FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
(Mark One)

     (X)  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
          THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
               For the Fiscal Year Ended December 31, 1996

     ( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
          OF THE SECURITIES  AND EXCHANGE ACT OF 1934.  (NO FEE REQUIRED)

                         Commission File Number 0-14386

              REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - IV
              ----------------------------------------------------
             (Exact Name of Registrant as specified in its Charter)

         Delaware                                      16-1245153
---------------------------                  -----------------------------------
   (State of Formation)                       (IRS Employer Identification No.)

2350 North Forest Road
Suite 12-A
Getzville, New York  14068
(Address of Principal Executive Office)

Registrant's Telephone Number:    (716) 636-9090
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Units of Limited
                                                            Partnership Interest

Indicate  by a check mark  whether  the  Registrant:  (1) has filed all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
Registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes  X   No
                                              ---     ---
Indicate by a check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best  of  the  registrant's   knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in part  III of this  Form  10-K or any
amendment to this Form 10-K.(X)


                       DOCUMENTS INCORPORATED BY REFERENCE
        See page 13 for a list of all documents incorporated by reference
                                        1

<PAGE>


                                     PART I

ITEM 1:  BUSINESS
-------  --------

     The Registrant,  Realmark Property  Investors  Limited  Partnership IV (the
"Partnership"),  is a Delaware limited  partnership  organized in February 1985,
pursuant  to  an  Agreement  and   Certificate  of  Limited   Partnership   (the
"Partnership Agreement"), under the Revised Delaware Uniform Limited Partnership
Act. The  Partnership's  general  partners are Realmark  Properties,  Inc.  (the
"Corporate General Partner"), a Delaware corporation,  and Joseph M. Jayson (the
"Individual  General Partner").  During 1988,  Realmark Properties IV Associates
("Associates")  and RPI  Investors-IV,  Inc.  (formerly the  "Corporate  General
Partner") were merged with Realmark  Properties,  Inc. (the  "Corporate  General
Partner").

     The  Registrant  commenced the public  offering of its limited  partnership
units,  registered  with  the  Securities  and  Exchange  Commission  under  the
Securities  Act of 1933,  as  amended,  on April 22,  1985,  and  concluded  the
offering on June 22, 1986, having raised a total of $23,365,900 before deducting
sales commissions and expenses of the offering.

     The Partnership's  primary business and its only industry segment is to own
and  operate  income-producing  real  property  for the  benefit of its  limited
partners.  The Partnership owns five (5) apartment complexes totaling 871 units,
an office complex  containing 130,898 square feet and is an 83.78% joint venture
owner of a 168 unit apartment complex. Each Partnership property is located in a
relatively  stable  community  with a solid base from  which to draw  residents.
There remains however, strong competition from other complexes in the respective
areas.  See also item 7. Each of the  apartment  complexes  are  managed for the
Partnership by Realmark Corporation, an affiliate of the General Partners.

     The business of the  Partnership is not seasonal.  As of December 31, 1996,
the Partnership did not directly employ any persons in a full-time position. All
persons who regularly  rendered  services on behalf of the  Partnership  through
December  31,  1996 were  employees  of the  Corporate  General  Partner  or its
affiliates.

     The  Registrant's  objectives  are to acquire,  operate  and hold  existing
income-producing  properties to (1) provide long-term capital appreciation,  (2)
provide  cash  distributions  from  operations,  (3)  provide  investors  with a
diversified  real estate  portfolio,  and (4) preserve  and protect  Partnership
capital.

     Occupancy  for each complex as of December  31, 1996,  1995 and 1994 was as
follows:

                                               1996     1995      1994
                                               ----     ----      ----

     Lakeview Apartments (Joint Venture)        82%      91%       93%
     Sutton Park Apartments                     85%      92%       91%
     Creekside Apartments                       90%      95%       87%
     Willow Creek Apartments                    92%      96%       94%
     Evergreen Terrace Apartments               92%      95%       97%
     Chapelwood Estates                         75%      87%       84%
     Airlane Office Warehouse                   97%      92%       86%






                                       2
<PAGE>


ITEM 1:  BUSINESS (Con't.)
-------  -----------------

     The percentage of total Partnership  revenue generated from each complex as
of December 31, 1996, 1995 and 1994 was as follows:

                                                 1996     1995      1994
                                                 ----     ----      ----

     Lakeview Apartments (Joint Venture)         13%      14%       15%
     Sutton Park Apartments                      24%      24%       23%
     Creekside Apartments                        21%      22%       23%
     Willow Creek Apartments                     18%      18%       18%
     Evergreen Terrace Apartments                 6%       6%        6%
     Chapelwood Estates                           4%       4%        5%
     Airlane Office Warehouse                    14%      12%         9%


<TABLE>
<CAPTION>


ITEM 2: PROPERTIES
------------------

Name and Location          General Character of Property               Purchase Date
-----------------          -----------------------------                -------------
<S>                        <C>                                          <C>
Lakeview Village Apts.     Apartment complex; 7 buildings on            November 1985
Joint Venture              13 acres; 168 units.  An 8.25%
Milwaukee, WI               mortgage with a balance of $2,508,128
                           at December 31, 1996, which provides
                           for annual principal and interest payments
                           of $232,920 in equal monthly installments.
                           The term of the mortgage is ten (10) years
                           with the remaining balance due and payable
                           February 1, 2006.

Sutton Park Apts.          Apartment complex; 12 buildings on 23        December 1985
(formerly Bristol          acres; 288 units.  An 8% mortgage with a
Square Apts.)              balance of $3,370,652 at December 31,
Lansing, MI                1996, which provides for annual principal
                           and  interest  payments of $306,168 in equal
                           monthly   installments.   The  term  of  the
                           mortgage   is  ten  (10)   years   with  the
                           remaining   balance   due  and   payable  on
                           February 1, 2006.  In  addition,  there is a
                           promissory  note,  with a balance of $29,170
                           at December  31,  1996,  which  provides for
                           monthly  principal  payments  of $2,083 plus
                           interest  accruing at the lenders  reference
                           rate plus 2%  annually  (10.25% at  December
                           31,  1996).  The  note  is due  and  payable
                           February 1, 1998.



                                       3
<PAGE>


ITEM 2: PROPERTIES (Con't.)
---------------------------

Name and Location          General Character of Property                Purchase Date
-----------------          -----------------------------                -------------
<S>                        <C>                                          <C>
Airlane I & III            Office/Warehouse; two buildings of           August 1986
Nashville, TN              62,598 square feet (Airlane I) and
                           68,300  square  feet  (Airlane   III).   The
                           property is financed with a 7.625%  mortgage
                           with a balance of $3,525,932 at December 31,
                           1996.  The  mortgage   provides  for  annual
                           principal and interest  payments of $369,783
                           payable in equal monthly installments,  with
                           the remaining balance due January 1, 1999.

Evergreen Terrace Apts.    Apartment complex; 3 buildings on            December 1986
(formerly Sunset Hills     2.56 acres; 72 units financed by a
Apts.)                     mortgage of $1,021,096 at December 31,
Lansing, MI                1996.  The interest rate is adjustable
                           annually to a maximum rate of 15% during the
                           first  five  years of the loan  term and 17%
                           for  the  remaining  life of the  loan;  the
                           interest  rate  shall  never be less than 9%
                           over the life of the loan (9.0% at  December
                           31, 1996).  The mortgage is payable  monthly
                           in  amounts  which  vary  with the  interest
                           rate.  Monthly payments at December 31, 1996
                           based on a 9.0%  interest  rate were $8,962.
                           The  balance  of the  mortgage  is  due  and
                           payable June 1, 1998.

Willow Creek Apts.         Apartment complex; 18 buildings on 12.4       December 1986
Greenville, SC             acres; 215 units financed by a 9.25%
                           mortgage    which   provides   for   monthly
                           principal  and interest  payments of $32,752
                           with the remaining  balance  originally  due
                           September  1, 1996;  the  maturity  has been
                           extended to March 1, 1997. The balance as of
                           December 31, 1996 was $3,919,467.









                                       4
<PAGE>



ITEM 2: PROPERTIES (Con't.)
---------------------------

Name and Location          General Character of Property                    Purchase Date
-----------------          -----------------------------                    -------------
<S>                        <C>                                              <C>
Creekside Apts.            Apartment complex; 11 buildings on               December 1986
(formerly Bretton Park     20.14 acres; 240 units financed by an
Phase I and II)            adjustable rate mortgage with the interest
Flat Rock, MI               adjustable quarterly to a maximum rate of
                           13.5%  and a minimum  rate of 7%,  (7.09% at
                           December 31, 1996).  The mortgage is payable
                           monthly  in  amounts  which  vary  with  the
                           interest rate.  Monthly payments at December
                           31, 1996 based on a 7.09% interest rate were
                           $27,827.  The outstanding  principal balance
                           of the  mortgage  at  December  31,  1996 is
                           $3,670,328.  The balance of the  mortgage is
                           due and payable March 31, 1998.


Chapelwood Estates         Apartment complex; 5 buildings on 3.4            May 1987
(formerly Cedar Court      acres; 56 units, financed by a 9.25%
Apts. and Cliffside        mortgage with a balance of $894,551 at
Apts.)                     December 31, 1996, which provides for
Monroeville, PA            monthly principal and interest payments of
                           $7,466  with the remaining balance due
                           September 1, 1996.  The mortgage is now
                           in default and is payable on demand.

</TABLE>

ITEM 3:   LEGAL PROCEEDINGS
-------   -----------------

     The Partnership is not a party to, nor is any of the Partnership's property
the subject of, any material pending legal proceedings.

ITEM 4:   SUBMISSION OF MATTERS TO A VOTE OF SECURITY
-------   -------------------------------------------
          HOLDERS.
          --------

          None.

