in the report. <br /> 1) Provide a reasonably supported value opinion as it relates to the intended use & scope. <br /> Per assignment request (see addenda for engagement letter), the following degree of <br /> 2) research and analysis has been made. The narrative format used is an Appraisal <br /> Report, which is intended to comply with the reporting requirements set forth under <br /> Standards Rule 2-2 of USPAP. See individual approaches for further detail. <br /> The scope of work for this appraisal includes: <br /> • a) Property Identification: Public record, plat maps, zoning maps and aerial <br /> photographs were used to identify the subject property. <br /> • b) Property Inspection: A viewing of the subject property and neighborhood by the <br /> appraiser. Financial factors: The appraiser requested from the property <br /> representative income, rental and expense information on the property. Physical <br /> factors: The appraiser requested from the property representative building/site <br /> plans, and property issues. Based on property viewing and conversations with the <br /> client, city and county officials. Lot size is based on county information. Economic <br /> Factors: Consisted of gathering of information from market experts, city and/or <br /> county offices, and internet about the region, community, neighborhood, zoning, <br /> utilities, and any pending projects in the area that may affect the subject property. <br /> 3) • c) Extent of Data Researched: Sales data of competing properties within the <br /> subject market area were given primary consideration. The most relevant data is <br /> used in this report. Sources include, appraiser data files, assessor, internet, <br /> developers, agents, MLS, periodicals, in-office library, etc. In addition, during the <br /> course of appraisal practice and of this appraisal process, the appraiser has had <br /> ongoing discussions with market participants (buyers, sellers, property managers, <br /> real estate agents/brokers, appraisers, etc.) and/or viewed market data in relation <br /> to how the current real estate market may impact the subject value. The appraiser <br /> has not researched the title or ownership records. <br /> • d) Type and Extent of Analysis Applied at Opinions or Conclusions: An extensive <br /> review of market data was performed. The most recent, similar and proximate data <br /> has been used. The data used will be adjusted on a grid. Reasonable and <br /> appropriate collection, verification, analysis and viewing has been performed in the <br /> valuation approaches, given the purpose and intended use of the report. A final <br /> value opinion will be discussed and correlated. <br /> The data used was obtained from sources considered credible, yet its accuracy is not <br /> guaranteed. If found otherwise the value could differ. <br /> Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com 3 <br />