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a. Dilmore's Appraisal
In response to a request by Agee, Dilmore reported the
results of his appraisal on June 8, 1988. Dilmore's results are
presented in what he refers to as a letter appraisal. A letter
appraisal is an informal presentation of the appraisal results.
In Dilmore's professional judgment, the brevity of a letter
appraisal was appropriate under the circumstances, as he was
under the impression that the use of the appraisal was to be
limited to private matters involving the parties related to
decedent's estate. In the cover letter to Agee, Dilmore explains
that, consistent with Agee's request, the report is in
abbreviated form and that data supporting the valuations
presented are maintained in Dilmore's file.
In his appraisal report, Dilmore conducted a comparable
sales analysis using 12 real property sales. Each of the
comparable sales used in Dilmore's analysis involved the sale of
a commercial property which preceded decedent's date-of-death.
Dilmore's report is based upon his conclusion that the highest
and best use of the trust property, as of the valuation date, was
commercial and that the zoning of both parcels could be changed
from residential to commercial. In his appraisal, Dilmore made
adjustments to the comparable sales properties to account for the
relative desirability of location, topography, accessibility,
shape, and size. An adjustment was also made to account for the
year of sale. These adjustments were made with respect to parcel
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