                                     PART II

ITEM 5:   MARKET FOR REGISTRANT'S UNITS OF LIMITED
-------   ----------------------------------------
          PARTNERSHIP INTEREST.
          ---------------------

     There is currently no  established  trading market for the units of Limited
Partnership  Interest of the Partnership and it is not anticipated that any will
develop in the future.

     The Partnership did not make any distributions for the years ended December
31, 1996, 1995 or 1994. See also Item 7.

     As of  December  31,  1996,  there  were 2,545  record  holders of units of
Limited Partnership Interest.

                                       5
<PAGE>

ITEM 6:  SELECTED FINANCIAL DATA

<TABLE>
<CAPTION>

                                     Realmark Properties Investors Limited Partnership-IV

                                  Year Ended      Year Ended     Year Ended       Year Ended      Year Ended
                                 Dec. 31, 1996   Dec. 31, 1995   Dec. 31, 1994   Dec. 31, 1993   Dec. 31, 1992
                                 -------------   -------------   -------------   -------------   -------------
<S>                               <C>             <C>             <C>             <C>             <C>
Total assets                      $ 20,488,126    $ 19,982,793    $ 21,439,199    $ 22,292,013    $ 23,404,115
                                  ============    ============    ============    ============    ============

Notes payable and
  long-term obligations           $ 18,939,324    $ 19,414,288    $ 19,881,483    $ 20,148,300    $ 20,302,337
                                  ============    ============    ============    ============    ============
______________________________________________________________________________________________________________

Income                            $  5,536,412    $  5,753,559    $  5,062,606    $  5,190,122    $  5,118,464

Expenses                             6,759,234       7,225,672       7,020,306       6,319,029       6,859,431
                                  ------------    ------------    ------------    ------------    ------------

Loss before loss allocated
  to minority interest, loss of
  disposition of property, and
  extraordinary items               (1,222,822)     (1,472,113)     (1,957,700)     (1,128,907)     (1,740,967)

Loss allocated to
  minority interest                     36,106          42,625          51,247          24,974           1,984

Loss on disposition
  of property                             --              --              --              --        (1,328,352)

Extraordinary items                  1,501,158            --              --              --              --
                                  ------------    ------------    ------------    ------------    ------------


Net income (loss)                 $    314,442    ($ 1,429,488)   ($ 1,906,453)   ($ 1,103,933)   ($ 3,067,335)
                                  ============    ============    ============    ============    ============
______________________________________________________________________________________________________________

Net cash (used in) provided
  by operating activities         ($   984,095)   ($   875,686)   ($   460,660)   ($   394,753)   $    173,668

Principal payments on
  long-term debt                    (5,658,964)       (467,195)       (266,817)       (154,037)       (195,485)
                                  ------------    ------------    ------------    ------------    ------------

Net cash (used in)
  operating activities
  after principal payments
  on long-term debt               ($ 6,643,059)   ($ 1,342,881)   ($   727,477)   ($   548,790)   ($    21,817)
                                  ============    ============    ============    ============    ============
______________________________________________________________________________________________________________

Loss per limited
  partnership unit before
  extraordinary gains             ($     49.26)   ($     59.34)   ($     79.14)   ($     45.83)   ($    127.33)

Extraordinary gains per
  limited partnership unit               62.32            --              --              --              --
                                  ------------    ------------    ------------    ------------    ------------

Income (loss) per limited
  partnership unit                $      13.06    ($     59.34)   ($     79.14)   ($     45.83)   ($    127.33)
                                  ============    ============    ============    ============    ============


Weighted average number
  of limited partnership
  units outstanding                     23,366          23,366          23,366          23,366          23,366
                                  ============    ============    ============    ============    ============
</TABLE>

                                                                  6
<PAGE>

ITEM 7:   MANAGEMENT'S DISCUSSION AND ANALYSIS OF
-------   ---------------------------------------
          FINANCIAL CONDITION AND RESULTS OF OPERATIONS
          ---------------------------------------------

Liquidity and Capital Resources:
--------------------------------

     The Partnership  once again suffered from a year burdened by poor cash flow
generated from  operations,  low  occupancies and high  delinquencies.  Lakeview
Apartments,   Sutton  Park  (formerly  Bristol  Square)  Apartments,   Creekside
Apartments, Willow Creek Apartments, Evergreen Terrace Apartments and Chapelwood
Estates  (formerly  Cedar Court) all  experienced  occupancies  in the mid 70%'s
through  much of 1996.  As has been the case for several  years,  the  Corporate
General  Partner   advances   covered  the  shortfalls  in  cash  flow  for  the
Partnership.   The  General  Partners  are  under  no  obligation  to  fund  the
shortfalls,  and at this date,  there is no assurance  that such  advances  will
continue.  At December 31, 1996, advances from the Corporate General Partner and
its  affiliates  totaled  $3,167,754,  an increase of almost  $947,000  over the
balance  at  December  31,  1995.  The  advances  are  payable on demand and are
accruing  interest at the rate of 11% per annum.  Unless there is a  significant
increase in income and a considerable reduction in expenses, the General Partner
believe  that  the  Partnership  could  be in  default  with  regards  to  their
mortgages. Due to the persistent cash flow shortages, no distributions were made
in the years ended December 31, 1996,  1995 and 1994.  Until the  Partnership is
able to pay its  operating  obligations  out of cash  flow  and also  repay  the
Corporate General Partner  advances,  it is not likely that the Limited Partners
will receive any distributions in the coming year.

     On July 16, 1996 the Corporate  General  Partner  entered into contracts on
behalf  of the  Partnership  to sell  Creekside  Apartments,  Evergreen  Terrace
Apartments,  Lakeview  Village  Apartments,  Sutton  Park  Apartments  (formerly
Bristol  Square) and Willow  Creek  Apartments  at sales  prices of  $5,900,000,
$1,200,000,  $4,090,000, $5,800,000 and $5,425,000,  respectively. The contracts
are subject to a number of  contingencies as were described in Form 8-K filed on
July 31, 1996. No firm closing date on the sales have been  established to date.
The  General  Partners  continue  to  aggressively  seek other  buyers for these
properties since the sales contracts  previously mentioned are cancelable by the
purchaser.  All  contracts  have been  negotiated  in the best  interests of the
Limited Partners.

     Management has once again  implemented  corrective action plans in response
to the  going  concern  consideration  discussed  in  Note  15 to the  financial
statements.  These plans  include  tighter  cash  management  through the closer
monitoring of expenses such as payroll, advertising and maintenance,  which have
typically been the expenses that have increased from year to year. Additionally,
tighter  credit  policies  have been put into place as a means of  avoiding  the
collection  problems which the property  incurred during the past several years.
The General  Partners are seeking new  financing  for several of the  properties
within the  Partnership;  with new  mortgages  at lower  interest  rates,  it is
believed that enough cash flow could be produced to do the capital  improvements
necessary  to  increase  occupancy  at the  properties,  as well as to make  the
properties more appealing for sale purposes.

     During the fourth  quarter of 1996,  there was a fire at Sutton  Park which
resulted in almost a total loss of one of the buildings. The loss was covered by
insurance;  the  proceeds  are being  used to  re-build  the  building  which is
expected to be completed by mid-1997.  Since the insurance proceeds exceeded the
book value of the destroyed property,  an extraordinary gain equal to the excess
of the  proceeds  over the book  value  has been  reported;  such  gain  totaled
$706,158.


                                       7
<PAGE>




ITEM 7:   MANAGEMENT'S DISCUSSION AND ANALYSIS OF
-------   ---------------------------------------
          FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Con't.)
          ------------------------------------------------------

Liquidity and Capital Resources (Con't.):
-----------------------------------------

     Early  in  1996,   refinancing  was  obtained  for  both  Lakeview  Village
Apartments and Sutton Park Apartments. As a result of the refinancing, a portion
of the original  second  mortgage on Sutton Park was  forgiven by the lender;  a
total forgiveness of $795,000 was received and reported as an extraordinary gain
for  financial  statement  purposes for the year ended  December  31, 1996.  The
refinancing  not only  reduced  debt  service in both  complexes,  but also will
decrease the mortgage payments approximately $2,460 per month at Sutton Park and
approximately  $450 per month at Lakeview  Village.  The extremely  high cost of
refinancing these properties did,  however,  contribute to the large increase in
the payable to the General Partner.

     The notes  receivable  from the sale of Gold Key II  matured  in the fourth
quarter of 1995. The mortgagees did not pay the note at that date.  During 1996,
the General Partners  successfully settled with the mortgagee on the note(s) and
accrued  interest for a total of $175,000.  This  settlement  was pursued in the
best interests of the Limited Partners and was reached prior to any formal legal
actions.




Results of Operations:
----------------------

     For the year ended December 31, 1996, the Partnership  generated net income
of $314,442 or $13.06 per limited  partnership unit. This income was principally
due to the  extraordinary  gains  which  resulted  from  the  fire  loss and the
forgiveness of debt both for Sutton Park Apartments. Before such gains, the loss
incurred by the  Partnership  was  $1,186,716 or $49.26 per limited  partnership
unit.  For the years ended  December 31, 1995 and 1994 losses  incurred  totaled
$1,429,488 or $59.34 per limited  partnership  unit and $1,906,453 or $79.14 per
limited partnership unit, respectively.

     Partnership   revenues  for  the  year  ended  December  31,  1996  totaled
$5,536,412,  consisting of rental income of $5,163,212  and other income,  which
includes interest,  laundry income, and other miscellaneous sources of income of
$373,200.  The  decrease in rental  revenue  from that of the  previous  year is
evidence  of  low  occupancy  levels  at  most  of  the  residential  properties
throughout much of 1996. In order to increase  occupancies,  management  offered
incentive programs throughout the year; additionally, aggressive marketing plans
were put into  place,  which as of  December  31,  1996  appear to have had some
success since there was a noticeable increase in new tenants at year end. Rental
revenues in the year ended  December 31, 1995 amounted to $5,456,107  and in the
year ended December 31, 1994 totaled  $4,777,840.  There was also an increase of
approximately  $75,000 in other income, which is attributed to increased laundry
revenue  at  the  residential  complexes.   Increasing  occupancy,  as  well  as
decreasing delinquencies,  remains the major focus of management. Tighter credit
policies  and  extended  and  attractive   incentive  programs  continue  to  be
management's means of reaching the income levels needed to improve the cash flow
in the Partnership.



                                       8
<PAGE>




ITEM 7:   MANAGEMENT'S DISCUSSION AND ANALYSIS OF
-------   ---------------------------------------
          FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Con't.)
          ------------------------------------------------------


Results of Operations (Con't.):
-------------------------------

     Partnership   expenses  for  the  year  ended  December  31,  1996  totaled
$6,759,234, a substantial decrease over the expenses of the years ended December
31,  1995 and 1994 which  were  $7,225,672  and  $7,020,306,  respectively.  The
majority of the decrease may be attributed to a decrease in property  operations
costs.  Through regular monitoring and measuring of expenses related to payroll,
repairs and maintenance and contracted services,  the Partnership has achieved a
decrease of in excess of $300,000 or approximately 10% in operations expenses as
compared to the previous year,  and over $220,000 as compared to 1994.  Interest
paid to  affiliates  increased  by over  $87,000 as  compared to 1995 due to the
higher carrying value of the loan from affiliates  between the two years.  Total
administrative expenses of $1,250,449 increased substantially as compared to the
years  ended  December  31,  1995 and 1994  when  they  totaled  $1,149,808  and
$1,110,968,  respectively.  The  decrease  in  administrative  expenses  paid to
affiliates is the result of decreased  management  fees due to the decreased net
rental revenues resulting from lower occupancies and higher delinquencies, while
the  offsetting  increase in other  administrative  expenses is due to increased
legal  fees  and more  costly  advertising  campaigns,  undertaken  to  increase
occupancies.

     The Partnership  expects to incur higher than "normal" property  operations
expenses in the near future as a considerable amount of capital improvement work
is necessary to make the  properties  more  attractive to new tenants.  The work
planned  includes  interior and exterior  painting  and  woodwork,  replacing of
carpeting and appliances at several of the complexes,  and structural  work such
as repairs to roofs and  decks/patios.  Although this work is necessary in order
to increase rental revenue(s) generated in the Partnership, management continues
to keep in mind that  expenditures must be closely monitored so as not to worsen
the cash  flow  situation  of the  Partnership.  One means of  controlling  such
expenses has been  management's  success at obtaining  large price  discounts on
paint,  carpeting  and  appliances  through  negotiations  with  large  national
companies, such as Whirlpool.

     For the year ended  December 31,  1996,  the tax basis loss was $522,104 or
$21.67 per limited  partnership  unit  compared to a tax loss of  $1,155,597  or
$47.97  per  unit  for the  year  ended  December  31,  1995  and a tax  loss of
$1,902,697 or $78.99 per limited  partnership  unit for the year ended  December
31, 1994. The Partnership agreement provides for the taxable income or losses to
be allocated 97% to the Limited Partners and 3% to the General Partners,  and in
accordance with this and the Internal  Revenue Code, the loss for the year ended
December 31, 1996 was allocated in this fashion.


ITEM 8:   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
-------   --------------------------------------------

     Listed under Item 14 of the report.



ITEM 9:   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
-------   ---------------------------------------------
          ON ACCOUNTING AND FINANCIAL DISCLOSURE.
          ---------------------------------------

     None.


                                       9
<PAGE>


                                    PART III

ITEM 10:  DIRECTORS AND EXECUTIVE OFFICERS OF THE
--------  ---------------------------------------
          REGISTRANT.
          -----------

     The Partnership, as an entity, does not have any directors or officers. The
Individual General Partner of the Partnership is Joseph M. Jayson. The directors
and executive officers of Realmark Properties, Inc., the Partnership's Corporate
General Partner, as of March 1, 1996, are listed below. Each director is subject
to election on an annual basis.

                             Title of All Positions                Year First
Name                         Held With the Company             Elected Director
----                         ---------------------             ----------------

Joseph M. Jayson             President and Director                   1979

Judith P. Jayson             Vice President and Director              1979

Michael J. Colmerauer        Secretary

     Joseph M. Jayson,  President and Director of Realmark Properties,  Inc. and
Judith P. Jayson, Vice President and Director of Realmark Properties,  Inc., are
married to each other.

     The Director and Executive  Officers of the Corporate  General  Partner and
their principal  occupations and affiliations during the last five years or more
are as follows:

     Joseph M. Jayson,  age 58, is Chairman and Director and sole stockholder of
J.M.  Jayson  &  Company,   Inc.  and  certain  of  its  affiliated   companies:
Westmoreland   Capital   Corporation,   Oilmark   Corporation  and  U.S.  Energy
Development  Corporation.  In addition,  Mr. Jayson is President and Director of
Realmark Corporation and Realmark Properties, Inc., wholly owned subsidiaries of
J.M.  Jayson &  Company,  Inc.  and  co-general  partner  of  Realmark  Property
Investors   Limited    Partnership,    Realmark   Property   Investors   Limited
Partnership-II,  Realmark Property Investors Limited  Partnership-III,  Realmark
Property Investors Limited  Partnership-IV,  Realmark Property Investors Limited
Partnership-V, Realmark Property Investors Limited Partnership-VI A and Realmark
Property  Investors  Limited  Partnership-VI  B. Mr.  Jayson  is a member of the
Investment Advisory Board of the Corporate General Partner.  Mr. Jayson has been
engaged in the real  estate  business  for the last 34 years and is a  Certified
Property  manager as  designated  by the  Institute  of Real  Estate  Management
("I.R.E.M.").  Mr.  Jayson  received  a B.S.  Degree in  Education  in 1961 from
Indiana University, a Masters Degree from the University of Buffalo in 1963, and
has  served  on  the  Educational  Faculty  of  the  Institute  of  Real  Estate
Management. Mr. Jayson has for the last 34 years been engaged in various aspects
of real estate brokerage and investment. He brokered residential properties from
1962 to 1964,  commercial  and investment  properties  from 1964 to 1967, and in
1967, left commercial  real estate to form his own investment  firm.  Since that
time, Mr. Jayson and J.M. Jayson & Company, Inc. have formed, or participated in
various ways, in forming over 30 real estate related limited  partnerships.  For
the past  sixteen  years,  Mr.  Jayson and J.M.  Jayson & Company,  Inc.  and an
affiliate have also engaged in developmental drilling for gas and oil.


                                       10
<PAGE>


     Judith P.  Jayson,  age 57, is  currently  Vice-President  and  Director of
Realmark  Properties,  Inc.  She is also a Director of the  property  management
affiliate,  Realmark  Corporation.  Mrs.  Jayson has been  involved  in property
management for the last 35 years and has extensive  experience in the hiring and
training of property  management  personnel  and in  directing,  developing  and
implementing  property  management systems and programs.  Mrs. Jayson,  prior to
joining the firm in 1973,  taught business in the Buffalo,  New York high school
system. Mrs. Jayson graduated from St. Mary of the Woods College in Terre Haute,
Indiana,  with a degree in Business  Administration.  Mrs. Jayson is the wife of
Joseph M. Jayson, the Individual General Partner.

     Michael J. Colmerauer, 39, is Secretary and in-house legal counsel for J.M.
Jayson & Company,  Inc., Realmark  Corporation,  Realmark  Properties,  Inc. and
other companies  affiliated with the General Partners.  He received a Bachelor's
Degree (BA) from Canisius  College in 1980 and a Juris  Doctors  (J.D.) from the
University of Tulsa in 1983. Mr. Colmerauer is a member of the American and Erie
County Bar  Association  and has been  employed by the Jayson group of companies
for the last 13 years.


ITEM 11:  EXECUTIVE COMPENSATION.
--------  -----------------------

     No direct  remuneration was paid or payable by the Partnership to directors
and officers  (since it has no directors or officers) for its fiscal years ended
December 31, 1996, 1995 or 1994; nor was any direct remuneration paid or payable
by the  Partnership to directors or officers of Realmark  Properties,  Inc., the
Corporate  General  Partner and sponsor for the years ended  December  31, 1996,
1995 or 1994.

     The following  table sets forth for the years ended December 31, 1996, 1995
and 1994 the compensation  paid by the Partnership,  directly or indirectly,  to
affiliates of the General Partners:

<TABLE>
<CAPTION>

  Entity Receiving                   Type of
      Compensation                Compensation           1996          1995          1994
      ------------                ------------           ----          ----          ----
<S>                         <C>                        <C>          <C>           <C>
Realmark Properties, Inc.
(The Corporate General
Partner)                   Interest charged on
                             accounts payable -
                             affiliates                 $281,944      $194,407      $103,681
                                                      -----------   -----------   -----------

                           Reimbursement for
                           allocated partnership
                           administration expenses:
                             Investor Services Fees       14,275        11,372        26,601
                             Brokerage                    24,200        15,578        30,249
                             Portfolio Management
                               & Accounting Fees         193,548       275,932       205,253

Realmark Corporation       Property Management Fees      280,167       247,223       220,993
                           Computer Service Fees          20,394        20,394        20,200
                                                      -----------   -----------   -----------
                                                         532,584       570,499       503,296
                                                      -----------   -----------   -----------

                           Total                        $814,528      $764,906      $606,977

</TABLE>


                                       11
<PAGE>


     The  Corporate  General  Partner is  entitled to a  continuing  Partnership
Management  Fee  equal to 7% of net cash  flow (as  defined  in the  Partnership
Agreement),  of which 2% is subordinated to the receipt by the Limited  Partners
of a  non-cumulative  annual  cash  return  equal to 7% of the  average of their
adjusted Capital  Contributions (as defined in the Partnership  Agreement).  The
Corporate General Partner is paid its 5% Partnership  Management Fee annually as
cash flow allows. The 2% subordinated fee will not be paid or accrued until such
time as the Limited  Partners have  received  their 7% return and payment of the
fee  becomes  probable.  The  General  Partners  are  also  entitled  to  3%  of
Distributable  Cash (as  defined in the  Partnership  Agreement)  and to certain
expense reimbursements with respect to Partnership operations.

