Case Study #2 (p. 159) Lonnie Hauser, Property Value Appraiser Facts: John Brokaw was interested in...

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Case Study #2 (p. 159) Lonnie Hauser, Property Value Appraiser Facts: John Brokaw was interested in purchasing an apartment building. Concerned about the price, he contacted Lonnie Hauser, a property value appraiser. Brokaw explained in great detail that he needed to know, as precisely as possible, how much the apartments would generate in rent. The final report provided by Hauser stated the property was worth $1,400,000. The actual value of the property was $1,000,000. Hauser says he should not be responsible because he had reasonably assumed that the same rent would apply to every apartment. Issue: Legal Test: Application: Case Study #2 (p. 159) Lonnie Hauser, Property Value Appraiser Facts: John Brokaw was interested in purchasing an apartment building. Concerned about the price, he contacted Lonnie Hauser, a property value appraiser. Brokaw explained in great detail that he needed to know, as precisely as possible, how much the apartments would generate in rent. The final report provided by Hauser stated the property was worth $1,400,000. The actual value of the property was $1,000,000. Hauser says he should not be responsible because he had reasonably assumed that the same rent would apply to every apartment. Issue: Legal Test: Application: