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evidence are incomplete in that there is no map showing the
comparable sales used in his analysis. The addresses and
sale prices for the properties that he used as comparables
appear on the forms.
Respondent's appraiser, Mr. Charles Brown, a valuation
engineer employed by the Internal Revenue Service,
appraised a number of single-family properties purchased by
EA 84-III, including the eight properties listed above. At
the time of his testimony, Mr. Brown had applied for but
had not received the Appraisal Institute's designation as
SRA, and he was not licensed as a real estate appraiser in
Texas.
The definition of fair market value used by Mr. Brown
is the following:
The most probable price, as of a specified date,
in cash, in terms equivalent to cash, or in other
precisely revealed terms, for which the specified
property rights should sell after reasonable
exposure in a competitive market under all
conditions requisite to a fair sale, with the
buyer and seller acting prudently, knowledgeably,
and for self-interest, and assuming that neither
is under undue duress.
Thus, Mr. Lang's appraisals are based upon a definition
of market value formulated in terms of "the highest price",
as contained on the FHLMC/FNMA forms, and Mr. Brown's
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