Epic Associates 84-III, William C. Griffith, Jr. - Page 41




                                       - 128 -                                        
             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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