restricted appraisal report...(2) the reported analyses, opinions, and conclusions are limited only...
TRANSCRIPT
O’Connor & Associates Restricted Appraisal Report
Prepared by O’Connor & Associates 2200 North Loop West, Suite 200
Houston, Texas 77018
www.poconnor.com
Subject Property
C16-0100 Subject Property Location
E/L of S. Shepherd Dr., N of Westheimer Rd. Houston, Harris County, Texas 77019 Subject Property Description
As If Vacant Land
Appraisal C16-0100
Prepared for Mr. Carl Carlock
Effective Date of Appraisal
February 5, 2016 “As Is”
Patrick O’ Connor & Associates, L.P. dba Patrick C. O’Connor, MAI, President W. F. Trotter Jr., MAI
Ryan P. Lin, MAI (4) (5)
2200 North Loop West, Suite 200 Houston, Texas 77018
713-686-9955 FAX 713-686-8336 www.poconnor.com
February 9, 2016
Mr. Carl Carlock 2421 South Shepherd Drive Houston, Texas 77019 Reference: As If Vacant Land: An irregular-shaped tract of land containing a total of ±0.554 acre
(24,125 square feet). The subject site is located on the east line of South Shepherd Drive, north of Westheimer Road, in Houston, Harris County, Texas 77019.
Dear Mr. Carlock:
At your request, we have completed a restricted appraisal for the purpose of determining the “As Is” Market Value – Land Only of the Fee Simple Estate of the above-referenced property. The effective date for the “As Is” Market Value is February 5, 2016, which is the date the appraiser visited the subject site.
This report presents limited discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser’s opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser’s file. The depth of discussion retained in this report is specific to the needs of the client and for the intended use stated below. The appraiser is not responsible for unauthorized use of this report.
We are not qualified to detect or identify hazardous substances which may, or may not be present on, in, or near this property. The presence of hazardous materials may negatively affect value. We have valued the subject property as though free of hazardous materials. We urge the user of this report to obtain the services of a specialist for the purpose of conducting an environmental audit to ensure that the subject property is free of hazardous materials.
Mr. Carl Carlock February 9, 2016 The value concluded herein is specifically contingent upon the basic assumptions and limiting conditions listed within the body of this report. Therefore, the “As Is” Market Value of the Fee Simple Estate for the subject, as of the effective date of February 5, 2016, is:
Appraisal Premise Interest Appraised Date of ValueValue
Conclusion"As Is" Market Value - Land Only Fee Simple Estate February 5, 2016 $2,900,000
MARKET VALUE CONCLUSION
Extraordinary Assumption: The value conclusion is based on the extraordinary assumptions that (1) the subject site is free of any environmental issues, and (2) the subject site is cleared and ready for new development. Our use of the extraordinary assumption might have affected the assignment results.
Respectfully submitted, PATRICK O'CONNOR & ASSOCIATES, LP dba O'CONNOR & ASSOCIATES
Ryan P. Lin, MAI John R. Fisher, LEED AP TX-1380202-G TX-1323960-G State Certified General Real Estate Appraiser State Certified General Real Estate Appraiser Candidate for Designation, Appraisal Institute
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CERTIFICATION OF APPRAISAL We certify that, to the best of our knowledge and belief... (1) The statements of fact contained in this report are true and correct. (2) The reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions, and are our personal, impartial and unbiased professional analyses, opinions and conclusions.
(3) We have no present or prospective interest in the property that is the subject of this analysis, and we have no personal interest with respect to the parties involved.
(4) We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
(5) Our compensation for completing this assignment is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or use of, this report, or upon developing or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. Our engagement in this assignment is not contingent upon developing or reporting predetermined results.
(6) The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice.
(7) Ryan P. Lin has viewed the subject site. John R. Fisher has viewed the subject site. (8) No one provided significant real property appraisal assistance to the persons signing this report. (9) This assignment was not based on a requested minimum value, a specific valuation, or the approval
of a loan. (10) Ryan P. Lin MAI is a designated Member of the Appraisal Institute, and has completed the
continuing education program of the Appraisal Institute. John R. Fisher is a Candidate for Designation, Appraisal Institute, and as of the date of this report, has completed the Standards and Ethics Education Requirement of the Appraisal Institute for Candidates for Designation. The use of this report is subject to the requirements of the Appraisal Institute relating to review by their duly authorized representatives. The bylaws and regulations of the Appraisal Institute require each member to control the use and distribution of each report signed by such member.
(11) None of the signatories have previously performed services as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the acceptance of this assignment.
Ryan P. Lin, MAI John R. Fisher, LEED AP TX-1380202-G TX-1323960-G State Certified General Real Estate Appraiser State Certified General Real Estate Appraiser Candidate for Designation, Appraisal Institute
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Property Type As If Vacant LandLocation E/L of S. Shepherd Dr., N of Westheimer Rd.County, State, Zip Code Houston, Harris County, Texas 77019Tax Parcel Number(s)
Interest Appraised Fee Simple EstateDate of Valuation February 5, 2016 "As Is"Report Date February 9, 2016
Land Area (acres) 0.554Flood Plain Unshaded Zone XUtilities All Available
Zoning NoneTax Assessment $1,737,181Tax Amount $46,212
Cost Approach Conclusion N/ASales Comparison Approach Conclusion $2,900,000Income Approach Conclusion N/A
"As Is" Market Value - Land Only $2,900,000
Estimated Marketing Time (months) 12Estimated Exposure Time (months) 12
EXECUTIVE SUMMARY
064-053-000-0005; 064-053-000-0006; 057-287-000-0005; 057-287-000-0006
Cost Approach Conclusion N/A
Sales Comparison Approach Conclusion $2,900,000Land Value/SF $120
Income Approach N/A
"As Is" Market Value - Land Only $2,900,000
ECONOMIC SUMMARY
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Extent of the Process of Collecting, Confirming, and Reporting Data Information used in this analysis includes courthouse records, Harris County appraisal district records, Enriched Data’s database of comparable sales, various internet sites, and MLS. Sales prices were confirmed with either the grantor, grantee, or a third party source deemed to be reliable. Highest and Best Use The highest and best use of the subject property, as vacant, is for commercial/retail or high-density residential use (based on surrounding land uses).
Ownership History Based on Harris County Appraisal District records, the subject property is currently owned by Carl T. Carlock, who has owned the subject property for at least the past three years. The appraiser is not aware of any arm’s-length sales activity involving the subject property over the past three years. The subject property is not currently listed for sale and no contracts are pending.
Legal Description No metes and bounds legal description of the subject property was provided to the appraisers for review. A legal description was obtained from the Harris County Appraisal District, and is included in the addenda of this report.
Tax Data A copy of the Harris County Appraisal District tax data, provided by an on-line service, is included as an addenda item to this report.
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Plat Map
Aerial View
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View of Subject Site from South Shepherd Drive
View of Subject Site from South Shepherd Drive
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View of Subject Site from Huldy Street
View of Subject Site from Huldy Street
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Subject Site
Subject Site
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South Shepherd Drive Looking North
South Shepherd Drive Looking South
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Huldy Street Looking North
Huldy Street Looking South
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SALES COMPARISON APPROACH – LAND ONLY (AS IF VACANT)
Analysis of Comparable Land Sales The value for the subject site was based on consideration of the following comparable land sales. This value was based on an analysis of these sales in relation to the subject site after adjustments were applied for conditions of sale, market conditions, availability of utilities, corner influence/frontage ratio, location, size, shape, and topography. The following is a summary of the sales used in our analysis. We will compare the sales on the basis of sales price square foot, which is the most common unit of comparison for smaller tracts. Additionally, 2 listings were found in the subject’s neighborhood and were also given consideration.
Sale Location Sale Date Sale Price Acres Size (SF) $/SF
1 E/L of Westgate St., N of Westheimer Rd. 06/18/15 $1,000,000 0.177 7,700 $130
2 NW/C of Westheimer Rd. and Kueter St. 08/12/14 $4,424,378 0.797 34,701 $128
3 N/L of W. Alabama St., W of Hazard St. 04/30/14 $7,298,912 1.570 68,402 $107
4 E/L of Timmons Ln., S of W. Alabama St. 03/27/14 $24,850,000 6.482 282,356 $88
5 SE/C of W. Alabama St. and Dunlavy St. 03/16/12 $14,908,272 3.680 160,301 $93
L-6 N/L of Richmond Ave., W of Dunlavy St. Listing $3,125,000 0.720 31,363 $100
L-7 NW/C of W. Gray St. and Montrose Blvd. Listing $3,738,750 0.572 24,925 $150
Sub.E/L of S. Shepherd Dr., N of Westheimer Rd.
N/A N/A 0.554 24,125 N/A
SUMMARY OF LAND SALES
Data on each of the sales, including sales price, was confirmed with sources considered to be reliable. Sales transaction volume of tracts in the subject’s neighborhood has been relatively low in recent years due to the limited availability of vacant tracts in this densely developed area. The comparable land sales occurred from 2012 through 2015. The subject site is located on the east line of South Shepherd Drive, north of Westheimer Road and has good access and visibility. The subject site has ±89 feet of frontage along the east line of South Shepherd Drive and ±100 feet of frontage along the west line of Huldy Street, producing a frontage to acreage ratio of 341:1. South Shepherd Drive is a primary north/south thoroughfare in the neighborhood and provides the site with good traffic/exposure. Additionally, the site is located just ±272 feet north of Westheimer Road, with visibility from Westheimer Road, a primary east/west thoroughfare. Road construction on South Shepherd, at the subject site, was recently completed. The newly-paved concrete road is two-way, four-lanes with curb and gutter drainage. The subject is located in the River Oaks market, characterized by some of the most up-scale, exclusive retailers and highest price single-family residential developments in Houston. The subject is also located across the street from St. Anne Catholic School.
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Land Value Conclusion After all appropriate adjustments and consideration of the listings, a value of $120 per square foot was indicated for the subject, resulting in a value via the Sales Comparison Approach – Land Only of:
Land Area (SF) Land Value/SF Land Value
24,125 $120 $2,895,000
Land Value via Sales Comparison Approach $2,895,000Rounded: $2,900,000
LAND VALUE SUMMARY
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RECONCILIATION AND FINAL VALUE CONCLUSION
The Appraisal of Real Estate, Fourteenth Edition, copyright 2013, pages 641-642, published by the Appraisal Institute states, “Resolving the differences among various value indications is called reconciliation….The final value opinion is not the average of the different value indications derived. No mechanical formula is used to select one indication over the others…Final reconciliation relies on proper application of appraisal techniques and the appraiser’s judgment.” The Cost Approach and Income Approach were not applicable because the subject property is vacant land. The Sales Comparison Approach was used to value the land only. The "As Is" Market Value of the Fee Simple Estate of the subject property – Land Only, as of the effective date of February 5, 2016, is:
Appraisal Premise Interest Appraised Date of ValueValue
Conclusion"As Is" Market Value - Land Only Fee Simple Estate February 5, 2016 $2,900,000
MARKET VALUE CONCLUSION
Extraordinary Assumption: The value conclusion is based on the extraordinary assumptions that (1) the subject site is free of any environmental issues, and (2) the subject site is cleared and ready for new development. Our use of the extraordinary assumption might have affected the assignment results.
Exposure to the Market/Marketing Time Assuming adequate exposure and normal marketing efforts, the estimated exposure time (i.e. the length of time the subject property would have been exposed for sale in the market had it sold at the market value concluded to in this analysis as of the date of this valuation) would have been within 12 months; the estimated marketing time (i.e. the amount of time it would probably take to sell the subject property, in bulk, if exposed in the market beginning on the date of this valuation) is estimated to be within 12 months.
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SCOPE OF WORK
Scope of Work is defined by the Uniform Standards of Professional Appraisal Practice as “the type and extent of research and analyses in an appraisal or appraisal review assignment.” Under the Scope of Work Rule, the appraiser must:
identify the problem to be solved; determine and perform the scope of work necessary to develop credible assignment results;
and disclose the scope of work in the report.
The problem to be solved is to form an opinion of the “As Is” Market Value (As If Vacant) of the Fee Simple Estate of the subject property.
The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice, in a manner necessary to produce a credible result.
This Restricted Appraisal Report has been prepared under Standards Rule 2-2(b) of an appraisal performed under Standards Rule 1 of USPAP. The value set forth herein was determined after application and analysis by one of the three approaches to value i.e.; the Sales Comparison Approach - Land Only.
This appraisal report provides limited details of all pertinent data, and descriptions, germane to the appraisal of the subject of this report. This appraisal included a visit to the subject of this report and comparables sales and an analysis of the surrounding neighborhood with recognition of existing and future trends. Empirical information in the Area Data and Neighborhood Data was gathered from reliable sources, including governmental agencies and the Enriched Data market research department. Texas is a non-disclosure state. Therefore, sales data available is limited to sales confirmed by associated parties. All sales information was verified with reliable sources.
The land sales search parameters included vacant land tracts located within or near the subject’s neighborhood, which occurred since 2012.
Ryan P. Lin is the primary author of this report, and has viewed the subject site. John R. Fisher performed a technical review of the appraisal report, and has visited the subject site. A copy of this report and the data included herein has been retained in our files. Competency of the Appraisers Ryan P. Lin and John R. Fisher are Certified General Real Estate Appraisers according to the Texas Real Estate Appraiser Licensing and Certification Board. Ryan P. Lin and John R. Fisher have appraised numerous properties similar to the subject.
Attention is invited to the qualifications of each individual, which are presented in the addenda of this report.
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Intended Use and Users The client (Mr. Carl Carlock) represents that he intends to use the appraisal report for asset valuation purposes of the subject property and for no other purpose. The client also represents that the report will be used only by Mr. Carl Carlock for the purposes set forth above.
Date of the Appraisal Report The preparation of this appraisal report was completed on February 9, 2016.
Effective Date of the Appraisal The descriptions, analyses, and conclusions of this report for the subject property are applicable as of February 5, 2016, which is the date of the site visit to the subject property.
Assignment Conditions Assignment conditions include assumptions that affect the scope of work, other than those previously discussed in the “Assumptions and Limiting Conditions.” Per client agreement, although the site is improved, we will value the land only, under the extraordinary assumptions (1) the subject site is free of any environmental issues, and (2) the subject site is cleared and ready for new development.
Fee Simple Estate This bundle of ownership rights refer to the "absolute ownership unencumbered by any other interest or estate subject only to the four powers of government."
Leased Fee Estate The Leased Fee interest refers to "an ownership interest held by a landlord with the right of use and occupancy conveyed by lease to others; the rights of lessor or the leased fee owner and leased fee are specified by contract terms contained within the lease."
Property Rights Appraised The property rights appraised in this assignment are the Fee Simple Estate in the subject property. No mineral rights were included in this valuation.
Assets Appraised The assets appraised in this appraisal assignment include land only. No moveable equipment or personal property was included in the valuation process.
Environmental Conditions No environmental report was available to us and no recent environmental tests were performed. Because we have no evidence to the contrary, we have assumed that the property is free of any material which would adversely affect the value, including, but not limited to, asbestos and toxic waste. Our value conclusions are subject to revision should these assumptions prove incorrect. We caution and advise the user of this report to obtain environmental studies which may be required to ascertain status of the property with regard to asbestos and other hazardous materials.
Addenda
ASSUMPTIONS AND LIMITING CONDITIONS
This report is subject to the following assumptions and limiting conditions: (1) No survey of the subject property was undertaken and the appraiser(s) assume no responsibility
associated with such matters.
(2) The value is based on the assumption of responsible ownership and competent management. The subject property is assumed to be free and clear of all liens, except as may be otherwise herein described. No responsibility is assumed by the appraiser(s) for matters legal in character, nor is any opinion on the title rendered, which is assumed to be good and marketable.
(3) The information contained herein has been gathered from sources deemed to be reliable, but the appraiser(s) assume no responsibility for its accuracy. Correctness of estimates, opinions, dimensions, sketches and other exhibits that have been furnished and have been used in this report are not guaranteed.
(4) The value rendered herein is based on preliminary analyses of the subject and market area. The market value is expressed in terms of the current purchasing power of the dollar.
(5) Any leases, agreements or other written or verbal representations and/or communications and information received by the appraiser(s) have been reasonably relied upon in good faith but have not been analyzed for their legal implications. We urge and caution the user of this report to obtain legal counsel of his/her own choice to review the legal and factual matters, and to verify and analyze the underlying facts and merits of any investment decision in a reasonably prudent manner.
(6) Appraiser(s) assume no responsibility for any hidden agreements known as "side reports", which may or may not exist relative to this property, which have not been made known to us, unless specifically acknowledged within this report.
(7) This report is to be used in whole, and not in part. Any separate valuation for land and improvements shall not be used in conjunction with any other valuation and is invalid if so used. Possession of this report or any copy thereof does not carry with it the right of publication nor may the same be used for any purpose by anyone but the client without the previous written consent of the appraiser(s), and in any event, only in its entirety.
(8) The appraiser(s), by reason of this report, are not required to give testimony in court with reference to the property unless notice and proper arrangements have been previously made therefore.
(9) Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without prior written consent and approval of the author.
(10) No subsoil data or analysis based on engineering core borings or other tests were furnished to us. We have assumed that there are no subsoil defects present that would impair development of the land to its maximum permitted use, or would render it more or less valuable. No responsibility is assumed for engineering, which might be required to discover such factors.
ASSUMPTIONS AND LIMITING CONDITIONS
(11) The construction and physical condition of the improvements described herein are based on a site visit. No liability is assumed by the appraiser(s) for the soundness of structural members since no engineering tests were conducted. No liability is assumed for the condition or adequacy of mechanical equipment, plumbing or electrical components. No responsibility is assumed for engineering, which might be required to discover such factors. We urge the user of this report to retain an expert in this field.
(12) Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated byphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present in or on the property, or other environmental conditions were not called to the attention of the appraiser(s) nor did the appraiser(s) become aware of such during the appraiser(s) site visit. The appraiser(s) have no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser(s), however, are not qualified to test such substances or conditions. If the presence of such substances as asbestos, urea formaldehyde, foam insulation or other hazardous substance or environmental conditions may affect the value of the property, the value is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto as to cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to detect or discover them. We urge the user of this report to retain an expert in the field of environmental impacts on real estate if so desired.
(13) The projections of income, expenses, terminal values or future sales prices are not predictions of the future, rather, they are the best estimate of current market thinking of what future trends will be. No warranty or representation is made that these projections will materialize. The real estate market is constantly changing. It is not the task of the appraiser(s) to estimate the conditions of a future real estate market, but rather to reflect what the investment community envisions for the future, and upon what assumptions of the future investment decisions are based.
(14) The client or user of this report agrees to notify the appraiser(s) of any error, omission or inaccurate data contained in the report within 15 days of receipt, and return the report and all copies thereof to the appraiser(s) for correction prior to any use.
(15) The acceptance of this report, and its subsequent use by the client or any other party in any manner whatsoever for any purpose, is acknowledgment by the user that the report has been read and understood, and specifically agrees that the data and analyses, to their knowledge, are correct and acceptable.
(16) This assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan.
(17) The client or user of this report agrees to notify the appraiser(s) of any error, omission or inaccurate data contained in the report within 15 days of receipt, and return the report and all copies thereof to the appraiser(s) for correction prior to any use.
(18) The acceptance of this report, and its subsequent use by the client or any other party in any manner whatsoever for any purpose, is acknowledgment by the user that the report has been read and understood, and specifically agrees that the data and analyses, to their knowledge, are correct and acceptable.
ASSUMPTIONS AND LIMITING CONDITIONS
(19) The client or user of this report agrees to notify the appraiser(s) of any error, omission or inaccurate data contained in the report within 15 days of receipt, and return the report and all copies thereof to the appraiser(s) for correction prior to any use.
(20) The acceptance of this report, and its subsequent use by the client or any other party in any manner whatsoever for any purpose, is acknowledgment by the user that the report has been read and understood, and specifically agrees that the data and analyses, to their knowledge, are correct and acceptable.
(21) This assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan.
(22) The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more requirements of the act. If so, this fact could have a negative impact upon the value of the property. However, since we have no direct evidence relating to the issue of compliance, we did not consider possible noncompliance with requirements of ADA in forming an opinion of the value of the property.
(23) If this appraisal includes a prospective value as of a prospective date, the value conclusion is contingent upon the assumption that market conditions do not unexpectedly change from the date of the report to the prospective date of value.
ENVIRONMENTAL ASSUMPTIONS
This report is subject to the following environmental assumptions:
(1) There is a safe, lead-free, adequate supply of drinking water.
(2) The subject property is free of soil contamination.
(3) There is no uncontained friable asbestos or other hazardous asbestos material on the property. The appraiser is not qualified to detect such substances.
(4) There are no uncontained PCB's on or near the property.
(5) The radon level is at or below EPA recommended levels.
(6) Any functioning underground storage tanks (UST's) are not leaking and are properly registered; any abandoned UST's are free from contamination and were properly drained, filled and sealed.
(7) There are no hazardous waste sites on or near the subject property that negatively affect the value and/or safety of the property.
(8) There is no significant urea formaldehyde (UFFI) insulation or other urea formaldehyde material on the property.
(9) There is no flaking or peeling of lead-based paint on the property.
(10) The property is free of air pollution.
(11) There are no wetlands/flood plains on the property (unless otherwise stated in the report).
(12) There are no other miscellaneous hazardous substances and/or detrimental environmental conditions on or in the area of the site (excess noise, radiation, light pollution, magnetic radiation, acid mine drainage, agricultural pollution, waste heat, miscellaneous chemical, infectious medical wastes, pesticides, herbicides, and the like).
DEFINITIONS
Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, copyright 2010. Leased Fee Interest A freehold (ownership interest) where the possessory interest has been granted to another party by creation of a contractual landlord-tenant relationship (i.e., a lease). Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, copyright 2010. Leasehold Interest The tenant’s possessory interest created by a lease. Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, copyright 2010. Market Rent The most probable rent that a property should bring in a competitive and open market reflecting all conditions and restrictions of the lease agreement, including permitted uses, use restrictions, expense obligations, term, concessions, renewal and purchase options, and tenant improvements. Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, copyright 2010. Market Value Market value means 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 and 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 acting in what they consider their own best interests;
(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.
The value conclusions expressed within this report are in terms of cash ($US). Source: Office of the Comptroller of the Currency (12 CFR Part 34)
Prospective Market Value According to USPAP, an appraisal with a prospective market value reflects an effective date that is subsequent to the date of the appraisal report. (1) The prospective market value “as completed” reflects the property’s market value as of the time that
development is expected to be completed.
(2) The prospective market value “as stabilized” reflects the property’s market value as of the time the property is projected to achieve stabilized occupancy.
Neighborhood (3) A group of complementary land uses; a congruous grouping of inhabitants, buildings, or business
enterprises.
(4) A developed residential super pad within a master planned community usually having a distinguishing name and entrance. Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, copyright 2010.
Depreciation is defined as loss in capital value from any cause. It is employed in this report in estimating the difference in the present day value of the improvements and the cost of new replacement. The three major types of accrued depreciation are: Physical Deterioration Physical deterioration is loss in value from actual physical causes and measured either as curable or incurable. The curable items are measured by the actual cost to replace or repair the component parts. The incurable portion is estimated by virtue of an observed condition or ascertaining the used portion by the best estimate of the appraiser. Curable physical deterioration, also referred to as deferred maintenance, is caused by normal wear and tear that should be corrected immediately, or is necessary to keep rents at market levels. The cost of curing the condition, and bringing the property to a satisfactory and functioning condition, is generally the measure of deferred maintenance. Functional Obsolescence Functional obsolescence is loss in value from conditions existing within the property which make the property inadequate or less desirable to the typical prudent purchaser. It, too, may be curable or incurable. Incurable obsolescence is normally measured by the loss in income which may accrue to the property by reason thereof. External Obsolescence According to the Dictionary of Real Estate Appraisal Appraisal, Fifth Edition, external obsolescence is “an element of depreciation; a diminution of value caused by negative externalities and generally incurable on the part of the owner, landlord, or tenant.”
2200 N. Loop W., Suite 200 Houston, TX 77018 (713) 375-4010 Fax: (866) 491-9165 www.poconnor.com
Patrick O’ Connor & Associates, L.P. dba Patrick C. O’Connor, MAI, President W. F. Trotter Jr., MAI
Ryan Lin, MAI
Letter of Engagement
February 1, 2016 Mr. Carl Carlock 2421 South Shepherd Houston, Texas 77019 713-520-7030 Email: [email protected] Dear Mr. Carlock: We have received your request for a Restricted Appraisal report for the land only referenced below. Thank you for selecting O’Connor & Associates. If required documents are not received in a timely manner, the fee and completion date will be subject to revision. Should you have any questions please feel free to contact us.
Address: 2421 S. Shepherd, Houston, TX 77019 2503 S. Shepherd, Houston, TX 77019 2424 Huldy St., Houston, TX 77019 2502 Huldy St., Houston, TX 77019 Tax ID: 064-053-000-0006 / 064-053-000-0005 / 057-287-000-0006 057-287-000-0005 Report: Restricted Appraisal Intended Users: Mr. Carl Carlock Due Date: 7 days or less from date of engagement Fee: $1,200 Value(s): “As If Vacant” (Land only assumed ready for development)*
*Although the site is improved, we will value the land only, under the extraordinary assumptions 1) land is free of any environmental issues and 2) tract is cleared and ready for new development. In addition to all other terms and conditions of this agreement, Appraiser and Client agree that Appraiser’s services under this agreement and appraisal report(s), and any use of the reports(s), are and will be subject to the statements, limiting conditions and other terms set forth in the appraisal reports(s). Appraiser’s standard appraisal statements, limiting conditions and terms are attached to this agreement and incorporated herein. Appraiser may determine additional conditions and terms affecting the appraisal during performance of the assignment which may be identified in the report(s).
2/3/2016 Print Details
http://www.hcad.org/records/print.asp?crypt=%94%9A%B0%94%BFg%84%93%83zmg%8El%87tXt%5EW%9E%99%A2%D3%89%95%C2e%7CU%8A%81%86%C0%AB%A8%AD%86%5E&bld=1 1/1
HARRIS COUNTY APPRAISAL DISTRICT
REAL PROPERTY ACCOUNT INFORMATION 0640530000006
Tax Year: 2015
Owner and Property Information
Owner Name &Mailing Address:
CARLOCK CARL T1111 WELCH STHOUSTON TX 77006-1235
Legal Description: LT FSHEPHERD LAWN
Property Address: 2421 S SHEPHERD DR HOUSTON TX 77019
State C lass Code Land Use Code BuildingC lass
TotalUnits
LandArea
Total LivingArea
Net RentableArea
Neighborhood MapFacet
Key
Map®
F1 -- Real,Commercial
8002 -- Land NeighborhoodSection 2
E 0 5,558 SF 3,469 0 5904.02 5356A 492U
Value Status Information
Capped Account Value Status Notice Date Shared CAD
No Noticed 04/03/2015 No
Exemptions and Jurisdictions
Exemption Type Districts Jurisdictions Exemption Value ARB Status 2014 Rate 2015 Rate
None 001 HOUSTON ISD Supplemental: 09/11/2015 1.196700 1.196700
040 HARRIS COUNTY Supplemental: 09/11/2015 0.417310 0.419230
041 HARRIS CO FLOOD CNTRL Supplemental: 09/11/2015 0.027360 0.027330
042 PORT OF HOUSTON AUTHY Supplemental: 09/11/2015 0.015310 0.013420
043 HARRIS CO HOSP DIST Supplemental: 09/11/2015 0.170000 0.170000
044 HARRIS CO EDUC DEPT Supplemental: 09/11/2015 0.005999 0.005422
048 HOU COMMUNITY COLLEGE Supplemental: 09/11/2015 0.106890 0.101942
061 CITY OF HOUSTON Supplemental: 09/11/2015 0.631080 0.601120
939 HC ID 11 Supplemental: 09/11/2015 0.125000 0.125000
Texas law prohibits us from displaying residential photographs, sketches, floor plans, or information indicating the age of a property owner on our website.You can inspect this information or get a copy at HCAD's information center at 13013 NW Freeway.
Valuations
Value as of January 1, 2014 Value as of January 1, 2015
Market Appraised Market Appraised
Land 366,828 Land 361,270
Improvement 41,172 Improvement 50,850
Total 408,000 408,000 Total 412,120 412,120
Land
Market Value Land
Line DescriptionSite
CodeUnitType
UnitsSize
FactorSite
FactorAppr O/R
FactorAppr O/RReason
TotalAdj
UnitPrice
Adj UnitPrice
Value
1 8002 -- Land Neighborhood Section 2 4374 SF 5,558 1.00 1.00 1.00 -- 1.00 65.00 65.00 361,270.00
Building
Building Year Built Type Style Quality Impr Sq Ft Building Details
1 1930 Retail Multi-Occupancy Neighborhood Shopping Ctr Average 1,091 Displayed
2 1930 Commercial Bldg. - Mixed Res. Mixed Retail w/ Resid. Units Average 2,378 View
Building Details (1) Building Data
Element Detail
Cooling Type Central / Forced
Construction Type Wood / Steel Joist
Economic Obsolescence Fair
Functional Utility Poor
Heating Type Hot Air
Partition Type Normal
Physical Condition Fair
Plumbing Type Adequate
Sprinkler Type None
Exterior Wall Masonry / Frame
Element Units
Wall Height 14
Store Front: Metal 1
Interior Finish Percent 100
Building Areas
Description Area
PORCH, OPEN -C 30
BASE AREA PRI 1,091
Building Features
Description Units
Paving - Asphalt 1
2/3/2016 HCAD: Ownership History
http://www.hcad.org/records/Ownership.asp?acct=0640530000006&taxyear=2015 1/1
Ownership History: 0640530000006
2421 S SHEPHERD DR HOUSTON TX 77019
Owner Effective Date
CARLOCK CARL T 6/26/1988
GAENSLE G 1/2/1984
[end of record]
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2/3/2016 HCAD 5 - Year Value History
http://www.hcad.org/records/HistoryValue.asp?currenttaxyear=2015&LastTaxYear=&acct=0640530000006 1/1
APPRAISED VALUE HISTORY: 0640530000006 Print
Tax Year: 2015 2014 2013 2012 2011
Appraised Value: $412,120 408,000 353,133 300,986 297,308
(The appraised value shown on this screen may be less than the property's January 1 market value if the property is a residence homestead and is subjectto a cap on annual increases in appraised value.)
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2/3/2016 Print Details
http://www.hcad.org/records/print.asp?crypt=%94%9A%B0%94%BFg%84%93%83zmg%8El%87tXt%5DW%9E%99%A2%D3%89%95%C2e%7CU%8A%81%86%C0%AB%A8%AD%86%5E&bld=1 1/1
HARRIS COUNTY APPRAISAL DISTRICT
REAL PROPERTY ACCOUNT INFORMATION 0640530000005
Tax Year: 2015
Owner and Property Information
Owner Name &Mailing Address:
CARLOCK CARL T1111 WELCH STHOUSTON TX 77006-1235
Legal Description: LT ESHEPHERD LAWN
Property Address: 2503 S SHEPHERD DR HOUSTON TX 77019
State C lass Code Land Use Code BuildingC lass
TotalUnits
LandArea
Total LivingArea
Net RentableArea
Neighborhood MapFacet
Key
Map®
F1 -- Real,Commercial
8002 -- Land NeighborhoodSection 2
E 0 6,018 SF 3,428 0 5904.02 5356A 492U
Value Status Information
Capped Account Value Status Notice Date Shared CAD
No Noticed 04/03/2015 No
Exemptions and Jurisdictions
Exemption Type Districts Jurisdictions Exemption Value ARB Status 2014 Rate 2015 Rate
None 001 HOUSTON ISD Certified: 08/14/2015 1.196700 1.196700
040 HARRIS COUNTY Certified: 08/14/2015 0.417310 0.419230
041 HARRIS CO FLOOD CNTRL Certified: 08/14/2015 0.027360 0.027330
042 PORT OF HOUSTON AUTHY Certified: 08/14/2015 0.015310 0.013420
043 HARRIS CO HOSP DIST Certified: 08/14/2015 0.170000 0.170000
044 HARRIS CO EDUC DEPT Certified: 08/14/2015 0.005999 0.005422
048 HOU COMMUNITY COLLEGE Certified: 08/14/2015 0.106890 0.101942
061 CITY OF HOUSTON Certified: 08/14/2015 0.631080 0.601120
939 HC ID 11 Certified: 08/14/2015 0.125000 0.125000
Texas law prohibits us from displaying residential photographs, sketches, floor plans, or information indicating the age of a property owner on our website.You can inspect this information or get a copy at HCAD's information center at 13013 NW Freeway.
Valuations
Value as of January 1, 2014 Value as of January 1, 2015
Market Appraised Market Appraised
Land 397,188 Land 391,170
Improvement 51,694 Improvement 66,964
Total 448,882 448,882 Total 458,134 458,134
Land
Market Value Land
Line DescriptionSite
CodeUnitType
UnitsSize
FactorSite
FactorAppr O/R
FactorAppr O/RReason
TotalAdj
UnitPrice
Adj UnitPrice
Value
1 8002 -- Land Neighborhood Section 2 4374 SF 6,018 1.00 1.00 1.00 -- 1.00 65.00 65.00 391,170.00
Building
Building Year Built Type Style Quality Impr Sq Ft Building Details
1 1950 Retail Multi-Occupancy Neighborhood Shopping Ctr Average 992 Displayed
2 1930 Commercial Bldg. - Mixed Res. Mixed Retail w/ Resid. Units Average 2,436 View
Building Details (1) Building Data
Element Detail
Cooling Type Central / Forced
Construction Type Wood / Steel Joist
Functional Utility Poor
Heating Type Hot Air
Partition Type Normal
Physical Condition Fair
Plumbing Type Adequate
Sprinkler Type None
Exterior Wall Masonry / Frame
Economic Obsolescence Normal
Element Units
Wall Height 14
Interior Finish Percent 100
Building Areas
Description Area
BASE AREA PRI 992
Building Features
Description Units
CANOPY ONLY 1
Paving - Asphalt 1
2/3/2016 HCAD: Ownership History
http://www.hcad.org/records/Ownership.asp?acct=0640530000005&taxyear=2015 1/1
Ownership History: 0640530000005
2503 S SHEPHERD DR HOUSTON TX 77019
Owner Effective Date
CARLOCK CARL T 12/20/1996
BEAD SHOP INC 3/8/1988
CARLOCK CARL T 6/26/1986
GAENSLEN G 1/2/1984
[end of record]
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2/3/2016 HCAD 5 - Year Value History
http://www.hcad.org/records/HistoryValue.asp?currenttaxyear=2015&LastTaxYear=&acct=0640530000005 1/1
APPRAISED VALUE HISTORY: 0640530000005 Print
Tax Year: 2015 2014 2013 2012 2011
Appraised Value: $458,134 448,882 358,400 330,336 312,792
(The appraised value shown on this screen may be less than the property's January 1 market value if the property is a residence homestead and is subjectto a cap on annual increases in appraised value.)
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2/3/2016 Print Details
http://www.hcad.org/records/print.asp?crypt=%94%9A%B0%94%BFg%84%92%86%7Cpk%8El%87tXt%5EQJXJzDTpHjEyr%D4%BE%C2%AF%AE%AA%9Fpk%88%5Dm%5B%B8%96%A3%C0q%5E&bld=1 1/1
HARRIS COUNTY APPRAISAL DISTRICT
REAL PROPERTY ACCOUNT INFORMATION 0572870000006
Tax Year: 2015
Owner and Property Information
Owner Name &Mailing Address:
CARLOCK CARL T1111 WELCH STHOUSTON TX 77006-1235
Legal Description: TR 5 BLK 1MORGAN
Property Address: 2424 HULDY ST HOUSTON TX 77019
State C lass Code Land Use Code BuildingC lass
TotalUnits
LandArea
Total LivingArea
Net RentableArea
Neighborhood MapFacet
Key
Map®
F1 -- Real,Commercial
8002 -- Land NeighborhoodSection 2
0 6,300 SF 0 0 5904.02 5356A 492V
Value Status Information
Capped Account Value Status Notice Date Shared CAD
No Noticed 04/03/2015 No
Exemptions and Jurisdictions
Exemption Type Districts Jurisdictions Exemption Value ARB Status 2014 Rate 2015 Rate
None 001 HOUSTON ISD Supplemental: 09/11/2015 1.196700 1.196700
040 HARRIS COUNTY Supplemental: 09/11/2015 0.417310 0.419230
041 HARRIS CO FLOOD CNTRL Supplemental: 09/11/2015 0.027360 0.027330
042 PORT OF HOUSTON AUTHY Supplemental: 09/11/2015 0.015310 0.013420
043 HARRIS CO HOSP DIST Supplemental: 09/11/2015 0.170000 0.170000
044 HARRIS CO EDUC DEPT Supplemental: 09/11/2015 0.005999 0.005422
048 HOU COMMUNITY COLLEGE Supplemental: 09/11/2015 0.106890 0.101942
061 CITY OF HOUSTON Supplemental: 09/11/2015 0.631080 0.601120
939 HC ID 11 Supplemental: 09/11/2015 0.125000 0.125000
Texas law prohibits us from displaying residential photographs, sketches, floor plans, or information indicating the age of a property owner on our website.You can inspect this information or get a copy at HCAD's information center at 13013 NW Freeway.
Valuations
Value as of January 1, 2014 Value as of January 1, 2015
Market Appraised Market Appraised
Land 378,000 Land 409,500
Improvement 5,072 Improvement 4,961
Total 383,072 383,072 Total 414,461 414,461
Land
Market Value Land
Line DescriptionSite
CodeUnitType
UnitsSize
FactorSite
FactorAppr O/R
FactorAppr O/RReason
TotalAdj
UnitPrice
Adj UnitPrice
Value
1 8002 -- Land Neighborhood Section 2 4393 SF 6,300 1.00 1.00 1.00 -- 1.00 65.00 65.00 409,500.00
Building
Vacant (No Building Data)
2/3/2016 HCAD: Ownership History
http://www.hcad.org/records/Ownership.asp?acct=0572870000006%20%20%20%20%20%20%20%20%20%20%20%20&taxyear=2015 1/1
Ownership History: 0572870000006
2424 HULDY ST HOUSTON TX 77019
Owner Effective Date
CARLOCK CARL T 9/9/1994
MALONEY TRACY T & ETAL 2/26/1992
NGUYEN NHU VAN 1/2/1984
[end of record]
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2/3/2016 Print Details
http://www.hcad.org/records/print.asp?crypt=%94%9A%B0%94%BFg%84%92%86%7Cpk%8El%87tXt%5DQJXJzDTpHjEyr%D4%BE%C2%AF%AE%AA%9Fpk%88%5Dm%5B%B8%96%A3%C0q%5E&bld=1 1/1
HARRIS COUNTY APPRAISAL DISTRICT
REAL PROPERTY ACCOUNT INFORMATION 0572870000005
Tax Year: 2015
Owner and Property Information
Owner Name &Mailing Address:
CARLOCK CARL1111 WELCH STHOUSTON TX 77006-1235
Legal Description: TRS 5A & 5B BLK 1MORGAN
Property Address: 2502 HULDY ST HOUSTON TX 77019
State C lass Code Land Use Code Land Area Total Living Area Neighborhood Map Facet Key Map®
B2 -- Real, Residential, Two-Family 1001 -- Residential Improved 6,249 SF 3,142 SF 8316.01 5356A 492V
Value Status Information
Capped Account Value Status Notice Date Shared CAD
No Noticed 04/07/2015 No
Exemptions and Jurisdictions
Exemption Type Districts Jurisdictions Exemption Value ARB Status 2014 Rate 2015 Rate
None 001 HOUSTON ISD Certified: 08/14/2015 1.196700 1.196700
040 HARRIS COUNTY Certified: 08/14/2015 0.417310 0.419230
041 HARRIS CO FLOOD CNTRL Certified: 08/14/2015 0.027360 0.027330
042 PORT OF HOUSTON AUTHY Certified: 08/14/2015 0.015310 0.013420
043 HARRIS CO HOSP DIST Certified: 08/14/2015 0.170000 0.170000
044 HARRIS CO EDUC DEPT Certified: 08/14/2015 0.005999 0.005422
048 HOU COMMUNITY COLLEGE Certified: 08/14/2015 0.106890 0.101942
061 CITY OF HOUSTON Certified: 08/14/2015 0.631080 0.601120
939 HC ID 11 Certified: 08/14/2015 0.125000 0.125000
Texas law prohibits us from displaying residential photographs, sketches, floor plans, or information indicating the age of a property owner on our website.You can inspect this information or get a copy at HCAD's information center at 13013 NW Freeway.
Valuations
Value as of January 1, 2014 Value as of January 1, 2015
Market Appraised Market Appraised
Land 382,466 Land 452,366
Improvement 70,000 Improvement 100
Total 452,466 452,466 Total 452,466 452,466
Land
Market Value Land
Line DescriptionSite
CodeUnitType
UnitsSize
FactorSite
FactorAppr O/R
FactorAppr O/RReason
TotalAdj
UnitPrice
Adj UnitPrice
Value
1 1001 -- Res Improved Table Value SF1 SF 5,000 1.00 1.00 1.00 -- 1.00 82.00 82.00 410,000.00
2 1001 -- Res Improved Table Value SF3 SF 1,249 1.00 0.50 1.00 -- 0.50 82.00 41.00 51,209.00
Building
Building Year Built Type Style Quality Impr Sq Ft Building Details
1 1945 Residential Duplex Residential 2 Family Average 2,482 * Displayed
2 1945 Residential Single Family Residential 1 Family Low 660 * View
* All HCAD residential building measurements are done from the exterior, with individual measurements rounded to the closest foot. This measurementincludes all closet space, hallways, and interior staircases. Attached garages are not included in the square footage of living area, but valued separately.Living area above attached garages is included in the square footage living area of the dwelling. Living area above detached garages is not included in thesquare footage living area of the dwelling but is valued separately. This method is used on all residential properties in Harris County to ensure theuniformity of square footage of living area measurements district-wide. There can be a reasonable variance between the HCAD square footage and yoursquare footage measurement, especially if your square footage measurement was an interior measurement or an exterior measurement to the inch.
Building Details (1) Building Data
Element Detail
Cond / Desir / Util Fair
Foundation Type Crawl Space
Grade Adjustment C+
Heating / AC None
Physical Condition Average
Exterior Wall Brick / Veneer
Cost and Design Econ Misimprovement
Element Units
Room: Total 10
Room: Full Bath 2
Room: Bedroom 4
Fireplace: Masonry Firebrick 1
Building Areas
Description Area
BASE AREA PRI 1,111
OPEN FRAME PORCH PRI 224
ONE STORY MAS PRI 36
BASE AREA UPR 1,111
ONE STORY FRAME UPR 224
2/3/2016 HCAD: Ownership History
http://www.hcad.org/records/Ownership.asp?acct=0572870000005%20%20%20%20%20%20%20%20%20%20%20%20&taxyear=2015 1/1
Ownership History: 0572870000005
2502 HULDY ST HOUSTON TX 77019
Owner Effective Date
CARLOCK CARL 12/15/2000
MORRIS ROSE 1/2/1988
[end of record]
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QUALIFICATIONS OF
RYAN P. LIN, MAI
Ryan P. Lin has over 9 years of experience in the appraisal of a wide variety of commercial property types, including office buildings, retail centers, multifamily projects, condominiums, subdivisions, restaurants, islands, hotels/motels, resorts, golf courses, churches, industrial properties, multifamily tax credit properties, section 8 housing, vacant land and various other commercial properties. Mr. Lin has performed appraisals of multifamily projects for the USDA and TDHCA. Appraisal and analysis includes discounted cash flow modeling (Argus), partial interest valuation, and easement valuation. EXPERIENCE O’Connor & Associates in association with Sage Group (2006 – Present) Staff Appraiser – Implemented all phases of appraisal process required to value real estate including property inspections, market data compilation and analysis, and report writing. Conduct financial feasibility studies, tax protest appraisals, analysis of leased fee/leasehold interests, and analysis of loan proposals.
EDUCATION The University of Texas at Austin - Economics Major/Business Minor (2003-2006) REAL ESTATE COURSES Basic Appraisal Principles (Champions School of Real Estate) Basic Appraisal Procedures (Champions School of Real Estate) Residential Market Analysis and Highest & Best Use (Champions School of Real Estate) Residential Site Valuation and Cost Approach (Champions School of Real Estate) Residential Sales Comparison and Income Approach (Champions School of Real Estate) Residential Advanced Case Studies (Champions School of Real Estate) Residential Report Writing (Champions School of Real Estate) General Appraiser Statistics, Modeling and Finance (McKissock) General Appraiser Site Valuation and Cost Approach (Appraisal Institute) General Appraiser Sales Comparison Approach (Appraisal Institute) General Appraiser Income Approach (Appraisal Institute) General Appraiser Report Writing and Case Studies (Appraisal Institute) General Appraiser Market Analysis and Highest & Best Use (Appraisal Institute) Advanced Concepts & Case Studies (Appraisal Institute) Advanced Income Capitalization (Appraisal Institute) Advanced Market Analysis and Highest and Best Use (Appraisal Institute) Quantitative Analysis (Appraisal Institute) Business Practices and Ethics (Appraisal Institute) Uniform Standards of Professional Appraisal Practice (USPAP) PROFESSIONAL AFFILIATIONS MAI Member of the Appraisal Institute (#526392) State Certified General Real Estate Appraiser (TX-1380202-G) ASQ Certified HACCP Auditor (#1013)
Douglas E. OldmixonCommissioner
Texas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardP.O. Box 12188 Austin, Texas 78711-2188
Certified General Real Estate Appraiser
Having provided satisfactory evidence of the qualifications required by theTexas Appraiser Licensing and Certification Act, Texas Occupations Code,Chapter 1103, is authorized to use this title, Certified General Real EstateAppraiser.
Number:
Issued:
1380202
Expires: 12/31/2016
RYAN POYU LIN
5318 DARLING STREET UNIT C
HOUSTON, TX 77007
Appraiser:
01/22/2015
RYAN POYU LIN
TX G
You may wish to laminate the pocket identification card to preserve it.
Inquiry as to the status of this license may be made to:
Texas Appraiser Licensing and Certification BoardP.O. Box 12188
Austin, Tx 78711-2188www.talcb.texas.gov(512) 936-3001
Fax:(512) 936-3899
Douglas E. OldmixonCommissioner
The person named on the reverse is licensed by the Texas Appraiser Licensing and Certification Board.
Texas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardP.O. Box 12188 Austin, Texas 78711-2188
Certified General Real Estate Appraiser
Having provided satisfactory evidence of the qualifications required by the Texas Appraiser Licensing and Certification Act, Texas OccupationsCode, Chapter 1103, is authorized to use this title, Certified General Real Estate Appraiser.
Number#:
Issued: Expires:
1380202
12/31/2016
Appraiser:
01/22/2015
RYAN POYU LIN
TX G
Douglas E. OldmixonCommissioner
Texas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardP.O. Box 12188 Austin, Texas 78711-2188
Certified General Real Estate Appraiser
Having provided satisfactory evidence of the qualifications required by theTexas Appraiser Licensing and Certification Act, Texas Occupations Code,Chapter 1103, is authorized to use this title, Certified General Real EstateAppraiser.
Number:
Issued:
1323960
Expires: 11/30/2016
JOHN ROBERT FISHER
1140 ALLSTON ST
HOUSTON, TX 77008
Appraiser:
09/04/2014
JOHN ROBERT FISHER
TX G
You may wish to laminate the pocket identification card to preserve it.
Inquiry as to the status of this license may be made to:
Texas Appraiser Licensing and Certification BoardP.O. Box 12188
Austin, Tx 78711-2188www.talcb.texas.gov
(512) 936-3001Fax:(512) 936-3899
Douglas E. OldmixonCommissioner
The person named on the reverse is licensed by the Texas Appraiser Licensing and Certification Board.
Texas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardP.O. Box 12188 Austin, Texas 78711-2188
Certified General Real Estate Appraiser
Having provided satisfactory evidence of the qualifications required by the Texas Appraiser Licensing and Certification Act, Texas OccupationsCode, Chapter 1103, is authorized to use this title, Certified General Real Estate Appraiser.
Number#:
Issued: Expires:
1323960
11/30/2016
Appraiser:
09/04/2014
JOHN ROBERT FISHER
TX G