Howard J. Kaplan and Brenda L. Kaplan, et al. - Page 16

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                    Central Heat and Air Conditioning.                                
                    H The Building Data shows Public Water.  The                      
                    School has its own private sanitary sewer system.                 
                    I There is 25,000 sf. of asphalt paving.  The play                
                    ground area is well fenced with chain link.  Play-                
                    ground equipment is in good condition.                            
                    K No repairs were need from AN EXTERIOR EXAMINA-                  
                    TION.  No deferred maintainence was visibile on                   
                    the property.  The Subject has good design and                    
                    construction.                                                     
                  *       *       *       *       *       *       *                   
               The Preliminary Real Estate Assignment is in TWO PARTS:                
               1.  To give a Professional Opinion of current market                   
               value of BOTH Land and Improvements in their current                   
               condition.                                                             
               AND                                                                    
               2.  To give a market value Opinion of Ground Rent IF                   
               the Improvements were to be sold.                                      
               Normal Procedure in giving an Opinion of Market Value                  
               is to utilize THREE APPROACHES to VALUE...                             
                    • COST APPROACH                                                   
                    • SALES COMPARISON APPROACH                                       
                    • INCOME APPROACH                                                 
                  *       *       *       *       *       *       *                   
               IF there are NO similar, current, proximate nor appro-                 
               priate Comparable Sales... then the substitution of the                
               County Auditor’s Public Record Values is permitted.  IF                
               there is NO present income from the Subject Property,                  
               reliable Data from the Marketplace and the Appraiser’s                 
               own files will give ranges of Rents and Expenses.  At                  
               this point, the Appraiser must use the Training, Educa-                
               tion, Background and Experience to sort thru the Data                  
               to select and report the BEST Opinions of Rent and                     
               Expenses that better fit the Subject.                                  
                  *       *       *       *       *       *       *                   






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