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Word Count: 513
PURPOSE SCOPE OF THE APPRAISAL The purpose of this appraisal is to estimate market value of the unencumbered fee simple interest in the subject property in its as is condition as of April 9 2001 the date of our last inspection of the subject premises The term market value as used herein and as jointly defined by the American Institute of Real Estate Appraisers and the International Society of Real Estate Appraisers is 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 at a specified date and the passing of title from seller to buyer under conditions whereby a buyer and seller are typically motivated b both parties are well informed or well advised and each acting in what he considers his own best interest c a reasonable time is allowed for exposure in the open market d payment is made in terms of cash in US dollars or in terms of financial arrangements comparable therefor and e 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 scope of the appraisal pertains to the extent of the process used by the appraisers in collecting confirming and reporting data used in the appraisal of the subject property The subject property is improved so attempts were made to collect current data which could be used in processing all three of the normally-recognized approaches into an indication of current market value for the subject property These three approaches to value two of which will be employed herein this report are usually referred to as the Cost Sales Comparison and Income
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