     Net income or loss and proceeds arising from a sale or refinancing shall be
distributed  first to the limited partners in amounts  equivalent to a 7% return
on the average of their adjusted capital contributions,  then an amount equal to
their  capital  contributions,  then an amount equal to an  additional 5% of the
average of their  adjusted  capital  contributions,  then to all  partners in an
amount equal to their respective  positive capital balances and, finally, in the
ratio of 87% to the limited partners and 13% to the general partners.

     The General Partners are also allowed to collect a property disposition fee
upon sale of acquired properties. This fee is not to exceed the lesser of 50% of
amounts  customarily  charged in arm's-length  transactions by others  rendering
similar  services  for  comparable  properties  or 3% of the  sales  price.  The
property disposition fee is subordinate to payments to the limited partners of a
cumulative  annual return (not compounded) equal to 7% of their average adjusted
capital  balances and to repayment to the limited partners of an amount equal to
their original capital  contributions.  Since these conditions have not been met
no fees  have  been  recorded  or paid on the sale of the Gold Key II  apartment
complex.


ITEM 12:  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
--------  -----------------------------------------------
          AND MANAGEMENT.
          ---------------

     No person owns of record or beneficially more than five percent (5%) of the
units of  Limited  Partnership  Interests  of the  Partnership.  Except  for the
General   Partner's   Interest  in  the  Partnership   ($3,000  initial  capital
contribution),  the General Partners, as of December 31, 1996, owned no units of
Limited Partnership Interest.


ITEM 13:  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS:
--------  -----------------------------------------------

     (a)  Transactions with Management and Others.
          ---------------------------------------

     No  transactions  have occurred  between the  Partnership  and those in the
management of Realmark Properties, Inc. All transactions between the Partnership
and Realmark  Properties,  Inc. (the  Corporate  General  Partner) and any other
affiliated organization are described in Item 11 of this report and in Note 7 to
the Financial Statements.



                                       12
<PAGE>


ITEM 14:  EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND
--------  ---------------------------------------------
          REPORTS ON FORM 8-K.
          --------------------

     (a)  Financial Statements and Schedules.
          -----------------------------------

          FINANCIAL STATEMENTS                                            PAGE
          --------------------                                            ----

          (I)    Independent Auditors' Report                              15
          (ii)   Balance Sheets at December 31, 1996 and 1995              16
          (iii)  Statements of Operations for the years ended
                   December 31, 1996, 1995 and 1994                        17
          (iv)   Statements of Partners' Capital (Deficit) for the
                   years ended December 31, 1996, 1995 and 1994            18
          (v)    Statements of Cash Flows for the years ended
                   December 31, 1996, 1995 and 1994                        19
          (vi)   Notes to Financial Statements                          20 - 31

          FINANCIAL STATEMENT SCHEDULES
          -----------------------------

          (i)    Schedule I - Mortgage Loans on Real Estate                32
          (ii)   Schedule III - Real Estate and Accumulated
                  Depreciation                                          33 - 34

     All other  schedules  are omitted  because they are not  applicable  or the
required information is shown in the financial statements or the notes thereto.

     (b)  Reports on Form 8-K.
          --------------------

          None

     (c)  Exhibits
          --------

     4.   Instruments defining the rights of security holders, including
          indentures

          (a)  Certificate  of  Limited  Partners  filed  with the  Registration
               Statement of the Registrant  Form S-11,  filed February 14, 1985,
               and subsequently amended incorporated herein by reference.

          (b)  Partnership Agreement included with the Registration Statement of
               the Registrant as filed and amended to date  incorporated  herein
               by reference.


                                       13

<PAGE>


ITEM 14:  EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND
--------  ---------------------------------------------
          REPORTS ON FORM 8-K (Con't.).
          -----------------------------


10.  Material contracts

          (a)  Property Management  Agreement with Realmark Corporation included
               with the  Registration  Statement of the  Registrant as filed and
               amended to date incorporated herein by reference.

          (b)  Joint Venture Agreement with Realmark Property  Investors Limited
               Partnership VI B as filed and amended to date incorporated herein
               by reference.

          (c)  Property sales  agreements  with unrelated  third-party  included
               with the third quarter Form 10Q incorporated herein by reference.



































                                       14
<PAGE>


INDEPENDENT AUDITORS' REPORT


The Partners
Realmark Property Investors Limited Partnership-IV:

We have audited the accompanying  balance sheets of Realmark Property  Investors
Limited  Partnership-IV  as of  December  31,  1996 and  1995,  and the  related
statements of operations,  partners' capital (deficit),  and cash flows for each
of the three  years in the period  ended  December  31,  1996.  Our audits  also
included the financial statement schedules listed in the index at Item 14. These
financial statements and financial statement schedules are the responsibility of
the  General  Partners.  Our  responsibility  is to  express  an  opinion on the
financial statements and the financial statement schedules based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the accounting  principles used and significant  estimates made by the
General  Partners,  as  well  as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects,   the  financial  position  of  Realmark  Property  Investors  Limited
Partnership-IV  at December 31, 1996 and 1995 and the results of its  operations
and its cash flows for each of the three years in the period ended  December 31,
1996 in conformity with generally accepted accounting  principles.  Also, in our
opinion, such financial statement schedules,  when considered in relation to the
basic  financial  statements  taken as a whole,  present  fairly in all material
respects the information set forth therein.

The accompanying  financial  statements and financial  statement  schedules have
been prepared assuming that the Partnership will continue as a going concern. As
discussed in Note 15 to the financial  statements,  the Partnership's  recurring
losses,  continuing  cash  flow  deficiencies,   partners'  deficit,  delinquent
mortgage, and one mortgage due in 1997 raise substantial doubt about its ability
to continue as a going concern.  Management's plans concerning these matters are
also  described  in  Note  15.  The  financial  statements  do not  include  any
adjustments that might result from the outcome of this uncertainty.



DELOITTE & TOUCHE, LLP
Buffalo, New York
March 25, 1997

                                       15
<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                                 BALANCE SHEETS
                           DECEMBER 31, 1996 AND 1995
<TABLE>
<CAPTION>


Assets                                                                1996            1995
                                                                  ------------    ------------
<S>                                                               <C>             <C>
Property, at cost (including assets held for sale, see Note 3):
  Land                                                            $  1,773,922    $  1,773,922
  Buildings and improvements                                        27,898,057      27,641,015
  Furniture, fixtures and equipment                                  2,711,794       2,711,794
                                                                  ------------    ------------
                                                                    32,383,773      32,126,731
  Less accumulated depreciation                                     13,753,437      13,104,388
                                                                  ------------    ------------
      Property, Net                                                 18,630,336      19,022,343

Escrow deposits                                                        764,566         338,660
Interest and other receivables                                         591,255          65,026
Note receivable                                                           --           154,875
Prepaid expenses                                                       231,561         224,468
Mortgage costs, net of accumulated amortization
  of $493,159 in 1996 and $634,587 in 1995                             265,953         172,966
Other assets                                                             4,455           4,455
                                                                  ------------    ------------

           Total Assets                                           $ 20,488,126    $ 19,982,793
                                                                  ============    ============


Liabilities and Partners' Deficit

Liabilities:
  Mortgages and note payable                                      $ 18,939,324    $ 19,414,288
  Cash overdraft                                                       138,032         252,805
  Accounts payable and accrued expenses                                864,429         991,181
  Accounts payable - affiliates                                      3,167,754       2,220,847
  Interest payable                                                     172,452         156,525
  Security deposits and prepaid rents                                  395,123         414,471
                                                                  ------------    ------------
           Total liabilities                                        23,677,114      23,450,117
                                                                  ------------    ------------

Minority interest in joint venture                                      18,477          54,583
                                                                  ------------    ------------

Partners' deficit:
  General partners                                                    (669,203)       (678,636)
  Limited partners                                                  (2,538,262)     (2,843,271)
                                                                  ------------    ------------
           Total Partners' deficit                                  (3,207,465)     (3,521,907)
                                                                  ------------    ------------

           Total Liabilities and Partners' Deficit                $ 20,488,126    $ 19,982,793
                                                                  ============    ============
</TABLE>



                        See notes to financial statements

                                       16

<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                            STATEMENTS OF OPERATIONS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
<TABLE>
<CAPTION>
                                                       1996           1995           1994
                                                   -----------    -----------    -----------
<S>                                                <C>            <C>            <C>
Income:
  Rental                                           $ 5,163,212    $ 5,456,107    $ 4,777,840
  Interest and other                                   373,200        297,452        284,766
                                                   -----------    -----------    -----------
  Total income                                       5,536,412      5,753,559      5,062,606
                                                   -----------    -----------    -----------

Expenses:
  Property operations                                2,737,139      3,051,398      2,959,626
  Interest:
    Paid to Affiliates                                 281,944        194,407        103,681
    Other                                            1,587,480      1,614,910      1,641,865
  Depreciation and amortization                        902,222      1,215,149      1,204,166
  Administrative:
    Paid to affiliates                                 532,584        570,499        503,296
    Other                                              717,865        579,309        607,672
                                                   -----------    -----------    -----------
  Total expenses                                     6,759,234      7,225,672      7,020,306
                                                   -----------    -----------    -----------

