The Importance of Real Estate investments

The Importance of Real Estate investments Real estate is one of the reliable and important investment types for individuals and institutions. Interest in the price appraisal of real estate has increased with rapid development of real estate sector and its legal infrastructure in recent years. The appraisal of real estate is a main principle for all businesses. Land and property are factors of production and the value of the land is dependent on the demand and supply for the product that is produced. Conducting planned urbanization, choosing settlement areas and estimating their inner or outer transport costs, improving capital markets transparency and reliability require a reliable price valuation of real estate asset. Appraisal in real estate is also important for the tax income of the national budget. Appraisal is, in simplest explanation, the determination of amount for which the property will transact on a particular date. (FRENCH, 2005 ) There is a wide range of purposes for appraisals are needed. These range from appraisals for transfer of ownership, financing and credit, litigation, tax matters, investment counselling, decision making, accounting and etc. Aim of this thesis is to provide a brief overview of the methods used in real estate appraisal according to international valuation standards, to research the position of appraisal practice in Turkey and to designate which valuation method should be used for analyzing the actual value of the real estate assets. For this purpose, a case study is prepared to investigate advantages and disadvantages of valuation techniques for specified real estates in a chosen sample area in Ankara. In reviewed literature; there are several definitions of appraisal and appraisal methods that are used internationally. Sales comparison method have been investigated by related studies mostly because this method is used more than other methods in appraisal practice. But; there is no detailed study to find out advantages and disadvantages of each methods by comparing applications in practice. The comparison of the valuation techniques to indicate the advantages and disadvantages of each other is the point where this thesis differs. Method of the Study Over the past decade there has been a significant growth in real estate appraisal research throughout the world. There are several books, articles, doctoral or master thesis that are written about real estate appraisal. This thesis has been prepared by using the following methods; Library resource search, Research the appraisal practice in several countries and Turkey Interviews with Appraisal Companies and professionals in the sector, Research any organizations and associations about appraisal in world and in Turkey. This thesis comprises five parts. First part of this thesis includes conceptual description and principles of real estate appraisal. In this stage; library resource search is used as a method while data gathering about the appraisal practice in several countries and Turkey. There are many associations and organizations about appraisal all over the world; such as Appraisal Institute (AI), International Valuation Standards Committee (IVSC), The European Group of Valuers (TEGoVA), American Society of Appraiser (ASA), Councelors of Real Estate (CRE) and etc. Publications of these institutions are rewieved. Second part of this thesis includes the valuation methods and valuation process step by step. This stage includes library, resource and e-sources research about appraisal such as The Appraisal Journal, Journal of Real Estate Literature, Real Estate Review and etc. In addition, publications of the appraisal institutions are rewieved. Third part of this thesis includes the situation investigation of the Real Estate Appraisal in Turkey. For this purpose, interviews will be made both with appraisal companies and professionals in the sector. Interviews will analyse the application of appraisal to designate the problems, anticipations and etc. The purpose of interviews is to find out what is presently ongoing in appraisal practice. In this stage, interviews will also include the investigation of any associations -like Capital Boards of Turkey- and committees for their roles, purposes in appraisal sector. Fourth part of this thesis includes a case study. This case study investigates advantages and disadvantages of valuation techniques for specified real estates in a chosen sample area in Ankara. In this stage, each valuation technique is applied and the results are compared. The comparison results are used to define the most suitable technique for each type of real estate. Finally, the conclusion part of this thesis includes a general evaluation about Real Estate Appraisal and Appraisal Practice in Turkey. General Approach and Definitions Appraisal of Real Estate Appraisal is a professional appraisers opinion of value. The preparation of an appraisal include research into market areas; analysis of information relevant to a property; and the knowledge, experience, and professional judgment of the appraiser. Appraisals may be required for any type of real property, such as single-family homes, apartment buildings, office buildings, shopping centers, industrial sites, and farms. There are several reasons for performing a real property appraisal whenever real property is sold, mortgaged, taxed, insured, or developed. For example, appraisals are prepared for: Mortgage lending purposes Tax assessments and appeals of assessments Negotiation between buyers and sellers Government acquisition of private property for public use Business mergers or dissolutions Lease negotiations Real estate appraisal is the task of determining the potential price of a site or building in case of sale and also important for investment decisions, for real estate funds and project developments. Fisher and Martin defined real estate as an identified parcel of land, including improvements, if any. In addition, all permanent building attachments (plumbing, electrical wiring, heating systems, etc.,) as well as built-in items (cabinets, elevators, etc.) are usually considered part of the real estate. Fisher and Martin also defined real property as the interests, benefits and rights inherent in the ownership of real estate. Pagourtzi and Assimakopoulos also defined real property as all the interests, benefits, rights and encumbrances inherent in the ownership of physical real estate, where real estate is the land together with all improvements that are permanently affixed to it. According to The Uniform Standards of Professional Appraisal Practice (USPAP), appraisal is An analyses, opinion or conclusion relating to the nature, quality, value or utility of specified interests in, or aspects of, identified real estate. In this usage, appraisal covers a variety of assignments, including valuation, consulting and review. Appraisal (Valuation) is the provision of a written opinion, independently and impartially prepared by a qualified appraiser, setting forth and justifying an opinion as to the market value (as of a specific date) of a property that is the subject of a real estate-related financial transaction. Appraisal Consulting is a study of nature, quality or utility of a parcel of real estate or interests in real property in which a value estimate is not necessarily required. Appraisal Review is the act or the process of studying a report prepared by another. The table from the 12th edition of Appraisal of Real Estate by Appraisal Institute explains the differences of these three terms. Table 2.1. Comparison of the Terms: Appraisal, Consulting, Review APPRAISAL Definition The act or process of developing an opinion of value. Characteristics Appraisal involves selective research into appropriate market areas, the Assemblage of pertinent data, the use of appropriate analytical techniques, and the application of knowledge, experience, and professional judgment to develop an appropriate solution to an appraisal problem. The appraiser provides the client with an opinion of real property value that reflects all pertinent market evidence. Examples An opinion of market value for a fee simple estate, leasehold estate, reservation easement, or other estate (to assist in mortgage lending decisions, to assist in purchase or sale decisions, etc.)An opinion of investment value or some other properly defined value of an identified interest in real estate as of a given date (for insurance purposes, for relocation purposes, for property tax appeals, etc.) APPRAISAL CONSULTING Definition The act or process of developing an analysis, recommendation, or opinion to solve a problem, where an opinion of value is a component of the analysis leading to the assignment results. Characteristics Current market activity and evidence are studied to form a conclusion that may not focus on a specific value indication. An appraiser develops a value opinion in an appraisal consulting assignment as part of the process of answering some other question about real estate, such as whether a proposed use of a given property is economically feasible. Examples Economic feasibility studies Marketability or investment considerations that relate to proposed or existing developments Land utilization studies Supply and demand studies Absorption analyses APPRAISAL REVIEW Definition The act or process of developing and communicating an opinion about the quality of another appraisers work. Characteristics Appraisal review procedures may be likened to a quality control or auditing function. A review appraiser examines the reports of other appraiser to determine whether their conclusions are consistent with the data reported and other generally known information. Examples Field review, desk review Source: Appraisal of Real Estate, 12th Edition, 2001:12 Real estate appraisals conducted for all institutions need to follow valuation approaches that result in a market value estimate that is both provident and rational in relation to the physical and legal characteristics of the property appraised. The sales comparison, income capitalisation and cost analysis approaches are methods mostly used to calculate the market value of real estate. Calvin Lin (2007) indicated that real estate appraisal methods can be divided into cost, sales comparison and income approaches. In section 2.4 these appraisal methods will be explained. Value and Price In common life ; there are several usage types of the word value, such as market value, use value, leasehold value, investment value, active value, tax value, insurable value and other types of value. Each terms has a different meaning and each of them will be explained in this section. The Aim and Role of Appraisal McParland, Adair, and McGreal (2002) found out, many European countries have their own national valuation standards. The internationalization of real estate suggests an investigation of such standards, because foreign investors need to understand the concepts that national appraisers use. Parker (1996) attempted to identify the main valuation methods adopted internationally, and the relative importance affecting the capitalization rate. Dorchester and Vella (2000) also addressed the demands arising from the globalization of real estate activities and the importance of the development of the international valuation standards. It is obvious that real estate appraisal has turned into an international financial analysis from the traditional comparison of local physical assets. Calvin Lin (2007) indicated that real estate appraisal techniques can usually be divided into cost, sales comparison, and income approaches. The Valuation Methods Sales Comparison Analysis For Appraisal Kummerow (1997) indicated that the sales comparison approach may misrepresent long-term value where there are speculative bubbles and temporary crashes. Tsukamoto (1999) examined the experience in Japan where the bubble economy in the late 1980s was largely caused by the inability of Japanese appraisers and investors to properly estimate real estate value. The sales comparison approach uses similar properties as the basis for estimation. The merits of this approach include its ability to reflect the propertys market value, and its relative simplicity. The drawbacks are that the appraised value may be inflated during periods of a bubble economy, and the adjustments are sometimes subjective. (Lin, 2007) The cost approach applies the reconstruction or replacement costs and the deduction of depreciation as the basis for valuation. Objectivity is the well-recognized advantage of this method. The major drawback is that this approach lacks market value and profit consideration. The appraised value through this approach thus often deviates from market value. The income approach discounts all the future net income to present value. It reflects the fundamental value of the property according to the revenues and costs; therefore, this method focuses on the estimation of the income stream and the discount rate. The income approach consists of two routes: direct and yield capitalization. Income producing properties are the major investment objects for Real Estate Investments Trusts (REIT), so the income approach seems to be the most appropriate method for REIT valuation. Gorlow, Parr, and Taylor (1993) indicated that the final reversion value should be estimated through the construction costs of the comparable project. The cost approach can assess the construction value; however, the accurate determination of land value of the final period still requires market or revenue information for evaluation. Hirota (1999) stressed that the income approach should put more weight on the operating income than on the final reversion. Income Capitalization Analysis For Appraisal Cost Analysis For Appraisal The Valuation Process Data Collection Data Analysis (Market Analysis Highest and Best Use Analysis) Application of the Valuation Methods Reports of Defined Value Appraisal of Real Estate in Turkey History and Present Situation of Appraisal in Turkey Capital Markets Board of Turkey and Appraisal The Methods of Appraisal that are used in Turkey The Position of Appraisal Companies in Turkey Case Study This case study will investigate the disadvantages and the advantages of valuation techniques for specified real estates in a chosen sample area in Ankara. Conclusion

Hrm Hotel

As described by Schuler, Randall S ; Personnel and Human Resource Management, Third Etalon 1 987, recruitment Is referring to the set of activates and recess used to legally obtain a sufficient number of qualified people at the right time and place so that people and organization can select each other in their own best short and long term interests. By implementing the recruitment process, its provide organization with the qualified group of potential candidates to fill up the vacancies.However, the recruitment process must be done properly to ensure unwanted higher turnover result, wasted recruiting and training costs can be controlled at lowest level and minimized. As for Hilton case, the higher turnover rates record over the past years has rigged the HER department to begin to ponder, what went wrong with their excellent recruitment process. Another question was why their staffs disciplines such as absenteeism, conflict, and stress amongst staff are turning up gradually?Were these problems/ deficiencies happened because of poor HER recruitment planning? Trying to relate the above problems with the current recruitment process implemented by Hilton, I shall go further by analyzing the data provided as shown in Fig 1 . However, evaluations are made only to those critical recruitment sources which I believe necessary action to be taken immediately to fill the vacant and improve the current executives' workload.Therefore sustainability is a factor which Hilton should include in deciding which method of recruitment they should practice. Details of the analysis taken from the yield ratio table as follow: I Recruitment Source II year Survival I 175% Sustainability by Recruitment Source from 1996 – 1999 Quality – Recruitment is about identifying and selection process of potential candidates for the human resource requirement of the organization therefore it is also important to identify which recruitment method can pool the best quality candidate.

Analysis of “Mr Sookhoo” and “A Cat Within”

Money has been, throughout the history of humanity, an end and an aim for human action. In their pursuit of money, people have followed different paths; some honourable, legitimate and legal and others devoid of legality, honour and legitimacy. Indeed, in the short story collection Stories from Around the World complied by Hilary Patel, many stories examine the impact of money and financial considerations on the decisions that many characters make. In â€Å"Mr Sookhoo†, the eponymous character is immediately identified to the reader as someone whose sole concern in life is the accumulation of wealth and riches. Mr Sookhoo, sitting on his porch and chewing at a tooth pick discloses an ingenious idea to his helpless wife: he informs her that he aims to deploy religion as a tool for making easy money. Mr Sookhoo's plan is simple; knowing that religious people give generously around the festive season especially when presented with a group of innocent carol singers raising money for charity, he decides to fabricate an institute for the blind, deaf and dumb and to use local school children to achieve his selfish money-making aims. Sookhoo shows total disregard to morality putting his personal financial gain at the top of his priorities. Also you can read Analysis July at the Multiplex When Mr Sookhoo's plan starts paying dividends in the form of good takings on the very first day of his carol singing project, he immediately resolves to work his young assistants (who are not, of course, aware of his malicious intentions) longer hours giving them little rest. Moreover, when Mr Archibald, the Headmaster of the local school attended by the carol singers, suggests treating the children to ice-cream, Mr Sookhoo chooses to ignore the suggestion buying the children only a carbonated drink that clearly costs less than the ice-cream. It is clear here that Sookhoo is oblivious to anything but his obsession with making easy money. In Christianity, Sookhoo is guilty of the sin of avarice or greed which is one of the seven deadly sins that signal total loss of faith. In the story, Mr Sookhoo is not a Christian but pretends to be one convincing Mr Archibald that he had â€Å"seen the light† in order to gain his approval for sending children with him on the carol singing mission. Mr Sookhoo's avarice leads to his eventual downfall when he is found out and captured at the end of the story. Sookhoo's avarice leads to a snowballing of unfortunate occurrences that upset the money-making plan that seemed to be going too well. All at once many characters appear in the story pushing, as it were, one more nail into Sookhoo's coffin. First, Mr Ali, who had previously paid Sookhoo to deliver some gravel for him, appears and exposes Sookhoo's failure to keep his end of the bargain. In addition, Mr Archibald, who started harbouring doubts about Mr Sookhoo when the latter's account of the carol singing successes did not correspond to what Mr Archibald was told by a young pupil called Horace, receives a visitor by the name of Mr Harris (who is a real philanthropist working in the charity field) who confirms to him that the deaf, dumb and blind institute does not exist. These revelations and findings raise tension in the story and drive the plotline towards its climax when Mr Sookhoo's love of money brings about his downfall and arrest. Read also Analysis of Characters in Flannery O’Connor’s â€Å"The Life You Save May Be Your Own† At the end of the story, poetic justice is upheld as the aggressor and wrong doer is punished while the good are rewarded. â€Å"Mr Sookhoo† ends on the note that a blind love of money can only lead to negative consequences. The price that Sookhoo pays for being a slave to money and materialistic gain is no less than his freedom. Mr Sookhoo's metaphorical slavery (signaled by his servitude to anything that can lead to making money) at the beginning of the story becomes the cause of his physical incarceration, which is a form a slavery, at the end. