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<br />CONCLUSIONS <br /> <br />Although three methods are available to the appraiser in estimating <br />value, only one was pertinent to this assigmherit. If there are no <br />improvements, the Cost Approach to Value cannot be used. Likewise, if <br />there is no possibility of income production, the Income Approach to <br />Value is not relevant. However, adequate data was available to make the <br />Market Comparison 1\.pproach to Value reliable, and this method is usually <br />more accUrate because it illustrates what buyers actually have paid for <br />similar properties. In this case, the data was obtained from Multiple <br />Listing Service and Harris County Appraisal District records. <br /> <br />After carefully considering the available information, I have reached an <br />opinion of value. In my opinion, the market value of the subject <br />property as of March 20, 1996 is <br /> <br />SIX THOUSAND, ONE HUNDRED DOLLARS <br />($6,100.00) <br /> <br />The undersigned independent fee' appraiser is a State Certified General <br />Real Estate Appraiser, #TX-1323632-G, and is also a licensed real estate <br />broker in the State of Texas, license #223546. My professional <br />activities are limited to the appraisal of real property. I am a member <br />in good standing of the following real estate appraisal associations, <br />subscribing to their strict codes of ethics and their high standards: <br />NATIONAL ASSOCIATION OF MASTER APPRAISERS, holding the designations of <br />Master Residential Appraiser and Master Senior Appraiser; NATIONAL <br />ASSOCIATION OF REAL ESTATE APPRAISERS, holding the designation of <br />Certified Real Estate Appraiser. This report is made in conformance <br />wi th the standards and practices of the above mentioned organizations, <br />as well as the Uniform Standards of Professional Appraisal Practice. <br /> <br /> <br />.... ...,. <br />.' <br /> <br />--...". ,...;... ~ : :.. <br />.... ....... ~ <br />- ~ :;., <br /> <br />.' <br /> <br />".... - . <br />.,.. <br />-; <br /> <br />,. ;;:.. <br />~ .,..--" ..-.... <br />, ...;.~....... I .:::-_ <br />J ~.:...."':' / /-:--- .: <br />. :'t~'" P." ,. . -.. .. <br />"/)~. ~~#A.-"":....':- <br />, , ... __..' I _ <br />h.. "';i"~' ~ _, "':0 <br />~,lh-..:~~ ~ 6 ~ <br />"'~"~'-'-~ <br /> <br />-7- <br /> <br />. ..,~, .~_!.~ -:.r~~. :J,- <br />