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The importance of underwriting standards to a healthy real estate finance market
Underwriting standards will have an impact on the real estate market by controlling speculation and risk taking. This took place when interest rates were low and the economy was strong. When this occurs, lenders increased the total amount of loans available. In most cases, the desire to add to their profit margins will result in practices that will ignore critical factors (such as: employment history, income and credit rating). Once this happens, is when financial institutions will make loans that are considered to be irresponsible. (Wickell, 2012) (Kolb, 2010)
After the economy begins to slow and interest rates are rising, is the point that these practices will hurt the lender. This is because the borrower more than likely could not afford the mortgage payment. This will result in the firm facing a wave of defaults. In…
Underwriting Requirements Guidelines. (2012). United Guaranty. Retrieved from: https://www.ugcorp.com/services/guidelines/PP-Full-FileUnderwritingRequirementsGuide_8-13-2012.pdf
Bardhan, A. (2012). Global Housing Markets. Hoboken, NJ: Wiley.
Kolb, R. (2010). Lessons from the Financial Crisis. Hoboken, NJ: Wiley.
Wickell, J. (2012). Underwriting Guidelines. Net Places. Retrieved from: http://www.netplaces.com/real-estate-investing/real-estate-finance/underwriting-guidelines.htm
(Economou and Trichias, 2009)
Remuneration is stated to be as follows for each of these actors:
(1) real estate brokers -- Commission based on percentage of the transaction value;
(2) lawyers -- Commission based on percentage of the transaction value;
(3) Notaries -- Commission base don percentage of the transaction value;
(4) Civil Engineers -- According to specific regulations, taking into account elements of the property in question; and (5) Constructors -- percentage of the land. (Economou and Trichias, 2009)
Minimum required formalities for real estate sale and purchase are stated to be those as follows:
(1) payment of taxes related to the transfer in the Tax Office of the District where the real estate is situated;
(2) obtaining a Good Standing Tax Certificate and declarations of the Seller regarding the real estate's income and its inclusion in the previous two years tax returns to be attached in the notarial…
Abel, R & Lewis, P (1989) Putting Law Back into the Sociology of Lawyers, in R. Abel & P. Lewis (eds), Lawyers in Society: Comparative Theories 478 (New York, Beard Books).
Davies, P (2006) 'Europe Plunges in at the Deep End' Financial Times September 19, 43.
Dietz, T & Nieswandt, H (2009) 'The emergence of transnational cooperation in the software-industry', this volume.
EBRD (1995) Transition Report 1995: Investment and Enterprise Development (London, European Bank for Reconstruction and Development).
Real Estate Industry Analysis
The residential real estate industry has been surprisingly resilient in light of the current economic situation. Over the previous two years residential real estate purchases registered into the double digits, while these numbers are down, the market for real estate is anything but out. At a glance, it would appear that realtors do not even know that a recession exists as new properties are springing up from Northern Virginia to California, even Hong Kong is getting in on the action. So what does the future hold for the residential real estate market in the United States and across the globe? This paper will present an in depth analysis of the real estate industry by discussing current trends of the real estate industry while analyzing the strengths, weaknesses, opportunities and threats. Additionally, this paper will also discuss the national and global outlook of the real estate industry…
Grant, David. Windmere Suggests Housing Boom is Misleading. Retrieved on June 28, 2002 from MSNBC Website: http://www.msnbc.com/local/scj/a91655.asp .
Levin, Elzar. Apartments Sold and Rented. Retrieved on June 29, 2002 from Globes Online Website: http://new.globes.co.il
Pasadilla, B, F. Pretorius and B. Renaud. Markets and Work: Dynamics of the Residential Real Estate Market in Hong Kong. 1997 November. Hong Kong: Hong Kong University Press.
Realty Times. Speyer to Keynote Real Estate Outlook Conference. Retrieved on June 29, 2002 from Realtytimes.com: http://realtytimes.com/rtnews/rtcpages/19990115_rupspeyer.htm
S. prior to the collapse of prices. As real estate accounted for 6.1% of all of China's GDP growth last year. This is the same level as the U.S. during 2005 and Japan during the 1980's. Commenting about what was taking place Citigroup analysts observed, "It's evident that property prices are no longer sustainable once the residential investments achieve above 8% of nominal GDP, and China may not be an exception." ("China Housing Market Nears U.S. And Japan") This is significant, because this information supports the hypothesis that a real estate bubble is developing in China. As prices could be in the process of rolling over, this will have an adverse effect on the economy.
The article that was written by Silverstein (2011), talks about the possible negative impact of the real estate bubble bursting. As he believes, that this could plunge the world into another deep recession. Once this…
"7 Ways of Shorting." Business Insider, 2011. Web. 2 Apr. 2011.
"China GDP Growth Rate." Trading Economies, 2011. Web. 2 Apr. 2011.
"China Housing Bubble." The China Expat, 2011. Web. 2 Apr. 2011
"China Housing Market Nears U.S. And Japan." Bloomberg, 2011. Web. 2 Apr. 2011.
This can help encourage developers to engage in various activities. The reason why is because, they are receiving a number of different advantages to include: tax breaks and grants. At the same time, the more restrictive regulations will have an impact upon development, as they will make it more difficult to work on various projects. The way that this would impact politicians is through: the increased tax revenues (from a higher mill levy rate), it improves the standard of living in the community and it can help to stimulate economic growth (for those regions that are encouraging development). At the same time, those policies that are very restrictive towards developers will result in: the loss of jobs to the community, a decline in the standard of living and a rise in the number of unsold / abandoned properties.
Outline the major steps involved in a real estate development project. Then…
Kemp, R. (2003). Community Renewal. Jefferson, NC: McFarland.
McKenzie, D. (2010). Essentials of Real Estate. Clifton Park, NY: Delmar Learning.
Moreover, to make certain that occupants on one of the level are being conscious of a fire on the other side the smoke alarms shall be linked so as to make the activation of one smoke alarm to echo a similar signal in the other smoke alarm; perceptible through the entire level they are situated on; and enlisted for application in an interlinked institution. Moreover, emergency lighting which have an average illumination of at the minimum 10m 1x at floor level or 1 watt/m2 of floor space shall be entailed in corridors, in situations sanctioned by the fire department and could be chalked out to offer illumination for a time period of 30 minutes; supplied by an element of energy isolated from the elementary electrical supply for the condominium; and planned to be automatically activated when the power to the condominium is cut-off. (Fire Safety Commission Decision Summary: Decision No.…
Alayo, Juan. J. High-rise lobbies should be designed with care - residential condominiums. Real Estate Weekly, 10 April, 2002, pp: 14-16.
Chapter 25: Article IV-Condominium Conversions. 2005. http://www.ci.fairfield.ca.us/3540.htm
Discussion regarding the implementation of a Condominium conversion ordinance and revision to the existing Condominium ordinance. 21 August, 2007. http://www.ci.tracy.ca.us/city_council/meetings/agendas/2007/08/21/11c.pdf
Fire Safety Commission Decision Summary. Decision No. 2002A006-137 (2002A007-138;
eal Estate esearch
The purpose of the research is to investigate whether the trend is growing for moneyed indivdauls to invest in fewer square feet thatn has, a decage ago, been the case.
Describe the research problem
It has been popularly thoguth that the larger the tract of gferound that the house occupies, the more expensive and desribael it will be. In fact, the luxury market consideres a 8,000 square feet house the average size. Lone innovative voices in the architectural field however maintain otherwise saying that moneyed people are becomgin more eager to invest in compact, but quality houseing thatn to continue investing in space. According to e-max realty agent, Greg Close, for instance:
These days.. even investor-buyers are finding that the offshore crowd is becoming more accepting of the idea that bigger doesn't always mean better. Despite working in the epicentre of high-end, high-square-footage real estate, Mr. Close…
Weder. A. (Thurs. July, 2. 2009). Good things, small packages. The Globe & Mail. Retrieved March 3, 2011 on from:
In addition to its report-writing software, it says it had the first case management, automated mapping systems and digital image management software. It is the first appraisal software company to be certified as AI-Ready by the Appraisal Institute Residential Database (AIRD).
That does not necessarily mean the software is easy to use and cost-effective, but a look at the integrated components of its software suite and relatively reasonable prices give some indication that Day One is a good buy.
Day One's AI Ready Module is $150; its Sketch for Windows is $199. The sketching software is attractive for those who want to enhance their reports with accurate graphics.
The report writing software itself ranges from the entry-level version of Day One Nova, which includes more than 300 useful forms, at $395.00. They claim the professional appraiser's choice is the NOVA Pro, however, at $695.00, a package that includes the WinSketch…
Based on past cycles of real estate market fluctuations, many analysts expect the real estate market to decline further before it rebounds again. In all likelihood, the misfortune of some will provide investment opportunities for others within the next year.
The buyer's market that is expected to follow will inevitably result in property sales at far below their prior value. Qualified investors who can wait for the eventual market to rebound will realize significant profits if they sell, or will have secured premium equitable value for rock bottom costs if they purchased the property in a down market for their own use. This too is another similarity between the real estate market and the stock market, except that corresponding stock market fluctuations ordinarily cycles through in much shorter time periods.
eal estate ownership is a solid investment that provides multiple opportunities to generate positive cash flow. For investors who…
Clark, K. (2007) Taking a New View of Risk: Murky Investments Are Suddenly Out of Fashion. U.S. News & World Report. Vol.143 No. 8 (50-51)
Kiyosaki, R.(2007) Why the Rich Get Richer: When the Squeeze is on, Bargains Abound.
Accessed September 18, 2007, at http://finance.yahoo.com/expert/article/richricher/45300;_ylt=AqKPORLOxKtKdOtBgejq1IO7YWsA
Lowenstein, R. (2007) Subprime Time: How Did Home Ownership Become So Rickety?
A secondary mortgage market permits mortgage originators to be more responsive to dynamic mortgage demand and to lower mortgage rates for some homeowners when mortgage demand is higher. According to Koppell (2001):
Government-sponsored enterprises (GSEs) are hybrids -- part public, part private -- that affect the lives of most Americans. Anyone who has borrowed money to purchase a home, farm, or pay for college, or invested in a mutual fund has likely been touched by government-sponsored enterprises. Fannie Mae and Freddie Mac are public in several respects. Created by Congress to serve public purposes, they are exempt from state and local taxes, exempt from registration requirements of the Securities and Exchange Commission, and have a $2.25 billion line of credit with the United States Treasury. They are not, however, subject to regulations that govern the activities of federal agencies. Their staffs are not considered government employees. (p. 468)
Ball, M., Lizieri, C., & Macgregor, B.D. (1998). The economics of commercial property markets. London: Routledge.
Black's law dictionary. (1990). St. Paul, MN: West Publishing Co.
Burgess, G., Passmore, W., & Sherlund, S.M. (2005). The effect of housing government- sponsored enterprises on mortgage rates. Real Estate Economics, 33(3), 427.
Geisst, C.R. (1990). Visionary capitalism: Financial markets and the American dream in the Twentieth Century. New York: Praeger Publishers.
Furthermore, in this instance, not even the Hoffman Group alleges that any of the tenants caused damage to the clubhouse, as the structure was never useable in the first place, despite the expectation of it being so, given the fees that the residents were charged.
In this instance, the warrantee of habitability should be affirmed. The Hoffman Group, by charging residents a fee for the maintenance of the structure, created an expectation that the clubhouse would be maintained in a manner so that the residents could enjoy its amenities. The expectation was just as high as would be the case of a renter renting an apartment who expected to have the use of his or her living room or fire escape porch in functional conditioning. Instead, the clubhouse was allowed to remain a health hazard to residents and members of the community alike. The fact that a pool was part…
"Attractive nuisance law and legal definition." U.S. Law. March 3, 2010.
"Warranty of Habitability. "U.S. Law. March 3, 2010.
Comparing Features of ClickFORMs and WinTOTAL
Both applications are organized into broad feature sets including integrated data gathering features, support for report writing and analysis, compliance and auditability, data management, marketing and customer loyalty options, and continual online training options. Across these six key areas, each of the applications has what appraisers would require for completing a basic residential appraisal. Included are both basic and advanced search tools and applications, mapping applications and integration to Microsoft MapPoint, support for file templates and forms generation for developing customized appraisals, support for scanning and imaging, extensive XML code and PDF file generation capability, and support for integration to small business accounting packages including QuickBooks.
Where the two applications vary is at the programming standards level, with ClickFORMs being certified on the Microsoft Windows XP operating system, and WinTOTAL not. Ample evidence exists of the certification leading to greater product differentiation in the…
Practices Associated With eal Estate Management
In this paper, we will answer many questions regarding the practice of real estate management. We will also address the main question to the topic which is related to the underpinning or improving the value of assets and assess how this can be done alongside its extents. Additional information regarding the investor's point-of-view would also be included, here much of the emphasis would be pointed towards the real estate firms of U.K but the answers provided would be based on a general sense of the business.
Introduction to real estate management
It is relatively common for property owners to hire managers who specialize in the handling of real estate properties on a daily basis. This manager might work as an independent person or in any property management firm which provides its services to many different types of clients. There are many different services that…
Rowh, Mark. (2003). Careers in Real Estate. Chicago: VGM Career Books.
Laurie, Donald. (2000). The Real Work of Leaders. Cambridge, MA: Perseus Publishing.
Shell, Richard. (2003). Management of Professionals. New York: Marcel Dekker.
Herr, Paul. (2009). Primal Management. New York: American Management Association.
1998). In 1999, Shenzhen was only one of six cities in the whole of China that saw a profit within the real estate sector (Zhang 2001).
2.2 Knowledge Gap
Yet, even with so much information, there are gaps within the research. There a very few studies conducted within the past few years. Most around the beginning of the new millennium; "However, the literature on contemporary Chinese housing focuses on the process of housing reform, while little attention has been paid to the distorted behavior and uncertainty in the Chinese housing market," (Zhang 2001:162). Additionally, the issue of foreign investment has been explored, but not as a driving factor and in comparison to other cities where less foreign investment is present.
Thus, it is the objective of this research to fill in those research gaps. The main objectives include an overview of the recent development in real estate markets…
Danwei. (2007). The secret behind the rocketing price of Shenzhen's real estate. Real Estate. Retrieved 2 Mar 2010 from http://www.danwei.org/real_estate/the_secret_behind_rocketboomin.php
Huang, Youqin & Clark, William a.V. (2001). Housing tenure choice in transitional urban China: a multilevel analysis. Urban Studies. 39(1):7-32.
Huang, Youqin. (2003). A room of one's own: housing consumption and residential crowding. Environment and Planning. 35:591-614.
Jiang, Dianchun; Chen, Jean Jinghan; & Isaac, David. (1998). The effect of foreign investment on the real estate industry in China. Urban Studies. 35(11):2010-2110.
According to New York Times reporter Leslie Eaton, the Sept. 11 terrorist attacks "inflicted deep and lasting wounds on New York City's already-teetering economy; devastated both big companies and small businesses in and around twin towers; brought business across city to halt for days, weeks and in some cases months, slashing workers' earnings and tax revenues alike; made many employers determined to spread their workers over wider swath of geography, which has ominous implications for Manhattan."
As a result of Sept. 11, an enormous amount of space was added to the market and there was a short-term damaging effect on the U.S. economy. U.S. businesses suddenly became resistant to change or expansion and surviving orld Trade Center businesses had no place to go.
The terrorist attacks took 13.5 million square feet of office space from the market indefinitely and temporarily removed an additional 12.1 million square feet. New…
Eaton, Leslie. Attack Gave a Devastating Shove To the City's Teetering Economy. New York Times, September 8, 2002.
Eaton, Leslie. New York Economy Shows Slight Gains but Is Still Weak, Reports Say. New York Times, November 11, 2002.
Holusha, John, Office Vacancies Rise, As Do Building Prices. New York Times, September 15, 2002.
lawyer in a real estate transaction. Lawyers can be especially useful in navigating the complexity of real estate transactions, including zoning laws, condo by-laws, and tax and environmental issues. In foreign property transactions, hiring a real estate lawyer can be helpful in translation of sale and purchase agreements, and understanding country-specific laws. However, lawyers can increase the costs and time required for a real estate transaction in both domestic and foreign sales. Using a real estate agent, or completing a real estate transaction on your can reduce these disadvantages, but also leaves the buyer without some important legal advice. Overall, the choice to use a lawyer in a real estate transaction requires a careful analysis of a number of factors.
Advantages and Disadvantages
A real estate lawyer can help a buyer navigate what is commonly a complicated minefield of considerations when buying property. Notes Dascar (2005), "zoning or permitted use…
Dascar, Daniel. 2005. The Pros and Cons Of Hiring A Real Estate Lawyer. EzineArticles.com.
Accessed October 13, 2005. http://ezinearticles.com/?The-Pros-and-Cons-Of-Hiring-A -
McGuireWoods. 2005. Real Estate Transactions. Accessed October 13, 2005.
NYU Master's program in Real Estate Development is the perfect program for me at this stage of my career. When I switched into the real estate industry a few years ago, I realized that I loved being in this business, but it has become apparent that I need to upgrade my skills in order to unlock my career potential. I feel that the Real Estate Development program is the perfect opportunity for me to gain the skills and knowledge that will allow me to pursue the career path that I want for myself.
Originally from New Jersey and now living in the City, I started my professional career with Metlife, working as an insurance broker. While I was able to hone my sales skills in this role, and learn the value of working within a strict regulatory structure, I also felt that this was not the optimal role for me…
Discrimination against minority homebuyers or renters can take many forms (Turner and Mikelsons, 1992). One important form of housing market discrimination is steering, in which minority homebuyers are shown houses, but in systematically different neighborhoods than those shown to white homebuyers. Steering is hard for individual homebuyers or renters to detect, since minorities do not know about the houses they are not shown. However, if minorities are systematically steered away from predominantly white neighborhoods, this type of discrimination places a limit on their choice of housing and neighborhood and may play a role in residential segregation.
Cleveland study reported that during the early 1970's, nearly 70% of companies participated in some form of racial steering; and a study of realtors in metropolitan Detroit during the mid-1970's revealed that, compared to whites, blacks were shown homes in cheaper areas that were located closer to black population centers (Delaware County, 2000).…
Delaware County Fair Housing News. (November 2000). Real Estate Sales & Racial Steering. Retrieved from the Internet at http://www.fhcsp.com/Newsletters/november_2000.htm .
Nicolai Law Group. (Winter, 1998). Realty Firm Owner Liable for Brokers' Discrimination. Nicolai Law Letter. Retrieved from the Internet at http://www.niclawgrp.com/NicolaiLawLetter/1998winter.html
Turner, Margery. Mikelsons, Maris. (1992). Patterns of Racial Steering in Four Metropolitan Areas. Journal of Housing Economics 2, 199-234. Retrieved from the Internet at http://www.turnerhome.org/mat/steering.htm .
U.S. Department of Justice. (1996). Justice Department Sues Montgomery real Estate Firm for Refusing to Show African-Americans Rental Properties in White Areas. Retrieved from the Internet at http://www.usdoj.gov .
The successful realtor is not the one who can talk the smoothest, but the one who can put themselves within the client's perspective. Empathy is the "greatest characteristic that any realtor can possess. It allows you to create a real connection with the client and make decisions from their point-of-view rather than yours" (oos, 120). By making connections with the customer, the successful realtor builds rapport and the experience of buying a house becomes a joint effort with the realtor as a part of the team, not as an outsider. Delwin explain "real estate for many people is a money game, but I never think of it that way. I think of it as helping people fulfill a dream, because that is really what it's all about." The unsuccessful realtor positions himself as an intrusive force, someone who applies pressure upon a customer or family to decide on a property.…
Roos, Dolf De. Real Estate Riches: How to Become Rich Using Your Banker's Money.
Boston: Warner Business Books, 2001.
Salamon, Jules. "The Truth Behind Real Estate." Money Jan. 2005: 54-62.
Property portfolio ownership and management is not based on charitable foundations but rather on the idea that investors will benefit from that ownership. Therefore, in order to ascertain the profitability of owning and managing certain specific properties is of importance to the investors interested in achieving those benefits. One method for that ascertaining is to employ the Modern Portfolio Theory (MPT).
MPT was actually developed as a tool to moderate individual and group risk in stock and bond portfolios during the 1950's but was adapted to real estate portfolios in an attempt to mitigate the risk of those types of portfolios as well. Modern Portfolio Theory states that "by combining investments with different risk characteristics into a portfolio risk is spread, and thereby reduced" (see MPT presentation). The MPT works well with stocks and bonds because those investments are very liquid and easily dispersed of or purchased, and MPT was…
GVA Grimley (2010) Where's the supply going to come from? Property Investment Supply, Property Intelligence, www.gvagrimley.com, pp. 1 -- 16
Property Data Report (2009) Paul Mitchell Real Estate Consultancy Ltd., pp. 1-11
Chinese Real Estate Company and a United States Real Estate Company
The objective of this study is to conduct a comparison of a Chinese real estate company vs. A real estate company in the United States.
For the purpose of this study, the real estate companies to be compared are those of Century 21, a real estate company located in the United States and Xinyuan Real Estate Company, Ltd. located in China. Century 21 is reported as the "franchisor of the world's largest residential real estate sales organization." (Marketmag, 2012) Xinyuan Real Estate Company, Ltd. Is a "developer of large scale, high quality residential resale estate projects aimed at providing middle-income consumers with a comfortable and convenient community lifestyle." (Xinyuan Real Estate Company, Ltd. website, 2012) The company was founded by Yong Zhang in 1987 and is ranked number one is Zhengzhou by residential contract sales in 2004. (Xinyuan Real…
Century 21 (2012) Marketmag. Retrieved from: http://www.marketsnag.com/index.php?option=com_content&view=article&id=28&Itemid=33
Code of Business Conduct and Ethics (nd) Xinyuan Real Estate Company, Ltd. Retrieved from: http://media.corporate-ir.net/media_files/irol/21/217254/cg/NYCDMS-1065332-v3-Xinyuan_Code_of_Business_Conduct_and_Ethics.pdf
Differences between Corporate Governance Practices of Xinyuan Real Estate Co., Ltd. And the Requirements under the NYSE Listing Standards (nd) Xinyuan Retrieved from: http://media.corporate-ir.net/media_files/irol/21/217254/CorporateGovernanceComparison.pdf
Realogy Facts (2012) Retrieved from: http://www.realogy.com/documents/Realogy_Facts_0312_FINAL.pdf
3 million buildings and plots of land. If it can conservatively be assumed that a minimum of five persons are affected for each business and a minimum of two persons for each building, then some 5 million people are directly involved in property-restitution claims - nearly a third of the population of the new Lander. (Blacksell et al., 1996, p. 200)
Since December 1991, the number of claims filed with the courts has not been significantly greater, with the exception of fluctuations experienced in Brandenburg and Berlin; such fluctuations were attributed to the different methods of computer-based data collection in these two areas and by the subsequent standardization of the system throughout the new Lander (Blacksell et al., 1996). In reality, 92% of all claims for property restitution were timely filed within the first 15 months following the reunification of the two German states (Blacksell et al., 1996). The administrative…
Black's law dictionary. (1990). St. Paul, MN: West Publishing Co.
Blacksell, M., Bohlander, M., & Born, K.M. (1996). Settlement of property claims in former East Germany. The Geographical Review, 86(2), 198.
Charlier, E., & Van Bussel, a. (2003). Prepayment behavior of Dutch mortgagors: An empirical analysis. Real Estate Economics, 31(2), 165.
Cranston, R., & Goode, R.M. (1997). Making commercial law: Essays in honour of Roy Goode. Oxford: Oxford University.
Corporate Social esponsibility in Brunei
The real estate sector is highly complex and it has been raising more and more interest from the specialized economists, especially in the aftermath of the 2007 bubble burst. In order to better understand the field, the crisis and lessons to avoiding future problems, it is useful to research some of its notable dimensions, such as those listed below:
The real estate appraisal profession
The real estate appraisal processes
A real estate approach comparison
A study of the influences on market value
Trends in the real estate appraisal industry
The reasons of the real estate market collapse.
The real estate appraisal profession
The real estate appraisal profession revolves around the conduction of analyses with the scope of assessing the value of real estate properties, such as lands or buildings. The real estate evaluators have to be objective and they have to centralize vast…
Amadeo, K., What caused the subprime mortgage crisis? About, http://useconomy.about.com/od/criticalssues/tp/Subprime-Mortgage-Crisis-Cause.htmlast accessed on August 7, 2012
Reimer, R.C., 2006, 3 approaches to valuing commercial real estate, Scotsman Guide, http://www.scotsmanguide.com/default.asp?ID=1765last accessed on August 7, 2012
Simcoe, J., 2011, Green appraisal trends for real estate investors, The Bigger Pockets Blog, http://www.biggerpockets.com/renewsblog/2011/06/17/trends-in-green-appraisals-61711/last accessed on August 7, 2012
Ventolo, W.L., Williams, M.R., 2001,Fundamentals of real estate appraisal, Dearborn Real Estate
Finance is an exciting field that is both lucrative and worthwhile. There are many jobs to choose from that allow someone variety and a competitive career. Of the many areas that offer great options two jobs seem like a great fit. The first is investment banker and the second is real estate developers/brokers. These jobs are competitive and offer the opportunity for growth and stability in today’s market.
Investment bankers are individuals working within a financial institution that chiefly raises capital for other businesses, organizations, governments, or who works in an investment bank (Rosenbaum & Pearl, 2013). While investment bankers deal with money, they also help companies by giving advice on mergers and acquisitions or reorganizations, and spin-offs. The biggest investment banks like Goldman Sachs and JPMorgan Chase employ investment bankers and they help in big, complex financial transactions.
Investment bankers can assess company worth. They also know how to…
Glickman, E. A. (2014). An introduction to real estate finance. Academic Press.
Kidwell, D. S., Blackwell, D. W., & Whidbee, D. A. (2016). Financial institutions, markets, and money. John Wiley & Sons.
Rosenbaum, J., & Pearl, J. (2013). Investment banking: Valuation, leveraged buyouts, and mergers et acquisitions. Chichester: Wiley.
Method to Improve Municipal Real Estate Valuations, Increase Municipal Revenue Generation and Income Loss Reduction Through Enhanced Computer Assisted Mass Appraisal Systems (CAMA) Methodology
The Computer Assisted Mass Appraisal System (CAMA) is a widely-used system of appraisal found all around the world. As the International Association of Assessing Officers (IAAO, 2014) notes, “mass appraisal (valuation) is required when many properties need to be valued economically and en masse for a purpose such as annual property taxation” (p. 5). CAMA systems are designed to make that appraisal process simple. The Massachusetts Department of Revenue Division of Local Services/Bureau of Assessment (2016) adds that CAMA valuation “involves automated applications of the sales comparison, cost, and income approaches to value. A good system should support all three approaches.” Mass valuation practices are common globally, from North America to Europe to South Africa and to the East. To give the scope of how…
Federal Land Cadastre Service of Russia, 2001. Land (Real Estate) Mass Valuation
Systems for Taxation Purposes in Europe [online]. Available at: http://www.isivi.it/vienna2005/mass.valuation.pdf [Accessed 28 Oct 2017].
IAAO, 2014. Guidance on international mass appraisal and related tax policy. Kansas
City, International Association of Assessing Officers.
Massachusetts Department of Revenue Division of Local Services/Bureau of Assessment,
2016. Guidelines on CAMA system acquisitions [online]. Available at: http://www.mass.gov/dor/docs/dls/it/pdfs/cama1.pdf [Accessed 28 Oct 2017].
SAIV, 2015. South african standard on generally recognised valuation practice:
Municipal valuations for property rating [online]. Available at: http://www.saiv.org.za/ [Accessed 28 Oct 2017].
Buying land in Palestine, especially outside the cities, is problematic. In the cities, it is very expensive. Outside the cities, there are few title deeds or evidence of legal ownership, which is a factor that can be utilized by Israeli settlers seizing property on the West Bank. While Palestinians may like to own property, the cities have priced them out, and the outer regions are risky. To address the risk, blockchain technology can be used to verify ownership and the history of ownership so that the threat of settlers seizing the property at a future date is reduced.
What is blockchain technology? Blockchain is a technological revolutionary data chain that essentially tells the history of any asset to which it is attached. It is used in everything from smart contracts to cryptocurrencies like Bitcoin. As Alex Mizrahi notes, “For any kind of a high value property (real estate, cars, art)…
Mizrahi, Alex. “A Blockchain-based Property Ownership Recording System.”
Much of what passes for unassailable historical truth turns out to rest upon shaky assumptions. However all aspects of investing are not so grim it is important to have your wits about you and do proper research.
Langstaff (1999) expressed how finance and investments have never been higher. He went further to report two more avenues for growing wealth and broadening investments. The internet represents an unprecedented opportunity for personal wealth creation, and the rules of wealth creation have been, and will continue to change by the new economy. As a result, books that do well address issues of, online trading, day trading, Internet stock valuations, or other subject specific content.
The three principles to use in homeownership/real estate to build wealth are being patient, borrow money cheaply, and build a success team (Johnson, 2005).
Futrelle, D. (2004, September). Build ealth in Any Market. Money, Vol. 33(Issue 9),…
Futrelle, D. (2004, September). Build Wealth in Any Market. Money, Vol. 33(Issue 9), pp. 82-86.
Johnson, P.D. (2005, March). Progress through Properties. Black Enterprise, Vol. 35(Issue 8), pp. 61-62.
Langstaff, M. (1999, December 6). It's About the Money. Publisher Weekly, Vol. 246(Issue 49), pp. 38-44.
Mantell, S. (2004, December 13). Making Cents of Investing. Publishers Weekly, Vol. 251(Issue 50), pp. 26-30.
Delegation: eal Estate
Proper use of delegation in any setting is an essential component of leadership. Delegation used by managers in a real estate office can improve the results management gets from their staff by not only assisting in the task completion process but also by improving the team oriented atmosphere of the office and staff.
Delegation not only sharpens management skills but also increases the overall employee and managerial commitment to the success of an organization. A good leader is one that is able to manager employees and improves the bottom line. A great leader within a real estate setting is one that is able to delegate not only mundane but also important and interesting tasks to employees capable of handling them and contributing to the overall success in the organization.