Loss before loss allocated to minority interest     (1,222,822)    (1,472,113)    (1,957,700)
  and extraordinary items

Loss allocated to minority interest                     36,106         42,625         51,247

Extraordinary items:
  Gain on extinguishment of debt                       795,000           --             --
  Gain from insurance proceeds on fire loss            706,158           --             --
                                                   -----------    -----------    -----------

Net income (loss)                                  $   314,442    ($1,429,488)   ($1,906,453)
                                                   ===========    ===========    ===========

Loss per limited partnership unit before
  extraordinary gains                              ($    49.26)   ($    59.34)   ($    79.14)

Extraordinary gains per limited partnership unit         62.32           --             --
                                                   -----------    -----------    -----------

Income (loss) per limited partnership unit         $     13.06    ($    59.34)   ($    79.14)
                                                   ===========    ===========    ===========

Weighted average number of limited partnership
  units outstanding                                     23,366         23,366         23,366
                                                   ===========    ===========    ===========

</TABLE>





                        See notes to financial statements

                                       17
<PAGE>


               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                    STATEMENTS OF PARTNERS' CAPITAL (DEFICIT)
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994


                                         General            Limited Partners
                                        Partners            ----------------
                                         Amount           Units         Amount
                                         ------           -----         ------

Balance, January 1, 1994             ($  578,557)         23,366    $   392,591

Net loss                                 (57,194)           --       (1,849,259)
                                     -----------     -----------    -----------

Balance, December 31, 1994              (635,751)         23,366     (1,456,668)

Net loss                                 (42,885)           --       (1,386,603)
                                     -----------     -----------    -----------

Balance, December 31, 1995              (678,636)         23,366     (2,843,271)

Net income                                 9,433            --          305,009
                                     -----------     -----------    -----------

Balance, December 31, 1996           ($  669,203)         23,366    ($2,538,262)
                                     ===========     ===========    ===========






                        See notes to financial statements



















                                       18
<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                            STATEMENTS OF CASH FLOWS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
<TABLE>
<CAPTION>
                                                          1996           1995           1994
                                                      -----------    -----------    -----------
<S>                                                   <C>            <C>            <C>
Cash Flows from operating activities:
  Net income (loss)                                   $   314,442    ($1,429,488)   ($1,906,453)
  Adjustments to reconcile net loss to net cash
    used in operating activities:
    Depreciation and amortization                         902,222      1,215,149      1,204,166
    Loss allocated to minority interest                   (36,106)       (42,625)       (51,247)
    Extraordinary gains                                (1,501,158)          --             --
  Changes in operating assets and liabilities:
    Interest and other receivables                       (526,229)       (21,454)        (2,388)
    Prepaid expenses                                       (7,093)      (133,077)       (11,210)
    Accounts payable and accrued expenses                (126,752)      (502,227)       224,294
    Interest payable                                       15,927         23,893         (6,685)
    Security deposits and prepaid rent                    (19,348)        14,143         88,863
                                                      -----------    -----------    -----------
Net cash (used in) operating activities:                 (984,095)      (875,686)      (460,660)
                                                      -----------    -----------    -----------

Cash flows from investing activities:
  Escrow deposits                                        (425,906)       678,440       (280,994)
  Collection of principal on notes receivable             154,875         15,000         15,000
  Property acquisitions and additions                    (548,871)      (153,469)       (75,230)
  Insurance proceeds on fire loss                         876,393           --             --
                                                      -----------    -----------    -----------
Net cash provided by (used in) investing activities        56,491        539,971       (341,224)
                                                      -----------    -----------    -----------

Cash flows from financing activities:
  (Decrease) increase in cash overdraft                  (114,773)       242,519         10,286
  Principal payments on mortgages                      (5,658,964)      (467,195)      (266,817)
  Proceeds from refinancings                            5,979,000           --             --
  Mortgage costs                                         (224,566)      (144,183)       (31,500)
  Increase in accounts payable - due to affiliates        946,907        704,574      1,054,945
                                                      -----------    -----------    -----------
Net cash provided by financing activities                 927,604        335,715        766,914
                                                      -----------    -----------    -----------

Decrease in cash                                             --             --          (34,970)

Cash - beginning of year                                     --             --           34,970
                                                      -----------    -----------    -----------

Cash - end of year                                    $      --      $      --      $      --
                                                      ===========    ===========    ===========


As discussed in Footnote 8, the Partnership has estimated total insurance proceeds to be $876,393 as
the result of a fire at Sutton Park Apartments.  As of December 31, 1996, $300,000 had been received
and $576,393 was receivable.

</TABLE>


                                   See notes to financial statements

                                                   19

<PAGE>


               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994



1.   FORMATION AND OPERATION OF PARTNERSHIP:
     ---------------------------------------

     Realmark Property Investors Limited  Partnership-IV (the "Partnership"),  a
Delaware  Limited  Partnership,  was formed on February 12, 1985, to invest in a
diversified portfolio of income-producing real estate investments.

     In April 1985, the  Partnership  commenced the public  offering of units of
limited partnership  interest.  Other than matters relating to organization,  it
had no business  activities and,  accordingly,  had not incurred any expenses or
earned any income  until the first  interim  closing  (minimum  closing)  of the
offering,  which  occurred on September  20, 1985. On June 22, 1986 the offering
was concluded,  at which time 23,363 units of limited partnership  interest were
outstanding, excluding 3 units held by an affiliate of the General Partners. The
General  Partners are Realmark  Properties,  Inc., a wholly-owned  subsidiary of
J.M.  Jayson &  Company,  Inc.  and Joseph M.  Jayson,  the  Individual  General
Partner. Joseph M. Jayson is the sole shareholder of J.M. Jayson & Company, Inc.

     Under the partnership agreement,  the general partners and their affiliates
can receive  compensation for services  rendered and  reimbursement for expenses
incurred on behalf of the Partnership (See Note 7).

     The  partnership  agreement  also  provides  that  distribution  of  funds,
revenues,  costs and expenses arising from partnership activities,  exclusive of
any sale or  refinancing  activities,  are to be  allocated  97% to the  limited
partners and 3% to the general partners.

     Net income or loss and proceeds arising from a sale or refinancing shall be
distributed  first to the limited partners in amounts  equivalent to a 7% return
on the average of their adjusted capital contributions,  then an amount equal to
their  capital  contributions,  then an amount equal to an  additional 5% of the
average of their  adjusted  capital  contributions,  then to all  partners in an
amount equal to their respective  positive capital balances and, finally, in the
ratio of 87% to the limited partners and 13% to the general partners.


2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
     -------------------------------------------

     (a)  Use of  Estimates
          -----------------

     The  preparation  of financial  statements  in  conformity  with  generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect the  reported  amounts of assets and  liabilities  and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.













                                       20
<PAGE>

            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                       NOTES TO FINANCIAL STATEMENTS
           FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                (Continued)



2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Con't.):
     ----------------------------------------------------

     (b)  Property and Depreciation
          -------------------------

     Expenditures  for  maintenance  and repairs are expensed as  incurred,  and
major renewals and betterments are  capitalized.  Depreciation is provided using
the  straight-line  method over the  estimated  useful  lives of the  respective
assets and  totaled  $770,643,  $1,111,013  and  $1,096,657  for the years ended
December  31,  1996,  1995 and  1994,  respectively.  Generally,  buildings  and
improvements  are  depreciated  over 25  years,  and  furniture,  fixtures,  and
equipment are depreciated over 5 years. The Accelerated Cost Recovery System and
Modified  Accelerated  Cost Recovery  System are used to determine  depreciation
expense for tax purposes. For further discussion, see Footnote 3.

     (c)  Rental Income
          -------------

     Leases  for  residential  properties  have  terms  of  one  year  or  less.
Commercial  leases  have  terms  of from one to five  years.  Rental  income  is
recognized on the straight line method over the term of the lease.

     (d)  Mortgage Costs
          --------------

     Mortgage costs incurred in obtaining  property mortgage financing have been
deferred and are being amortized over the terms of the respective mortgages.

     (e)  Minority Interest in Consolidated Joint Venture
          -----------------------------------------------

     The  minority  interest in a  consolidated  joint  venture is stated at the
amount of capital contributed by the minority investors adjusted for their share
of joint venture losses.

     (f)  Rents Receivable
          ----------------

     Due to the nature of these accounts, residential rent receivables are fully
reserved for at December 31, 1996 and 1995.



3.   ACQUISITION AND DISPOSITIONS OF RENTAL PROPERTY:
      ------------------------------------------------

     In November 1985,  the  Partnership  acquired a 168 unit apartment  complex
(Lakeview Village  Apartments) located in Milwaukee,  Wisconsin,  for a purchase
price of $4,411,659, which included $320,779 in acquisition fees.

                                       21
<PAGE>


            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                       NOTES TO FINANCIAL STATEMENTS
           FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                (Continued)


3.   ACQUISITION AND DISPOSITIONS OF RENTAL PROPERTY (Con't.):
     ---------------------------------------------------------

     In December 1985,  the  Partnership  acquired a 288 unit apartment  complex
(Sutton Park Apartments, formerly Bristol Square Apartments) located in Lansing,
Michigan  for a  purchase  price  of  $7,252,858,  which  included  $588,716  in
acquisition fees.

     In August 1986, the Partnership acquired two office/warehouse  buildings of
62,598 square feet (Airlanes I) and 68,300 square feet (Airlane III), consisting
of approximately  25% office space and 75% warehouse space located in Nashville,
Tennessee,  for a purchase  price of  $6,180,920,  which  included  $383,169  in
acquisition fees.

     In October 1986,  the  Partnership  acquired an 86 unit  apartment  complex
(Gold Key  Village  II)  located  in  Englewood,  Ohio for a  purchase  price of
$2,354,615, which included $152,744 in acquisition fees.

     In  December  1986,  the  Partnership   acquired  two  apartment  complexes
consisting of 96 and 144 units (Creekside Apts., formerly Bretton Park I and II)
located  in Flat  Rock,  Michigan,  for a purchase  price of  $5,462,176,  which
included $445,964 in acquisition fees.

     In December 1986,  the  Partnership  acquired a 215 unit apartment  complex
(Willow Creek Apartments) located in Greenville,  South Carolina, for a purchase
price of $5,040,560, which included $477,987 in acquisition fees.

     In December 1986,  the  Partnership  acquired a 72 unit  apartment  complex
(Evergreen  Terrace)  located  in  Lansing,  Michigan  for a  purchase  price of
$1,711,093, which included $314,379 in acquisition fees.

     In  May  1987,  the  Partnership  acquired  a  56  unit  apartment  complex
(Chapelwood  Estates,  formerly Cedar Court Apartments)  located in Monroeville,
Pennsylvania,  for a purchase  price of $1,439,832,  which included  $370,728 in
acquisition fees.

     In 1988, the Partnership acquired, upon its dissolution, the net assets and
liabilities of the Willow Lake Joint Venture, which amounted to $1,635,474.  The
net assets acquired were  equivalent to the carrying value of the  Partnership's
investment in the joint venture at the time of the  dissolution.  Since the date
of the  acquisition,  the Partnership had  capitalized  additional  construction
costs  of  $5,059,296,   which  includes   capitalized   interest  of  $151,993.
Construction on this project was  substantially  complete in early 1991.  During
September  1992,  Willow Lake's  lender  foreclosed  and took  possession of the
property  because the Partnership had difficulty in obtaining  tenant leases and
financing to complete tenant build-out  costs. The loss on disposal  generated a
$1,328,352 loss for financial statement purposes.

     In October, 1990 the Partnership sold the Gold Key II apartment complex for
$2,881,136 which generated a gain of $911,177 for financial statement purposes.



                                       22
<PAGE>

            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                       NOTES TO FINANCIAL STATEMENTS
           FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                (Continued)


3.   ACQUISITION AND DISPOSITIONS OF RENTAL PROPERTY (Con't.):
     ---------------------------------------------------------

     In  July  1996,  the  Partnership  entered  into a plan to  dispose  of the
property, plant and equipment of the following:


                            Carrying Amount                 Net Income (Loss)
                             of Property at                for the Year Ended
      Property              December 31, 1996              December 31, 1996

Lakeview Village                  $2,507,241                       ($222,600)
Sutton Park                        4,248,201                       1,296,059
Creekside                          3,093,751                         (34,451)
Willow Creek                       2,854,886                         (87,320)
Evergreen Terrace                    966,352                         (93,133)


     Management  has  determined  that the sale of the properties is in the best
interests  of the limited  partners.  As of December  31,  1996,  an  agreement,
cancelable by the buyer, has been signed with anticipated sales prices of:

    Property                   Sales Price

Lakeview Village                $4,090,000
Sutton Park                      5,800,000
Creekside                        5,900,000
Willow Creek                     5,425,000
Evergreen Terrace                1,200,000


     The  actual  date of  closing on the sale of any  property  will  depend on
financing availability, tax credit availability and other factors.

     Financial  Accounting  Standards  Statement  No.  121,  Accounting  for the
Impairment of Long-lived Assets and for Long-lived Assets to be Disposed Of (the
"Statement")  requires that assets to be disposed of be recorded at the lower of
carrying  value or fair value less costs to sell.  The  Statement  also requires
that such assets not be depreciated  during the disposal  period,  as the assets
will be recovered  through sale rather than through  operations.  In  accordance
with this  Statement,  the long-lived  assets of the Partnership are recorded at
the  carrying  amount  which is the lower of  carrying  value or fair value less
costs  to  sell,  and have not been  depreciated  during  the  disposal  period.
Depreciation  expense,  not recorded  during the disposal  period,  for the year
ended December 31, 1996 totaled approximately $346,000.




                                       23
<PAGE>


            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                       NOTES TO FINANCIAL STATEMENTS
           FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                (Continued)


4.   NOTE RECEIVABLE
     ---------------

     In  connection  with the sale of the Gold  Key II  apartment  complex,  the
Partnership  took back a second  mortgage as security for two notes  receivable.
The first  note for  $155,000  carried  an  interest  rate of 10% with  interest
payable  monthly and the  remaining  balance  payable at maturity on October 11,
1995. The second note for $75,000 carried an interest rate of 10% with principal
payments  payable  in five  annual  installments  of $15,000  and any  remaining
interest payable at maturity on October 11, 1995. Neither of the notes were paid
in full by the maturity date and, in accordance with the agreements,  both notes
accrue interest at 15% annually on the unpaid balances. The Partnership received
a  settlement  in the amount of  $175,000  during  1996.  The  remainder  of the
balances were written off.

5.   MORTGAGES AND NOTE PAYABLE:
     ---------------------------

     The Partnership has the following mortgages and note payable:

Lakeview Village Apartments
---------------------------

     A 10.875% mortgage with a balance of $2,311,688 at December 31, 1995, which
provided for annual principal and interest payments of $305,496 in equal monthly
installments.  The balance was originally  due May 1, 1993, but the  Partnership
had been  granted an  extension to January  1996.  The  property was  refinanced
January 11, 1996 with an 8.25% mortgage for $2,529,000. The new mortgage, with a
balance of  $2,508,128 at December 31, 1996,  provides for annual  principal and
interest  payments of $232,920 in equal  monthly  installments.  The term of the
mortgage  is ten (10)  years  with the  remaining  balance  due and  payable  on
February 1, 2006.

Sutton Park Apartments (formerly Bristol Square Apartments)
-----------------------------------------------------------

     A first  mortgage with a balance of $2,849,412 at December 31, 1995,  which
provided  for  principal  and interest  payments at 9% payable in equal  monthly
installments  of  $26,700,  due  December  31,  1995.  In  addition,  a  second,
non-interest bearing mortgage with a balance of $1,000,000 at December 31, 1995.
Under the terms of the agreement,  80% of the second mortgage was to be forgiven
if the  remaining  balance of the first  mortgage was paid by December 31, 1995.
Both  mortgages  were  refinanced  January  11,  1996  with an 8%  mortgage  for
$3,400,000,  and an unsecured $50,000 promissory note. The new mortgage,  with a
balance of  $3,370,652 at December 31, 1996,  provides for annual  principal and
interest  payments of $306,168 in equal  monthly  installments.  The term of the
mortgage  is ten (10)  years  with the  remaining  balance  due and  payable  on
February 1, 2006. The promissory note, with a balance of $29,170 at December 31,
1996,  provides for monthly principal  payments of $2,083 plus interest accruing
at the lenders  reference  rate plus 2% annually  (10.25% at December 31, 1996).
The note is due and payable February 1, 1998.

     As a result of the refinancing, a portion of the second mortgage, described
above,  was  forgiven  and an  extraordinary  gain in the amount of $795,000 was
recognized in 1996.

                                       24

            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                       NOTES TO FINANCIAL STATEMENTS
           FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                (Continued)


5.   MORTGAGES AND NOTE PAYABLE (Con't.):
     ------------------------------------

Airlanes I & III
----------------

     A 7.625%  mortgage with a balance of $3,525,932  and $3,622,816 at December
31,  1996 and 1995,  respectively,  which  provides  for  annual  principal  and
interest  payments of $369,783 payable in equal monthly  installments,  with the
remaining balance due January 1, 1999.

Creekside
---------

     An  adjustable  rate  mortgage  with an  outstanding  principal  balance of
$3,670,328  and  $3,745,882  at December  31, 1996 and 1995,  respectively.  The
interest rate is  adjustable  quarterly to a maximum rate of 13.5% and a minimum
rate of 7% (7.09% at December  31,  1996).  The  mortgage is payable  monthly in
amounts which vary with the interest rate. Monthly payments at December 31, 1996
based on a 7.09% interest rate were $27,827.  The balance of the mortgage is due
and payable March 31, 1998.

Willow Creek
------------

     A 9.25% mortgage which provides for annual principal and interest  payments
of $393,024  payable in equal monthly  installments  with the remaining  balance
originally  due on September 1, 1996; the maturity has been extended to March 1,
1997.  The  balance  as of  December  31,  1996  and  1995  was  $3,919,467  and
$3,948,467, respectively.

Evergreen Terrace
-----------------

     An adjustable rate mortgage with a balance at December 31, 1996 and 1995 of
$1,021,096  and  $1,036,006,  respectively.  The  interest  rate  is  adjustable
annually  to a maximum  rate of 15% during the first five years of the loan term
and 17% for the  remaining  life of the loan;  the interest  rate shall never be
less than 9% over the life of the loan (9.0% at December 31, 1996). The mortgage
is payable  monthly  in  amounts  which  vary with the  interest  rate.  Monthly
payments at December 31, 1996 based on a 9.0%  interest  rate were  $8,962.  The
balance of the mortgage is due and payable June 1, 1998.

Chapelwood Estates (formerly Cedar Court)
-----------------------------------------

     A 9.25%  mortgage  with a balance of $894,551  and $900,017 at December 31,
1996 and 1995,  respectively,  which provides for annual  principal and interest
payments of $89,592  payable in equal  monthly  installments  with the remaining
balance due  September  1, 1996.  The  mortgage is now in default and payable on
demand.

     The mortgages described above are secured by the Partnership  properties to
which they relate.


                                       25
<PAGE>


            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                       NOTES TO FINANCIAL STATEMENTS
           FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994


5.   MORTGAGES AND NOTE PAYABLE (Con't.):

     The aggregate maturities of mortgages and notes payable are as follows:

        Year                                    Amount

        1997                                     $5,104,085
        1998                                      4,783,112
        1999                                      3,384,889
        2000                                         82,696
        2001                                         89,653
        Thereafter                                5,494,889
                                           -----------------
        TOTAL                                   $18,939,324
                                           =================


6.   MINORITY INTEREST OF RELATED PARTY IN LAKEVIEW JOINT VENTURE

     On September 1, 1992, the  Partnership  entered into an agreement to form a
joint  venture  with  Realmark  Property  Investors  Limited   Partnership-VI  B
(RPILP-VI  B). The joint  venture  was formed for the purpose of  operating  the
Lakeview  Apartment  complex  owned by the  Partnership.  Under the terms of the
agreement,  RPILP VI-B contributed $175,413,  with the Partnership  contributing
the property net of the first mortgage. The interests of the Partnerships in the
property were determined based on the fair value of the property as estimated by
the General Partners.

     The joint venture  agreement  provides that any income,  loss,  gain,  cash
flow,  or sale  proceeds be allocated  83.78% to the  Partnership  and 16.22% to
RPILP-VI B. The net loss from the date of  inception  has been  allocated to the
minority  interest in  accordance  with the agreement and has been recorded as a
reduction of the capital contribution.

     A  reconciliation  of the minority  interest  share in the  Lakeview  Joint
Venture is as follows:

                                  1996              1995

Balance, Beginning of Year       $54,583           $97,208
Allocated Loss                   (36,106)          (42,625)
                               ----------       -----------
Balance, End of Year             $18,477           $54,583
                               ==========       ===========



                                       26
<PAGE>

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                   (Continued)


7.   PROPERTY MANAGEMENT FEES AND RELATED PARTY TRANSACTIONS:
     --------------------------------------------------------

     Management  fees  for  the  management  of  certain  of  the  Partnership's
properties  are paid to an affiliate  of the General  Partners.  The  management
agreement  provides for 5% of gross monthly receipts of the complexes to be paid
as fees for administering  the operations of the properties.  These fees totaled
$280,167,  $247,223 and $220,993 for the years ended December 31, 1996, 1995 and
1994, respectively.

     The Partnership entered into a management agreement with an unrelated third
party for the  management of Airlane I and III on August 15, 1986. The agreement
provides for the payment of a management fee equal to 4% of monthly gross rental
income. The results of operations  include $30,245,  $27,170 and $21,476 of such
fees in 1996, 1995 and 1994, respectively.

     According to the terms of the Partnership Agreement,  the Corporate General
Partner is also entitled to receive a partnership  management fee equal to 7% of
net  cash  flow  (as  defined  in the  Partnership  Agreement),  2% of  which is
subordinated to the limited partners having received an annual cash return equal
to 7% of their average adjusted capital  contributions.  No such fee was paid or
accrued by the partnership for the years ended December 31, 1996, 1995 and 1994.

     Accounts  payable to affiliates  amounted to $3,167,754  and  $2,220,847 at
December 31, 1996 and 1995,  respectively.  The payables  represent fees due and
advances  from the  Corporate  General  Partner or an  affiliate  of the General
partners. Interest on accounts payable - affiliates, charged at a rate of 11% on
the average outstanding balance, totaled $281,944, $194,407 and $103,681 for the
years ended December 31, 1996, 1995, and 1994, respectively. All amounts payable
to affiliates are due upon demand.

     The General Partners are also allowed to collect a property disposition fee
upon sale of acquired properties. This fee is not to exceed the lesser of 50% of
amounts  customarily  charged in arm's-length  transactions by others  rendering
similar  services  for  comparable  properties  or 3% of the  sales  price.  The
property disposition fee is subordinate to payments to the limited partners of a
cumulative  annual return (not compounded) equal to 7% of their average adjusted
capital  balances and to repayment to the limited partners of an amount equal to
their original capital  contributions.  Since these conditions have not been met
no fees  have  been  recorded  or paid on the sale of the Gold Key II  apartment
complex.

     Computer  service  charges  for the  partnership  are paid or accrued to an
affiliate of the General Partner.  The fee is based upon the number of apartment
units and totaled $20,394,  $20,394 and $20,200 for the years ended December 31,
1996, 1995 and 1994, respectively.



                                       27
<PAGE>


            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                       NOTES TO FINANCIAL STATEMENTS
           FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                (Continued)


7.   PROPERTY MANAGEMENT FEES AND RELATED PARTY TRANSACTIONS (Con't.):
     -----------------------------------------------------------------

     Pursuant to the terms of the Partnership  Agreement,  the Corporate General
partner charged the Partnership for  reimbursement of certain costs and expenses
incurred by the Corporate  General Partner and its affiliates in connection with
the administration of the Partnership.  These charges were for the Partnership's
allocated share of such costs and expenses which include payroll,  legal,  rent,
depreciation,  printing,  mailing,  travel and  communication  costs  related to
Partnership  accounting,   partner  communication  and  relations  and  property
marketing  and are included in property  operations.  Additionally,  Partnership
accounting and portfolio  management fees,  investor services fees and brokerage
fees are  allocated  based on total  assets,  number of  partners  and number of
units,  respectively.  These charges totaled $232,023,  $302,882 and $262,103 in
1996, 1995 and 1994, respectively.


8.   EXTRAORDINARY GAIN FROM INSURANCE PROCEEDS:
     -------------------------------------------

     On July 16, 1996 the Sutton Park  Apartments  experienced  a fire in one of
its buildings resulting in property destruction estimated at a net book value of
$170,235.  It has been estimated  that the  Partnership  will receive  insurance
proceeds  totaling  $876,393,  resulting in an extraordinary  gain for financial
statement purposes of $706,158.

     As of December  31, 1996,  $576,393 in insurance  proceeds was not received
and is included in Interest and Other Receivables on the balance sheet.


9.   INCOME TAXES:
     -------------

     No provision has been made for income taxes since the income or loss of the
partnership is to be included in the tax returns of the individual Partners.

     The tax  returns  of the  Partnership  are  subject to  examination  by the
Federal and state taxing  authorities.  Under federal and state income tax laws,
regulations and rulings,  certain types of transactions  may be accorded varying
interpretations and, accordingly,  reported partnership amounts could be changed
as a result of any such examination.






                                       28
<PAGE>


            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                       NOTES TO FINANCIAL STATEMENTS
           FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                (Continued)


9.   INCOME TAXES (Con't.):

     The  reconciliation of net loss for the years ended December 31, 1996, 1995
and 1994, as reported in the statement of  operations,  and as would be reported
for tax return purposes is as follows:

<TABLE>
<CAPTION>
                                               1996           1995           1994
                                           -----------    -----------    -----------
<S>                                        <C>            <C>            <C>
Net income (loss) -
  Statement of operations                  $   314,442    ($1,429,488)   ($1,906,453)

Add to (deduct from):
  Difference in depreciation                  (320,560)       (59,198)      (133,448)

  Gain on sale of property                       4,402          4,402          4,402

  Gain from fire loss                         (706,158)          --             --

  Other, primarily increase in
    allowance for doubtful accounts            185,770        328,687        132,802
                                           -----------    -----------    -----------

Net loss - tax return purposes             ($  522,104)   ($1,155,597)   ($1,902,697)
                                           ===========    ===========    ===========

     The reconciliation of Partners' (Deficit) as of December 31, 1996, 1995 and
1994, as reported in the balance sheet and as reported for tax return  purposes,
is as follows:

                                                1996           1995           1994
                                           -----------    -----------    -----------
<S>                                        <C>            <C>            <C>
Partners' Deficit - Balance Sheet          ($3,207,465)   ($3,521,907)   ($2,092,419)

Add to (deduct from):
  Accumulated difference in depreciation    (5,548,135)    (5,227,575)    (5,168,377)

  Accumulated amortization of
    discounts on mortgages payable             382,695        382,695        382,695

  Syndication fees                           2,734,297      2,734,297      2,734,297

  Difference in book and tax basis in
    Partnership investments                   (635,737)      (635,737)      (635,737)

   Gain from fire loss                        (706,158)          --             --

  Other, primarily allowance for
    doubtful accounts                        1,332,809      1,147,039        813,950
                                           -----------    -----------    -----------

Partners' Deficit - tax return purposes    ($5,647,694)   ($5,121,188)   ($3,965,591)
                                           ===========    ===========    ===========
</TABLE>


                                       29
<PAGE>

            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                       NOTES TO FINANCIAL STATEMENTS
           FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                (Continued)


10.  LEASES:

     In  connection  with  the  operation  of  its  commercial   property,   the
Partnership  has entered  into  leases with terms of one to five years.  Minimum
future   rentals  to  be  received  for  each  of  the  next  five  years  under
noncancelable operating leases are as follows:


               Year                      Amount

             1997                         $568,424
             1998                          443,807
             1999                          297,877
             2000                          206,349
             2001                          109,311
                                     --------------

             TOTAL                      $1,625,768
                                     ==============

11.  FAIR VALUE OF FINANCIAL INSTRUMENTS:
     ------------------------------------

     Statement of Financial  Accounting  Standards  No. 107 requires  disclosure
about fair value of certain  financial  instruments.  The fair value of accounts
receivable,  accounts payable, accounts payable affiliates, accrued expenses and
deposit liabilities  approximate the carrying value due to the short-term nature
of these instruments.

     Management has estimated  that the fair values of the mortgages  payable on
Lakeview and Sutton Park  approximate  their  carrying  values of $2,508,128 and
$3,370,652,  respectively,  as both mortgages payable were refinanced in January
1996.

     Management has estimated  that the fair values of the mortgages  payable on
Willow  Creek  and  Chapelwood  Estates  approximate  their  carrying  values of
$3,919,467  and $894,551,  respectively,  due to their  short-term  nature.  The
mortgage  on Willow  Creek is due March 1, 1997 and  Chapelwood  Estates was due
September 1, 1996.

     Management has estimated  that the fair values of the mortgages  payable on
Creekside and Evergreen Terrace  approximate their carrying values of $3,670,328
and $1,021,096,  respectively,  due to the fact that both mortgages  payable are
adjustable  rate  mortgages and their rates are adjusted  periodically  based on
indexes specified in the mortgage.

     Management  has  estimated  that the fair value of the mortgage  payable on
Airlanes  I and II  approximate  its  carrying  value  of  $3,525,932,  based on
currently available rates for debt of similar terms.

     See footnote 5 for a description of the terms of the mortgages payable.

                                       30
<PAGE>


            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                       NOTES TO FINANCIAL STATEMENTS
           FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                (Continued)


12.  SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:
     -----------------------------------------------


                                            1996            1995            1994
                                      ----------      ----------      ----------

Cash paid for interest                $1,571,553      $1,591,017      $1,648,550
                                      ==========      ==========      ==========

13.  CONTINGENCIES:
     --------------

     Included in accounts  payable and accrued expenses on the balance sheet are
delinquent taxes and interest on Evergreen Terrace Apartments for the years 1993
through 1995 totaling  approximately  $116,000 and $193,000 at December 31, 1996
and 1995,  respectively.  As of December 31, 1996,  the property is in tax sale.
The result of such tax sale could be substantial penalties or the potential loss
of property.


14.  RECLASSIFICATIONS:
     ------------------

     Certain  reclassifications  have been made to the 1994  balances to conform
with the classifications used in 1995.


15.  GOING CONCERN CONSIDERATIONS:
     -----------------------------

     The  Partnership  continued to  experience  operating  losses and cash flow
difficulties in 1996. In addition,  as discussed in Note 13,  Evergreen  Terrace
Apartments  is  liable  for  delinquent  real  estate  taxes  in the  amount  of
approximately  $116,000. The Chapelwood Estates mortgage is currently delinquent
and payable on demand,  and final  payments are due in March 1997 for the Willow
Creek mortgage.  Management is currently seeking a work out agreement related to
the back taxes and is seeking  refinancing  for the  mortgages due and all other
mortgages in the Partnership to improve cash flow.  These factors  combined with
significant   partners'   deficits  have  raised  substantial  doubt  about  the
Partnership's ability to continue as a going concern.

     Management is continuing its efforts to reduce  expenses and increase rents
and also to refinance existing properties. In addition,  management is currently
negotiating  the sales of several  properties in the Partnership as discussed in
Footnote 3.




                                       31
<PAGE>

SCHEDULE I


            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                       MORTGAGE LOANS ON REAL ESTATE
                             DECEMBER 31, 1996
<TABLE>
<CAPTION>
                                                                                                                 Principal Amount of
                                 Final                                                                Carrying     Loan Subject to
                      Interest   Maturity                                                 Face Amount Amount of Delinquent Principal
  Description          Rate       Date        Periodic Payment Term         Prior Liens   of Mortgage Mortgage      or Interest
  -----------          ----       ----        ---------------------         -----------   --------------------  --------------------
<S>                    <C>       <C>   <C>                                  <C>            <C>        <C>       <C>
Gold Key Village II    10%       10/11/95     Interest payable monthly,     $2,290,000     $230,000   $    -    $       -
Second Mortgage, 86                           principal payments of $15,000 First mortgage
Unit Apartment                                were due annually until
Complex in                                    10/11/95 when the remaining
Englewood, Ohio                               principal of $154,875 was due.



                                        1996                   1995                   1994
<S>                                   <C>                    <C>                    <C>
Balance at beginning of period        $154,875               $169,875               $184,875

Deductions during period:
  Collections of principal             154,875                 15,000                 15,000
                                      ---------              ---------              ---------

Balance at close of period                  $0               $154,875               $169,875
                                      =========              =========              =========

</TABLE>





                                        See note 4 to the financial statements

                                                       32
<PAGE>

SCHEDULE III

               REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP-IV
                    REAL ESTATE AND ACCUMULATED DEPRECIATION
                                DECEMBER 31, 1996
<TABLE>
<CAPTION>


                                      Initial Cost to         Cost            Gross amounts at which
                                        Partnership        Capitalized      Carried at Close of Period
                                   -----------------------              -----------------------------------
     Property                                              Subsequent to                          (1)(2)
   Description       Encumbrances    Land      Buildings   Acquisition    Land      Buildings     Total
<S>                   <C>           <C>        <C>          <C>          <C>        <C>         <C>
Lakeview Village Apts.
  Milwaukee, WI       $2,508,128    $200,000   $3,785,880    $163,790    $200,000   $3,949,670  $4,149,670

Sutton Park Apts.
  Lansing, MI          3,399,822     400,000    6,139,297     241,702     400,000    6,380,999   6,780,999

Airlanes Office Whse.
  Nashville, TN        3,525,932     576,500    5,604,420     331,173     576,500    5,935,593   6,512,093

Creekside Apts.
  Flat Rock, MI        3,670,328     250,500    4,491,688     123,498     250,500    4,615,186   4,865,686

Willow Creek Apts.
  Greenville, SC       3,919,467     226,300    4,276,760       5,900     226,300    4,282,660   4,508,960

Evergreen Terrace
  Lansing, MI          1,021,096      69,372    1,462,471           0      69,372    1,462,471   1,531,843

Chapelwood Estates
  Monroeville, PA        894,551      51,250    1,238,528      32,950      51,250    1,271,478   1,322,728
                     ------------  ----------  ----------- -----------  ----------  ----------- -----------

                     $18,939,324   $1,773,922  $26,999,044   $899,013   $1,773,922  $27,898,057 $29,671,979
                     ===========   ==========  ===========   ========   ==========  =========== ===========

___________________________________________________________________________________________________________

                                                      Life on Which
                                                      Depreciation
                                                      In Latest
                              (3)                     Statement
      Property              Accumulated   Date of      Of Operations
   Description             Depreciation  Construction  Is Computed
<S>                        <C>              <C>          <C>

Lakeview Village Apts.
  Milwaukee, WI            $1,642,430       Nov-85       25 Years

Sutton Park Apts.
  Lansing, MI              2,532,798        Dec-85       25 Years

Airlanes Office Whse.
  Nashville, TN            2,388,294        Aug-86       25 Years

Creekside Apts.
  Flat Rock, MI            1,779,334        Dec-86       25 Years

Willow Creek Apts.
  Greenville, SC           1,654,074        Dec-86       25 Years

Evergreen Terrace
  Lansing, MI                565,490        Dec-86       25 Years

Chapelwood Estates
  Monroeville, PA            486,622        May-87       25 Years
                           ----------

                           $11,049,042
                           ===========
</TABLE>



                                       33
<PAGE>



SCHEDULE III
(Continued)


            REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP IV
                 REAL ESTATE AND ACCUMULATED DEPRECIATION
                             DECEMBER 31, 1996



(1)  Cost for Federal income tax purposes is $29,671,979.


(2)  A  reconciliation  of the  carrying  amount  of land  and  buildings  as of
     December 31, 1996, 1995 and 1994 follows:


                                         1996            1995           1994
                                         ----            ----           ----

Balance at beginning of period     $ 29,414,937    $ 29,269,324   $ 29,194,094
Additions                               548,871         145,613         75,230
Dispositions                           (291,829)           --             --
                                   ------------    ------------   ------------
Balance at end of period           $ 29,671,979    $ 29,414,937   $ 29,269,324
                                   ============    ============   ============


(3)  A reconciliation  of accumulated  depreciation for the years ended December
     31, 1996, 1995 and 1994 follows:


                                        1996            1995           1994
                                        ----            ----           ----

Balance at beginning of period     $ 10,400,447    $  9,289,434   $  8,192,777
Additions charged to cost and
  expenses during the period            770,187       1,111,013      1,096,657
Dispositions                           (121,592)           --             --
                                   ------------    ------------   ------------
Balance at end of period (a)       $ 11,049,042    $ 10,400,447   $  9,289,434
                                   ============    ============   ============


(a)  Balance applies entirely to buildings.















                                       34
<PAGE>


                               SIGNATURES


     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.


REALMARK PROPERTY INVESTORS
LIMITED PARTNERSHIP - IV

    By: /s/ Joseph M. Jayson                               3/28/97
         -------------------------------------------       ---------------
            JOSEPH M. JAYSON,                              Date
            Individual General Partner


            Pursuant to the requirements of the Securities Exchange Act of 1934,
      this report has been signed  below by the  following  persons on behalf of
      the registrant and in the capacities and on the dates indicated.


      By: /s/ Joseph M. Jayson                              3/28/97
         --------------------------------------------       ---------------
            JOSEPH M. JAYSON, President                     Date
            Principal Executive Officer and Director

          /s/ Michael J. Colmerauer                         3/28/97
         --------------------------------------------       ---------------
            MICHAEL J. COLMERAUER,                          Date
            Secretary















                                       35
<PAGE>


     Supplemental  Information  to be Furnished  with Reports Filed  Pursuant to
Section 15(d) of the Act by  Registrants  Which Have Not  Registered  Securities
Pursuant to Section 12 of the Act.

     The form  10-K is sent to  security  holders.  No other  annual  report  is
distributed.  No  proxy  statement,  form of proxy  or  other  proxy  soliciting
material was sent to any of the  registrant's  security  holders with respect to
any annual or other meeting of security holders.






























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