APPRAISAL EDUCATION

TIMOTHY M. POPPAW

EDUCATIONAL BACKGROUND

Bachelor of Science in Business Degree with a Major in Finance and a Concentration in Real Estate.

Wright State University's College of Business and Administration - 1980.

High school diploma, Stivers High School, Dayton, Ohio ­1974

REAL ESTATE APPRAISAL EDUCATION

"Real Estate Principles & Practices" - Wright State University ­ 1975

"Real Estate Law" - Wright State University ­ 1975

"Introduction to Urban Planning" - Wright State University ­ 1975

"Principles of Urban Planning" - Wright State University ­ 1976

"The Land Use Plan" - Wright State University ­ 1976

"Real Estate Finance" - Sinclair College ­ 1978

"Real Estate Valuation & Appraisal" - Wright State University ­ 1979

"Investment Analysis & Management" - Wright State University ­ 1980

"Property & Liability Risk Management" - Wright State University ­ 1980

"Financial Reporting" - Wright State University ­ 1980

"Real Estate Securities & Syndications of Direct Participation Programs" - Real Estate Securities and Syndication Institute - 1985

"Basic Appraisal Principles & Practices" - Savings of America ­ Harry Kempke, RM, SRA ­ 1986

"2­4 Family Appraisals" - Savings of America ­ Harry Kempke, RM, SRA ­ 1986

"Neighborhood and Property Analysis" - Savings of America ­ Harry Kempke, RM, SRA ­ 1987

"Income Property Valuation & Investment Analysis" - Ronald Rubin, CPA ­ 1988

"Standards of Professional Practice Part A" - Appraisal Institute ­ 1991

"Appraisal Reporting of Complex Residential Properties" - Appraisal Institute - 1992

"Standards of Professional Practice Part A" - Appraisal Institute ­ 1993

"Standards of Professional Practice Part B" - Appraisal Institute - 1993

"Appraisal Principles" - Appraisal Institute - 1993

"Appraisal Procedures" - Appraisal Institute - 1994

"Residential Case Studies" - Appraisal Institute - 1994

"Advanced Residential Form & Narrative Report Writing" - Appraisal Institute - 1994

"Understanding Limited Appraisals & Appraisal Reporting Options: General" - Appraisal Institute - 1994

"Understanding Limited Appraisals & Appraisal Reporting Options: Residential" - Appraisal Institute - 1994

"The Sales Comparison Approach" - Ohio Association of Realtors - 1996

"FHA Appraisal Update" - US Department of Housing and Urban Development - 1996

"Red Flags Property Inspection" - Hondros Career Center - 1997

"1999 USPAP Review" - The Appraisal Foundation - 1999

"1999 USPAP Instructor Training Sessions" - The Appraisal Foundation - 1999

"Manufactured Housing" - McKissock Data Systems - 1999

"FHA Update" - Dayton Area Board of Realtors - 1999

REAL ESTATE TEACHING EXPERIENCE

"Real Estate Appraisal" - Professor at Hondros Career Centers - 1994-1996

REAL ESTATE CONTINUING EDUCATION

Over 600 +/-  hours of real estate continuing education courses, for appraisal and real estate licensing law requirements, have been completed. This includes core law studies as well as equal housing opportunities course work.

COLLEGE COURSES ESPECIALLY VALUABLE

Accounting, Calculus, Communications, Data Processing, Ethics, Economics, Finance, Geography, Geology, Law, Management, Marketing, Money & Banking, Personal Selling, Psychology, Quantitative Business Analysis, Risk and Insurance, Statistics.

WORK EXPERIENCE

April 1, 1988 / Present: Appraising single family, 2­4 family residential, and non-residential real properties as an independent fee appraiser. Also, independent field appraisal work, for other appraisal companies, on a split fee basis. Reporting in various formats such as letter reports, short form market analysis, evaluation reports, E­R­C Residential Appraisal Reports, Uniform Residential Appraisal Reports, and full narrative reports. Since 1986, have appraised, reviewed, or rendered an opinion on approximately 8,000 +/- properties, which includes a significant amount of commercial appraisal work, as lead and/or field appraiser, on property with values of up to approximately $10,000,000.

April 14, 1994 / April 15, 1996: Professor at Hondros Career Centers, teaching an introductory course in real estate appraisal for Salesperson's, Broker's, and Appraiser's education requirements.

April 1, 1988 / Present: Realtor/Broker/Owner for Neighborhood, Realtors, clients & customers are many times referred to other brokerage firms for day to day activities and services. Some limited activity in the listing and selling of real property.

May 12, 1986 / March 31, 1988: Appraising single family, 2­4 family residential properties for Savings of America. Appraised or reviewed over 700 properties. Supervised appraisal department for 3 month period, 3/87­6/87.

June 18, 1985 / May 11, 1986: Realtor/Broker/Owner for Data Real Estate Services, listing and selling residential, investment properties.

June 3, 1985 / May 1, 1990: Investment representative for Tower Equities, a securities firm, to provide real estate tax exempt/tax sheltered limited partnerships, as an alternative to direct ownership in investment properties. State of Ohio license & registered through; Securities & Exchange Commission, and the National Association of Security Dealers.

September 19, 1982 / June 17, 1985: Broker Associate for Shiloh Realty, listing and selling residential, investment properties.

September 4, 1981 / September 18, 1982: Broker/Owner for Data Real Estate, listing and selling real estate properties.

January 2, 1982 / September 9, 1982: Telemarketing representative for Shopsmith, selling woodworking tools.

April 28, 1975 / September 3, 1981: Sales Associate for Shiloh Realty, listing and selling residential, investment properties.

April 14, 1972 / June 15, 1978: Retail clerk for the Kroger Co.

March 3, 1967 / September 12, 1971: Newspaper carrier for Dayton Daily News.

CREDENTIALS AND DESIGNATIONS

State of Ohio Certified General Real Estate Appraiser, 1995 - Present #414650 Ohio Department of Commerce

State of Ohio License Residential Real Estate Appraiser, 1991-1996 #381078 Ohio Department of Commerce

State of Kentucky General Certified Real Property Appraiser, 1995 -1998 #1492 Kentucky Real Estate Appraisers Board

State of Kentucky License Real Property Appraiser, 1993-1996 #918 Kentucky Real Estate Appraisers Board

Professor of Real Estate Appraisal at Hondros Career Centers,  1994 -1996

National Association of Real Estate Appraisers, 1988 - 2001 Certified Real Estate Appraiser No. 24128

National Association of Real Estate Appraisers, 1995 - 2001 Certified Commercial Real Estate Appraiser No. 24128

National Association of Review Appraisers & Mortgage Underwriters, 1994 - 2001 Certified Review Appraiser No. 19814

Foundation of Real Estate Appraisers, 1993 - 2000 Member No. 5441

Member of Appraisal Section - National Association of Realtors, 1993 - Present

Member/Realtor ­ National , State, & Local Association of Realtors, 1975 - Present

Member of Employee Relocation Council - Appraisal Section, 1991, 1994 -1996

Court Approved Appraiser ­ Montgomery County Probate Court, 1988 - 2003, 2007 to Present

Expert Witness ­ Montgomery County Domestic Relations Court. 1989 - 2003

State of Ohio Real Estate Broker, 1981 - Present License No. 219935

State of Ohio Real Estate Salesperson, 1975 - 1981

Securities Salesperson ­ SEC/NASD Registration,  1985 ­1990

AFFILIATIONS:

State Accredited Affiliate of The Appraisal Institute - 1994 - 1995 IIN# 994147713

CANDIDACY:

Senior Residential Appraiser (SRA) Candidacy in the Appraisal Institute - 1993 - 1995 # 5931805

REFERENCES:

References will be furnished upon request.

Name:                  Timothy M. Poppaw 1-937-832-4600
Address:               4909 Seville Drive
Location:              Dayton, OH 45322-3532
Occupation:          Appraiser, Residential, Commercial: State of Ohio