Delegation and eal Estate
Delegation with regard to the real estate office can provide employees with increased morale…
Brown, M.R. (1998). "Management by delegation: Don't be a micro manager, share the responsibility." Black Enterprise, Vol. 28, Issue 7, p. 76
Bryant, G. (2004). "Guiding to organizing working bees." Fairfax Digital News &
Renovations. [online]. October 10, 2004, from http://www.domain.com.au/public/htmldisplay.aspx?ID=HP6FACT_5& ; mode=tvfacts
McElroy's Myth 2, however, is less cautious. It is a myth, he says, that one must start small. (4) Start big in the real estate game of investment property, the author says to maximize one's incoming cash flow, and actually minimize the investment risk. The larger the property, the more money a real estate investor is likely to have coming in, in terms of rent, and the more money he or she will have defray the beginning costs. Yes, it might at first turn your stomach to make a large outlay -- but that relates to Myth 3, which seems to be the opposite of Myth 2, even though both are interrelated. Myth #3 is that "You Can 'Flip' Your ay to Success or Get Rich Quick with No Money Down." All investment involves some risk and initial outlay, and unfortunately, one must invest to eventually see a return…
McElroy, Ken, with Robert T. Kiyosaki. The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Advisors Miss. New York: Warner Business Books, 2004.
prices of real estate are on their way up and thus it would be a prudent investment for a person. The reasons for this are a continuous hike in prices, and there are clearly two main reasons for the increase in prices -- the decrease in interest rates that have occurred in spite of steps by the government to the contrary and the speculative activity that is taking place in real estate. It would be noticed that people are moving out of the decisions of the government regarding interest rates, and interest rates are likely to remain low for some time which would make an investment in real estate a prudent investment. egarding the speculative part of the investment, it is likely that even in spite of the increase in prices, the returns from real estate is still low as compared to other investments and the yield is likely to…
Deane, Daniela. (April 17, 2005) "In Real Estate Fever, More Signs of Sickness" Washington
Post. P: A01. Retrieved from http://www.washingtonpost.com/wp-dyn/articles/A59515-2005Apr16.html Accessed on 7 July, 2005
Greenspan, Alan. (June 9, 2005) "Testimony of Chairman Alan Greenspan before the Joint
Economic Committee, U.S. Congress" Retrieved from http://www.federalreserve.gov/boarddocs/testimony/2005/200506092/default.htm Accessed on 7 July, 2005
Conflict and Its esolution in the eal Estate Industry
In real estate, all experienced sales people will have an unhappy customer to deal with at some point in their careers. Those who are most skilled know how to utilize specific techniques that will defuse or reduce the intensity of the situation. In every instance, conflict and resolution techniques will often work in conjunction with each other. (Tamper, 1999) (Furlong, 2010)
For real estate professionals, the key is being able to avoid one and use the other to satisfy complaints. To fully understand these variables requires focusing on relevant issues and key questions. Together, these elements will offer specific insights which are highlighting how the two work in conjunction with each other. It is at this point, when they can reduce conflicts and provide more effective resolution techniques. (Tamper, 1999) (Furlong, 2010)
In real estate, the customer relationship is…
Beirne, M. (2006). The Property Management Tool Kit. New York, NY: American Management Association.
Dent, P. (2012). Real Estate. New York, NY: Routledge.
Filho, W. (2008). Conflict Resolution. Oxford: Peter Lang.
Furlong, F. (2010). The Conflict Resolution Toolbox. Hoboken, NJ: Wiley.
New York eal Estate and Office Markets
NEW YOK CITY OFFICE MAKET
New York is one of the premiere metropolitan areas of the world, exerting a significant impact on global commerce, finance, media, art, fashion, research, technology, education, and entertainment. The home of the United Nations Headquarters, New York City is an important center for international affairs and is widely deemed the cultural capital of the world. With its unmatched scope of building types, diverse tenant base and extensive transportation system, the city has earned an iconic and prominent place in the global market.
The borough of Manhattan serves as its hub and is the nation's largest single office market with 450 million square feet of space (Brown, 2007). Its office inventory is greater than the next five largest U.S. markets combined and features some of the world's most iconic properties (Beauregard, 2005). This paper explores the current state of…
1. Beauregard, R.A. (2005). The textures of property markets: Downtown housing and office conversions in New York City. Urban Studies (Routledge), 42(13), 2431-2445. doi:10.1080/00420980500380345
2. Brown, J.L. (2007). Demolition in Manhattan Gains Momentum. Civil Engineering (08857024), 77(8), 34.
3. Gong, H., & Keenan, K. (2012). The Impact of 9/11 on the Geography of Financial Services in New York A Few Years Later. Professional Geographer, 64(3), 370-388. doi:10.1080/00330124.2011.603654
4. Gregor, A. (2011). Demand for Office Condos Grows in Manhattan. New York Times. p. 6.
ased on the income stream, what is the estimate of the market value of the property this year?
The estimated property value for the building this year would be: $1,723,231.00. This number was calculated by adding the net operating income together, to determine the underlying present value of the asset.
Here are some issues concerning the physical property which may adversely affect its future cash flows. How will you deal with the following? 1. Roof needs $50,000 worth of repair work. 2. Several (6) heat pumps as part of your HVAC (Heating, Ventilation, Air Conditioner) system need to be replaced at a cost of $5,000 each. A workout facility is planned for the lower level at a cost of $125,000.
The total amount of repairs that the building will need is $205,000.00. This can be broken up over a series of five years, by investing a consistent amount of $41,000.00…
Impressive in Syracuse. (2009). CEOs for Cities. Retrieved from: http://www.ceosforcities.org/blog/entry/2201
Houston Real Estate Search
You are a real estate consultant in Houston working with a young doctor transferring from Los Angeles to the Texas Medical Center. This doctor has completed his residency training (he has his MD degree in surgery) in Los Angeles (he made $50,000 as a resident) and will start at the UT School of Medicine in the surgery department. He is 31 years old and he is married. His wife currently teaches in the Los Angeles Community College District and she plans to work in community college teaching in the Houston area. They have mutually decided that they want to live with five miles of the medical center. They love the arts and they live big city living.
The doctor and his wife have saved a total of $20,000 over the years but his salary at UT will be in excess of $250,000 per year. They…
Shanghai Entrepreneurial Real Estate Development Project
Shanghai is a city located on the Eastern Coast of China that has grown to be one the financial powerhouses of the industrialized world. The urban population growth trend can be explained by the fact that much of the rural population is increasingly migrating to the urban centers in search of economic opportunities. The Pudong are has also been responsible for an extraordinary share of the population growth in Shanghai. For example, there was a fifty six percent increase in the population from a little over three million in 2001 to roughly five million in 2011. This real estate development project consists of a structure that will be composed of twin towers that will reach the planned height of 250m and be attached by a podium. The project's financial calculations estimate an internal rate of return would be nearly thirty percent (26.88%)…
Subbotin, S. (2010, August 07). Shanghai population to jump by some 17% over next decade. Retrieved from Ria Novosti: http://en.rian.ru/world/20100708/159730786.html
The Economists. (2012, June 16). Analects. Retrieved from The Economist: http://www.economist.com/blogs/analects/2012/06/consequences-one-child-policy
eal estate speculation and "flipping" (buying a fixer-upper and doing the fixing-up, then selling shortly after purchase for -- it is hoped -- a substantial profit) does not exactly occur at a fast pace in an area where home prices are already well beyond the reach of most people. Speculators aren't typically eyeing properties worth two to three million dollars and trying to turn them around for a quick profit, that is. As this was the kind of activity that was in part driving the housing bubble in the rest of the nation it makes sense that such a trend would not be fully visible in the 90210 zip code. It also makes sense that greater volatility and sharp upswings in prices would be seen during the depths of the housing crisis in 2008 and 2009, as it is during such periods that high-end areas like 90210 are more likely…
DataQuick. (2012). Southern California Home Resale Activity. Accessed 4 December 2012. http://dqnews.com/Charts/Monthly-Charts/LA-Times-Charts/ZIPLAT.aspx
Movoto. (2012). Beverly Hills, CA Market Statistics and Real Estate Trends. Accessed 4 December 2012. http://www.movoto.com/statistics/ca/beverly-hills.htm
Parsons, J. (2012). Real Estate Charts. Accessed 4 December 2012. http://www.jparsons.net/housingbubble/
Trulia. (2012). Beverly Hills, 90210 Market Trends. Accessed 4 December 2012. http://www.trulia.com/real_estate/90210-Beverly_Hills/market-trends/
Purchasing Personal eal Estate
eal property or real estate is legally defined as land, together with the buildings situated upon it (Find Lawyer, 2015). A more comprehensive definition of the term is property, comprising of land together with the buildings situated on it, as well as natural resources like water, crops, or mineral; immobile things of this sort; a vested interest in the land; and, in general, housing or buildings. It further covers the real estate business, which denotes the business of buying, renting, or selling, land, housing or buildings (OED, 2015). This essay will address the residential property purchasing process for first-time buyers.
Making the ight Choices
The activity of selling or purchasing a home may prove rather time-consuming and complicated. Even prior to making major decisions with regard to which land one should purchase, which housing loan one should choose, or which real estate agent one should engage…
Consumer Affairs Victoria. (2012). Real estate: A guide for buyers and sellers. Melbourne: Consumer Affairs Victoria.
Find Lawyer. (2015, December 12). What is Real Estate and Real Property Law? Retrieved from Find Lawyer: http://hirealawyer.findlaw.com/choosing-the-right-lawyer/real-estate-and-real-property-law.html
OED. (2015, December 12). Real estate. Retrieved from Oxford English Dictionary online: http://www.oed.com/
Home Depot Inc., alone increased its distribution presence to 1.5 million square feet at indham Lakes Business Park in Romeoville after signing a lease for all of indham Lakes VII, a 720,000 square foot spec building at 1070 indham Parkway. (Dubriwny, 2004)
This renewed investor interest in Chicago is also due to the fact that such commercial, industrial real estate in the area are becoming perceived as foreign investor friendly, and relatively stable in comparison to other locations -- an excellent combination and a prescription for long-term expansion. (Dubriwny, 2004) Furthermore, although companies such as Home Depo, Inc. may have been much maligned in recent years, they are critical in drawing so-called anchor stores to large, enclosed malls and shopping districts. (Smith, 2005) Shoppers will go out of their way to go to such commercial locations, and the Chicago commercial market is becoming more open and attractive to such brand…
Dubriwny, Dana. (11 Mar 2005) "On the Road Again."
REJournals.com. Retrieved 11 Mar 2005 at http://www.chicagoindustrialproperties.com/story.cfm?Market=CIP&StoryID=13301
Smith, Ray. (2005) "Retail REITs Must Broaden Their Focus." The Wall Street Journal. Retrieved 11 Mar 2005 at http://homes.wsj.com/columnists_com/buildingvalue/20050308-buildingvalue.html
Soto, Virginia. (2004) "Bill Rancic, you're hired." About.com. Retrieved 11 Mar 2005 at http://chicago.about.com/cs/event1/a/041504_app.htm
Incentive Program Proposal eal Estate Company
Employee motivation is the key to increasing productivity at any organization, but it is particularly important in sales related industries such as eal Estate. The real estate sales force must be able to remain motivated even in the face of continual ejection from buyers. To remain motivated and productive requires a combination of both intrinsic and extrinsic motivation. Pay incentives and other benefits are not enough. The employee must gain a sense of satisfaction in order to remain motivated. However, research findings suggest that pay can be used to produce intrinsic motivation if it is used as a source of recognition and reward. This project proposal explores the method that will be used for introducing a new employee motivation program at the real estate company.
Objective for Setting Up the Program
The objective of the proposed incentive and rewards plan is to…
Ahmed, I, (2011). Relationship between Motivation and Job Satisfaction: A Study of Higher
Educational Institutions. Journal of Economics and Behavioral Studies. 3(2): 94-100.
Retrieved from http://www.ifrnd.org/JEBS/Vol%203/3%282%29%20Aug%202011/3.pdf
Leonard, R. (2012). The impact of motivation and leader behavior on satisfaction and nonprofits. Proceedings of ASBBS. 19 (1):521-543. Retrieved from http://asbbs.org/files/ASBBS2012V1/PDF/L/LeonardR.pdf
Marketing Plan for a KW Service Designed to Generate New Clients
The product idea for this marketing plan is a service that Keller Williams could provide to potential home buyers/investors that no other competitor is currently offering: that is, free educational classes for the public about the process of buying, investing, owning, keeping up or rehabbing houses. The purpose of this service would be that it draws potential clients into the office and generates leads for agents working within the office.
Keller Williams is a national real estate brokerage with offices in districts around the U.S. The office branch of Keller Williams for this marketing plan is located in Houston, Texas, which is the "home" of Keller Williams -- the place where the brokerage began.
The problem that this service would target is the problem that a lot of new home buyers often experience, which is that they…
Abram, C., Pearlman, L. (2012). Facebook for Dummies. NJ: Wiley and Sons.
Baloun, K. (2006). Inside Facebook. CT: Baloun Publications.
Collis, D., Rukstad, M. (2008). Can you say what your strategy is? Harvard Business
Review (April): 82-90.
I would like to work for Keller Williams ealty Services. Keller Williams has the best training program in the world and is the number one realty services provider in North America in terms of agents attached to the franchise (Larcker, Tayan, 2015). The business model of Keller Williams is based on the motto "God, Family, Business" in that order and the entire organization is run like a big family, with individual agents teaching the Ignite class (designed to "ignite" one's business right out of the gate) and always helping any facet of the business that one might be struggling with. The organizational culture of Keller Williams is one that focuses on the agent rather than the broker and supports the idea that every agent is CEO of his own company. To that end, Keller Williams also has a profit sharing system in place in which profits from transactions…
Keller, K. (2013). Burst goes the real estate bubble: Mortgage fraud and changes in mortgage processes. USFSP. Retrieved from http://18.104.22.168/xmlui/handle/10806/6603
Larcker, D., Baron, J., Tayan, B. (2011). Keller Williams Realty (B). Rock Center for Corporate Governance at Stanford University Teaching Case No. HR-29B, Social Science Research Network.
Larcker, D., Tayan, B. (2015). How important is culture? An inside look at Keller
Williams Realty. Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance No. CGRP-48. Social Science Research Network.
(California EPA Land Use Regulations and Covenants NP) Without such covenants and restriction there is a clear sense that ignorance would drive selfish decisions about property use that could have lasting effects on the property and the whole region.
Thomas Jefferson, would have been unlikely to have experienced the extreme nature of environmental devastation that can be caused by overuse or poor use of land and property. In Jefferson's time questions regarding individual rights were the questions of the day. Questions regarding how toxic substances leech into groundwater was limited to urban human waste not complicated chemical agents. Additionally, there is a clear sense that individuals and agencies are far more informed today about environmental issues and their long-term impacts on the earth than ever before. This information and the abuse of it has broad implications on the earth as well as future planning and development. One example of the…
Glossary of Real Estate Abbreviations, Terms and Phrases, http://www.texasbest.com/real_estate_info/REglossary.html#C
California EPA Department of Toxic Substance Control LAND USE COVENANTS REGULATIONS, http://www.dtsc.ca.gov/SiteCleanup/upload/SMBRP_FS_LUCREGS.pdf
Property Law for Dummies, http://www.lucs.org/files/UECA.pdf
The reason that the subject lends itself to natural resources or real estate is that there will be some information available in those areas, making the valuation less difficult than in innovative areas.
The pessimistic approach is characterized by the divest/shrink option. When a firm is divesting or shrinking it can first scale down, which means that it can "shrink or shut down a project part way through if new information changes the expected payoffs;" this option lends itself to capital intensive industries or industries dealing with financial services (Mauboussin, 1999). ather than shutting down a project, a company can also choose to switch down, which involves switching "to more cost-effective and flexible assets as new information is obtained," and might be used in smaller companies, where the wholesale shut-down of a project could end a business (Mauboussin, 1999). The scope-down option is the mirror image of the above-mentioned scope-up…
Discounted cash flow- DCF. (2009). Retrieved February 2, 2009, from Investopedia.com.
Web site: http://www.investopedia.com/terms/d/dcf.asp
Espinoza, R.D. And Luccioni, L.X. (2007). Simplified investment valuation model for projects with technical uncertainty and time to build. Retrieved February 1, 2009, from Real-Options.org. Web site: http://www.realoptions.org/Academic/espinoza_new.pdf
Giat, Y., Hackman, S., and Subramanian, a. (2007). Risk, uncertainty and optimism in venture capital relationships. (2007). Retrieved February 3, 2009, from Real-Options.org. Web site: http://www.realoptions.org/Academic/Subramanian_
For instance, in a hot market, with a highly desirable home, For Sale By Owner may be the most profitable option, foregoing any realtor fees, and retaining much of the selling price. However, if something goes wrong, this equation could quickly turn to favor the protection of a realtor. The following chart summarizes the advantages and disadvantages of both selling methods. It uses a $300,000 home and several assumptions to explore the feasibility of both selling options. This scenario will assume that the home is already paid off and there is no mortgage. It will also assume that all taxes are paid and that no litigation results from the sale. It will also assume that the home needs no outstanding repairs as a result of the sale.
Fig.1. Sale by Realtor
Asking price of home
Realtor fees (avg. 6%)
Home Owner's arranty…
KeytLaw. Affordable Fixed Price Legal Services. 2009.
< http://www.keytlaw.com/az/services.htm >. Accessed May 1, 2009.
ListByOwnerOnMLS.Com. List on MLS, Flat Fee MLS Listing. 2009.
< http://www.listbyowneronmls.com/?location=Google >. Accessed May 1, 2009.
30-Year Fixed Mortgage and a 5/1 Arm
There are many different types of mortgage loans available on the market. One of the most traditional is clearly the 30-year fixed mortgage; however, lenders provide other packages to suit the needs of other types of house buyers based on their long or short-term view. This paper will compare two types of mortgage loans -- a 30-year fixed and 5/1 Arm (a loan with the rate locked for the first five years but can only increase 1% with each subsequent year should rates rise). The reader will be able to understand the pros and cons of each type of loan package.
Scenario -- 6819 S. 42nd Lane, Phoenix, AZ (MLS# 4595517)
The house that we will use to conduct our comparative analysis is MLS # 4595517 (the link is http://www.realtor.com/realestateandhomes-detail/6819-S-42nd-Ln_Phoenix_AZ_
85041_M21586-12497) with the asking price of $169,999. Assuming a 20% down payment and…
Harry and Eric Smith performed a through market study before going through with the investment and most information seemed to confirm that the investment would be profitable. Even with this, the two also chose to use speculation as a primary means to fuel the business deal, taking into account that they focused on potential competition on the market and considered that new developments and new vacancies in the area did not pose a threat. The two believed that the condition of these respective buildings would make it imperative for their owners to charge prices that were in accordance with this respective state.
The Smiths acknowledged the numerous risks associated with the project, but decided that the magnitude of the business deal outweighed them and that it would have been in their best interest to try and make this one of the most important developments in their lives. Harry…
So your wife can renounce the business given to her and then pass it without gift tax to the children. Disclaimers must be made within 9 months of the death of the first decedent if they are to avoid gift tax. An appropriate disclaimer may also be a very effective tool to assist in a poorly written estate plan.
7. JOINTLY HELD PROPERTY:
The joint tenancy form of ownership could result in many unintended and unfavorable consequences. For example, the entire property is usually subject to attachment by a creditor of any one of the joint tenants. There are also significant estate, gift, and income tax problems that are created from joint tenancy. If not given attention and consideration as part of a comprehensive estate plan, holding property together as a couple, can create bad results in terms of overpaying taxes.
Explanation: Solely half of the value of property held…
Federal Legislation and Impact to the eal Estate Market
Federal Legislation and Impact to the eal Estate
The Constitution was written to outline the limits of the federal government, to protect the people and to protect the people from government. The government is also obligated to ensure that all people have the opportunity to acquire property by ensuring the housing market is free from discriminatory and predatory practices. For these reasons I support federal government efforts to regulate the housing arena to ensure fairness, accessibility and equity in the market. I also support the federal government role in efforts to restore the market and to provide resources and assistance to help avoid foreclosure. For example, the Fair Housing Act was enacted in 1968 to "remove the walls of discrimination which enclose minority groups" to address the rampant issue of racial segregation in both public and private housing. I believe this…
Collins, Michelle. "Opening Doors to Fair Housing: Enforcing the Affirmatively Further Provision of the Fair Housing Act Through 42 U.S.C § 1983" Columbia Law Review Vol. 110:2135-2010: 2137-2183.
Washington, DC. Department of Treasury. Reforming America's Housing Finance Market: A Report to Congress. 2011.
It falls on savers, not spenders;
3) Early and naive advocates of death taxes thought that such taxes would not distort behavior because they fell only on wealth that decedents left behind by accident. Now very strong evidence supports the common-sense idea that people are strongly motivated to leave wealth to their heirs. Death taxes distort the behavior and investment decisions of this important class of "intergenerational" savers;
Not only does the income tax not need a "backstop," the income tax is actually a bad tax precisely because it falls on savings, in effect double taxing saving as opposed to immediate consumption. Death taxes compound the error by adding a third tax on savings. A fair tax system should consistently tax spending, not work or savings, and should use progressive rates to meet whatever liberal or redistributive objectives it has;
Death taxes have not contributed to greater equality in America.…
The Effects on Government Revenues from Repealing the Federal Estate Tax and Limiting the Step-up in Basis for Taxing Capital Gains (2003) CONSAD Research Corporation, Pittsburg Pennsylvania. Online available at http://www.sirote.com/Menus/BioLinks/HIA-Estate-Tax-Final-Report-Consad%5B1%5D.pdf
Kamin, David (2004) New CBO Study Finds that Estate Tax Repeal would Substantially Reduce Charitable Giving. Center on Budget and Policy Priorities. 3 Aug 2004. Online available at http://www.cbpp.org/8-3-04tax.htm
Herman, Tom and Silverman, Rachel Emma (2005) Republications Consider Keeping Estate Tax Alive for the Very Rich. Wall Street Journal 19 Jan 2005. Responsible Wealth Project. Online available at http://www.responsiblewealth.org/press/rwnews/2005/EstateTax_WSJ.html
McCaffery, Edward J. (1999) Grave Robbers: The Moral Case Against the Death Tax. CATO Policy Analysis 4 Oct 1999. Online available at http://www.cato.org/pubs/pas/pa353.pdf
Introduction ( a )
A real option is just that -- the option to do something, if a particular situation arises. The principle is the same as for a financial option. The difference is that real options pertain to physical things -- usually pieces of equipment, real estate or other such assets (Investopedia, 2015). An example of a real option would be when you sign a lease on a piece of equipment, with an option to buy after a year. If the equipment is scarce, that option might have value. Licensing arrangements can also contain real options in them as well. The key to the concept of the real option is that there is a value to such options, and the company should be aware of how to value real options.
Analyzing eal Options (b)
There are only really two methods for analyzing real options -- financial and…
Investopedia (2015). Definition of real option. Investopedia. Retrieved August 18, 2015 from http://www.investopedia.com/terms/r/realoption.asp
This case about the Carson Estate Company, a REIT based in the Los Angeles area that has been in existence since the 18th century. This paper will examine some key questions about the Carson Estate Company.
The Carson Estate Company has been able to survive for 15 generations for a couple of reasons. The first is that the way the company has been organized has held most of the company's assets together. The share structure has allowed for heirs to earn wealth from the estate without having to divide the company. Second, the company has been able to change with the times. Since its inception, the land the company owned was agricultural land, developed for resources like oil and water, and now is commercial and residential real estate in a major urban area. The ability to change with the times has been essential to its survival.
Terrorist Threat and the Commercial Sector:
Terrorist threat has emerged as one of the major global threats in the 21st Century that has significant impacts on global security. In the past few centuries, the nature and values of terrorism have slowly shifted and resulted in the emergence of different definitions or descriptions of terrorism. These different descriptions have not only been used by scholars but also by governments to broaden the phenomenon to political, judicial, psychosocial, and moral arenas. The differences in definitions of terrorism is attributed to the fact that these attacks are usually characterized by political motivations towards the use or threat of violence, intentional and pre-meditated actions, fear, psychological effects, and asymmetric warfare. The other aspects of these definitions include immorality, social coercion, and reactions. However, terrorist groups and activities continue to pose significant threats to every facet of the modern society including the commercial sector (aman,…
A Military Guide to Terrorism in the Twenty-First Century 2007, Terrorist Motivations and Behaviors, Chapter 2, viewed 20 April 2013,
Brandt, B 2011, Terrorist Threats to Commercial Aviation: A Contemporary Assessment.
Combating Terrorism Center -- United States Military Academy, viewed 20 April 2013,
Catlin Group Limited 2012, A Business Approach to Terrorism, Catlin Group Limited Report,
My boss Yvonne suggested that I send you an email that provides you with a few tips on how to communicate in a more effective manner. To accomplish this goal, I have taken the email you sent me earlier today and rewrote some of it in a much simpler style. The reason I have done this is to ensure that your communication style is more conducive to our culture here at Mosaic. The employees here at Mosaic are much more laid back and less formal than in many corporate situations; therefore you do not need to be as formal as in most corporate scenarios.
To become a good communicator you must be capable of presenting your information in a clear, concise manner. For example; instead of writing, "Pursuant to our conversation yesterday on the telephone, enclosed please find the needed sales figure for the past quarter…
Real Estate Ethics and Fraud
Good ethics is a key necessity in any given profession. Ethics takes into account a system of moral guidelines governing the suitable conduct and actions of an individual or a group. Notably, ethical standards are centered on an individual’s belief of what is right and what is wrong versus the legal benchmark, which is basically, what is written down in law. In essence, ethics can be explained as the moral principles and criteria that steer individuals on what they ought to do and ought not to do. Chiefly, the law orders what persons is and is not permitted to do. Sustaining good ethics is being in line with the principles of correct moral conduct in an incessant manner (Walker and Ivanhoe, 2007).
In spite of the requirement for all real estate professionals to be ethical, real estate fraud is a reality. Real estate fraud…
Real Estate Proposal
Making Decisions Involving Uncertainty
The following questions should be submitted using the Real Estate Division's website www.realestate.ubc.ca. See "How to Submit Multiple Choice Assignments" in the Real Estate Division Student Handbook for more information.
Marks: 1 mark per question.
Assume your client is planning a new housing project, but faces several uncertain events that may impact the decision, including the City's response to re-zoning, availability of competing properties, market demand, and behaviour of potential competitors. Considering the four levels of uncertainty defined in the lesson, which decision analysis method should you recommend to your client?
(1) Pro-con reasoning
(2) Scenario planning
(3) Confidence Range Estimates
(4) Prospective Hindsight
Your boss wants you to provide a pro-con analysis regarding his potential investment in a real estate software analysis package. He feels this tool is necessary for the more sophisticated analysis demanded by clients. However, the package is extremely…
In the year 2007 the real estate pricing in the United States plummet from its peak causing securities attached to it to also plummet, hence, damaging the financial institutions in America. As a result securities suffered large losses in 2008 and part of 2009. This triggered a series of problem as the financial institutions tried to regain the hold of the situation. In the long run some major financial institutions collapsed. Most governments responded with rescue packages to bail out their financial institutions. During the period global economies slowed down due to inadequate credit and reduced international trade leading to a global financial crisis (United Nations Conference on Trade and Development 2009).
The global economy is currently trying to recover but it is unclear whether it will be able to fully recover in time. y 2011 fisical support measures had faded away, being that they were not fully…
Arieff, A Weiss, M.A. & Jones, V.C. (Eds) 2009, The global economic crisis impact on Sub-Saharan Africa and global policy responses, Congressional Research Service, Library of Congress, Washington, DC.
Baldwin, B.G. 2002, The new life insurance investment advisor, McGraw-Hill, New York.
Fabrizio, S 2010, Emerging from the global crisis: macroeconomic challenges facing low-income countries., International Monetary Fund, Washington, D.C..
Global Economics Crisis Resource Center 2010, Global economic crisis: impact on international business, South-Western Cengage Learning, Mason.
Demand for Money
The international community is currently facing the most severe crisis since the Great Depression of 1929 -- 1933. It started within the American real estate sector and soon expanded to the rest of the sectors, as well as to the rest of the global economies.
The causes and impacts of the crisis have often been discussed in the media and within the specialized literature, and the discussion is far from over. Still, this approach to the crisis is more descriptive and reflective. At this stage nonetheless, it is necessary to implement a proactive approach through which to promote solutions to overcoming the crisis.
Governments across the globe have each developed and implemented their own solutions to the crisis, ranging primarily from injecting capitals in the troubled industry sectors and companies, to efforts aimed at reducing federal costs. In the completion of these efforts, a crucial role is…
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en speak write, words created? What thoughts preceded words? These questions heart referencing citation
Cultural attitudes towards the notion of intellectual property vary by region. Throughout western civilization, for the most part, people do believe that certain words and expression are proprietorial. One can see this in the trademarking and licensing of certain names, terms, and other ideas associated with words. The notion may be slightly absurd, but people in western culture frequently believe that ideas and their wording can belong to either an individual or an organization, and that for people to utilize them they need to be monetarily compensated.
Of course, contemporary trends towards globalization and the ease of access facilitated by mobile devices, the internet, cloud computing, big data, and other technological advancements have certainly had an effect on this line of thought. People still seek to license and protect what they believe to be their rightful…
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The document that follows in this report is data assembled for Triple O Corporation. The financial project in question is a home renovation for a purchased property in the Gwinnet County area. That area is just south and east of Alpharetta, Georgia in the Atlanta Metropolitan area. The data points that shall be covered in this report include the average home price in Gwinnett County, the renovation cost involved for the home that is being purchased, the contingency cost and other operating costs that exist, the sales price and the overall net profit from the sale.
According to real estate site Zillow, the median price of a home in Gwinnett County is about $186,300. Note that this is the median home price and not the average home price as they are not the same thing. Basically, median home price means that all of the prices in the county are ranked…
Mason Sexton is trying to renovate the house he inherited located in Charlottesville. The area is a prime location, and with the proposed construction of a multi-storey building, it will attract a good number of tenants. Sexton is not experienced in real estate development, and he has been making calculations based on the research he has carried out. The costings he has come up with are not viable since no financial institution is willing to back his project by offering him a loan. Sexton has managed to carry out most of the investigative, conceptual, and planning stages by himself. However, he runs into problems due to his inexperience in the initial planning stages. He has not managed to obtain funding for the project, and he has to spend money to create the plans and obtain a certificate of occupancy. Sexton has underestimated the construction costs, and he has…