...there were two branches of Property Law: • Real property: (Land and interests in land) • Personal property: (Everything besides land and interests in land) -The reason for the two separate branches is that historically land was the most valuable type of property (and arguably still is). -This course predominately focuses on real property. *Note that personal property can become real property by being attached to real property – referred to as ‘fixtures’. (E.g. carpet fixed to a house). SEE LATER FOR FULLER DISCUSSION OF FIXTURES. -General terminology: • Licence: all rights in relation to land, which look like a property rights, but are not actually property rights. ❖ Bare licence: The licence is not coupled with any form of consideration, and therefore can be revoked at will. ❖ Contractual licence: A licence coupled with a contract, and therefore may have remedies in breach of contract (damages, etc.). -Real Property (Common law) rights: • Fee Simple – An unencumbered inherited interest in land. It is almost equal to ownership (the crown actually owns all the land, but people have the right to reside on the land. • Native title – To be distinguished from the common law system. • Life estate – This estate lasts until death, i.e. it is not inheritable. • Lease / tenancy agreement – The right of possession is given (also known as a ‘possessory estate’. (If the right of possession does not exist, then...
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...INTERNSHIP REPORT ON ACCOUNTING INFORMATIONSYSTEM OF REAL ESTATE BUSINESS IN BANGLADESH”-AN EMPIRICAL STUDY OF [pic] PREPARED FOR Farzana Afrin Internship Supervisor & Lecturer Dept. of Business Studies Stamford University Bangladesh. PREPARED BY Mahmood Hossain Id: 02707400 Section: 27(Q) Date: LATTER OF TRANSMITTAL April Ms Farzana Afrin Lecturer Stamford University Dhanmondi, Dhaka Dear Madam, I feel myself fortunate enough for having the scope to conclude the study on “The Accounting information System of Real Estate Business in Bangladesh”-An Empirical study of Building For Future Ltd, Which you assigned me to do as a part of the study. Obviously, this type of practical work made me acquainted with “Real Estate Finance” in real life situation. Here, I can’t deny the help that I got from the staff of Building For Future Ltd. who ensured me a full congenial atmosphere to access over a plenty of information with relevant papers and a practical survey. I am thankful to them for showing their highest degree of tolerance in answering my inexorable questions, sometimes repeated. I would enthusiastically provide you related information depending on your queries. The report was prepared under your able leadership and I do respectfully appreciate guidance to me to learn about...
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...Price: Affected by Economic Fundamentals or Real Estate Policy? © Higher Education Press and Springer-Verlag 2010 Abstract Many theory and empirical literature conclude that house price can reflect economic fundamentals in the long-term. However, by using China’s panel data of 35 main cities stretching from 1998 to 2007, we find that there is no stable relationship between house price and economic fundamentals. House price has deviated upward from the economic fundamentals since government started macro-control of the real estate market. We consider that the mechanism between the house price and economic fundamentals is distorted by China’s real estate policy, especially its land policy. Meanwhile the policy itself is an important factor in explaining the changes of China’s house price. Then we estimate the dynamic panel data model on house price and the variables which are controlled by real estate policy. The result shows: land supply has negative effects on house price; financial mortgages for real estate have positive effects on house price; and the area of housing sold and the area of vacant housing, which reflects the supply and demand of the housing market, has negative effects on house price. We also find some differences in house price influence factor between eastern and mid-western cities. Finally, we propose policy suggestions according to the empirical results. Keywords house price, economic fundamental, real estate policy, dynamic panel data model JEL Classification...
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...CHAPTER 1 THE NATURE OF REAL ESTATE AND REAL ESTATE MARKETS ------------------------------------------------- Test Problems 1. A market where tenants negotiate rent and other terms with property owners or their managers is referred to as a: b. User market 2. The market in which required rates of return on available investment opportunities are determined is referred to as the: d. Capital market 3. The actions of local, state, and federal governments affect real estate values d. All of the above 4. Approximately what portion of U.S. households own their own home? b. Approximately two-thirds 5. Of the following asset categories, which class has the greatest aggregate market value? d. Nongovernment real estate 6. Storm water drainage systems are best described as: b. Improvements to the land 7. What is the single largest asset category, in terms of value, in the portfolio of the typical U.S. household? a. Housing 8. Real estate markets differ from other asset classes by having all of the following characteristics except: d. Homogeneous product 9. Which of the following is not important to the location of commercial properties? c. Access to schools 10. Which of the following attributes of a home are the most difficult to observe and value? c. location attributes ------------------------------------------------- Study Questions 1. The term real estate can be used in three fundamental ways. List these...
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...Emerald subscription provided by UNIVERSITI MALAYSIA PERLIS For Authors: If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service. Information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.com With over forty years' experience, Emerald Group Publishing is a leading independent publisher of global research with impact in business, society, public policy and education. In total, Emerald publishes over 275 journals and more than 130 book series, as well as an extensive range of online products and services. Emerald is both COUNTER 3 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. *Related content and download information correct at time of download. The Emerald Research Register for this journal is available at...
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...Asset Quality Review and Stress Test: Recent Experiences and Potential Implications for the MENA Region Dubai, 7th May 2014 © Oliver Wyman LON-FSP22401-197 Agenda 1. AQR and stress test: setting a new standard for banking supervision 2. Applying the new methodologies to the prevailing context in MENA region: potential scenarios…. 3. … And implications for MENA Banks 4. Concluding remarks © Oliver Wyman LON-FSP22401-197 1 1 AQR and stress test: setting a new standard for banking supervision Since the start of the Eurozone crisis a number of AQRs and stress tests have been carried out in Europe with relevant impact on the Banks Greece – ’11 Ireland – ‘10 Spain – ‘12 • Economy: ~2% GDP EU • Asset Quality Review • Credit Loss Projections • Loss Absorption Capacity • • • • Capital shortfall ~€24mld Economy: ~12% GDP EU Asset Quality Review Credit Loss Projections Loss Absorption Capacity • • • • Economy: ~2% GDP EU Asset Quality Review Credit Loss Projections Loss Absorption Capacity Capital shortfall ~€50mld Capital shortfall ~€60mld Cyprus – ’12 • • Portugal – ’11 • • • • • Economy: ~2% GDP EU Asset Quality Review Credit Loss Projections Loss Absorption Capacity Capital shortfall ~€7mld • Economy: ~0.2% GDP EU Asset Quality Review Credit Loss Projections Loss Absorption Capacity Capital shortfall ~€6mld Slovenia...
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...for the Foreign Investor in U.S. Real Estate— If Planning Comes First by Michael Hirschfeld and Shaul Grossman Appeared in January 2001 edition of RIA’s Journal of Taxation © Copyright 2003 RIA. All rights reserved. WG&L Journals INTERNATIONAL Opportunities for the Foreign Investor in U.S. Real Estate—If Planning Comes First Author: By Michael Hirschfeld and Shaul Grossman MICHAEL HIRSCHFELD is a partner, and Shaul Grossman is an associate, in the New York City office of the international law firm of Dechert. Mr. Hirschfeld is a member of the ABA Tax Section’s committees on Real Estate (of which he is the past Chair), Foreign Activities of US Taxpayers, and US Activities of Foreigners & Tax Treaties, among others, and has written for The Journal on many occasions. Copyright © 2000, Michael Hirschfeld and Shaul Grossman. The complexities of FIRPTA and the even broader withholding scheme that backs it up require that a nonresident acquire a thorough understanding of the rules before making an investment in real estate. The choice of whether to use an entity—and which one—or to hold the investment directly, as well as the type of investment—equity or debt—can have significant and sometimes expensive consequences. Edited By Sanford H. Goldberg, J.D., and Herbert H. Alpert, J.D. The global economy is a fact of life at the start of the new millennium. One consequence is that cross-border investments in real estate will expand significantly. Twenty years ...
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...Choosing Cost versus Fair Value: International Evidence from the European Real Estate Industry Upon Adoption of IFRS Karl A. Muller, III Pennsylvania State University Edward J. Riedl * Harvard Business School Thorsten Sellhorn Ruhr-Universität Bochum PRELIMINARY – PLEASE DO NOT QUOTE WITHOUT PERMISSION December 2007 ABSTRACT: We examine the determinants of investment property firms’ choice to use the cost or fair value model to account for their primary asset, real estate. Our examination exploits the European Union’s adoption of International Financial Reporting Standards, which require firms to make this choice under IAS 40 – Investment Property. We hypothesize and find evidence that firms are more likely to choose the fair value model when the firm’s pre-IFRS domestic standards permitted or required fair values on the balance sheet, and when the firm exhibits a greater commitment to reporting transparency. We also find limited evidence that firms are more likely to choose the fair value model when ownership is more dispersed, and when the property market in which they operate has higher liquidity. Overall, our results reveal both the occurrence and causes of variation in firms’ reporting choices when differing accounting treatments are permitted. Key Terms: Fair value, accounting choice, IFRS, real estate, investment property, IAS 40 JEL Classification: M41, G15, G38 Acknowledgements: We appreciate useful discussion and data assistance...
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...hours of instruction, 10 hours per week. Students should plan on 20 hours a week of outside-of-class activity in support of classroom instruction. Prerequisite(s): None Textbook & Materials: Jacobus, Charles, Real Estate Principles, 11 ed., South-Western Publishing Company, 2006, 2010. Additional Resources: The Virtual Classroom offers live instructor sessions via Blackboard Collaborate (aka Elluminate); other resources as provided by the course instructor. Course Description: Focuses on real estate investments, both private and commercial. Terminology, mortgage and other financing means, valuation and appraisal concepts are discussed. Course Objectives: Upon successful completion of this course, the student will be able to: A. Understand and use real estate terminology. B. Describe physical and economic characteristics of land. C. Discuss central elements of the deed and ownership conveyance from one owner to another. D. Discuss essential mortgage documents. E. Identify various mortage lenders and the source of their money. F. Explain provisions of mortgage loan instruments. Teaching strategies: This course is a self-directed/instructor-guided learning experience. Delivery systems: Online lecture notes, student-centered learning using computers, class reviews, development of material and interactive assessments, and projects Course Outline Reading: Chapter readings from the eBook are assigned in the Readings &...
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...Ltd. Holly Hill Acres, Ltd. used a promissory note and a purchase money mortgage as consideration for the transaction. The note contained language “This note with interest is secured by a mortgage on real estate made by the maker in favor of said payee. The terms of said mortgage are by reference are made a part hereof.” Subsequently, Rogers and Blythe used the note and mortgage to secure their own loan from Charter Bank of Gainesville. Within a few months, Rogers and Blythe stopped paying their loan to Charter. Charter sued to recover from Holly Hill’s note and mortgage. Negotiable instruments are an important component of transactions between unrelated parties when doing business. Negotiable instruments are regulated by Article 3 of the UCC. Article 3 requires a document must meet certain criteria in order to be classified as a negotiable instrument. The instrument must be in writing, permanent and portable, signed by the maker, and it must be an unconditional promise to pay. It has to state a fixed sum of money and not require any additional undertaking besides the payment. It also has to be payable on demand or at a definite time and be payable to order or bearer. If these conditions are met, the holder of the negotiable instrument can transfer their interest in the instrument to a third party. The third party taking the negotiable instrument from the holder becomes the holder in due course. The promissory note in this case stated above contained language that...
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...processes are at the core of their low price structure. There are currently 250 Pam and Susan’s stores, mostly located throughout the South. Expansion has been incremental, growing from its Southern base into the Border States and increasingly into the Southwest. Identification of the most appropriate sites for new stores is becoming an issue of increasing strategic importance. Store location decisions are based upon estimates of sales potential. The traditional process leading to estimates of sales potential starts with demographic analyses, site visits, and studies by the company’s real estate experts (augmented by input from local experts). The demographic data judged relevant for a given store location is that for people within a store’s estimated “trading zone,” usually operationalized as consisting of those census tracts within a 15 minute drive of the store. Planners in the real estate department consider current and expected future competition, ease of highway access, costs of the site, planned square footage of the store, and estimates of average sales per square foot, based on data from all existing stores. They judgmentally combine the...
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...suggests a possible list of reviewers for a submitted paper from a database of program committee (PC) members. The program chair then clicks on the names of three reviewers as the designated reviewers of the paper. The system then sends the assigned paper to reviewers. 3. Accept Papers. This process allows reviewers to submit their reviews. The program chair reads all reviews and decides which paper to accept. The status of a paper is updated as Accepted, and the corresponding author is informed of the acceptance. 4. Publish Conference Proceeding. This process formats and publishes the accepted papers in the electronic conference proceeding. [Note for ISGB 7905: Create DFD instead.] 2. (4 + 8) Short Answers – Upstream SDLC and traceability 2.1. Briefly describe activities that take place during the planning phase of a system development project 2.2 Based on class discussion and the article Traceability from Use Cases to Test Cases from IBM.com: ▪ What is requirements traceability? Why is it important? ▪ Descript the steps in deriving test cases from use case description. [Note for ISGB 7905: 2.2 Out of scope.] 3. (5 + 5) During the annual retreat for a real estate agency HomeSold Inc., the top-producing agents would get a bonus check from the president. Another benefit of being a top-producing agent is free entry to the golf tournament; for other agents, the early-bird green fee is $50 whereas the green...
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...AVB 10-K 12/31/2013 Section 1: 10-K (10-K) Use these links to rapidly review the document TABLE OF CONTENTS PART III UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2013 Commission file number 1-12672 AVALONBAY COMMUNITIES, INC. (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organization) 77-0404318 (I.R.S. Employer Identification No.) Ballston Tower 671 N. Glebe Rd, Suite 800 Arlington, Virginia 22203 (Address of principal executive office) (703) 329-6300 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: (Title of each class) (Name of each exchange on which registered) Common Stock, par value $.01 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ý No o Yes o No ý Indicate by 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 twelve (12) months (or for such...
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...addresses transfers of receivables. The relevant codification section for the transfers of receivables is the following: FASB ASC 860-10-05-15. C. Provide definitions for the following: 1) Transfer: The conveyance of a noncash financial asset to someone other than the issuer of that financial asset. The following include transfers: selling a receivable, putting a receivable into securitization trust, and receivable as collateral. 2) Recourse: The right of a transferee of receivables to receive payment from the transferor of those receivables for any of the following: failure of debtors to pay when due, the effects of prepayments and adjustments resulting from defects in eligibility of the transferred receivables. 3) Collateral -Personal or real property in which a security interest has been given. Provide other examples (besides recourse and collateral) that qualify as continuing involvement. • Servicing arrangements • Guarantee arrangements • Agreements to purchase or redeem transferred financial assets • Options written or held • Derivative financial instruments that are entered into contemporaneously with, or in contemplation of, the transfer • Arrangements to provide financial support • Pledges of collateral Jones Co. is in a technology-intensive industry. Recently, one of its competitors introduced a new product with technology that might render obsolete some of Jones's inventory. The accounting staff wants...
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......................................................................................................3 INTRODUCTION......................................................................................................................................................4 PURPOSE OF THE GUIDE............................................................................................................................................ 4 THE PROBLEM.........................................................................................................................................................4 INTRODUCTION.......................................................................................................................................................... 4 THE PROBLEM A REAS.............................................................................................................................................. 5 THE SOLUTION........................................................................................................................................................7 SPACE M ANAGEMENT CONTEXT ............................................................................................................................ 7 IMPROVING SPACE USE AND M ANAGEMENT ........................................................................................................ 8 GUIDANCE NOTE A: SUMMARY OF THE NATIONAL AUDIT OFFICE GOOD PRACTICE GUIDELINES...
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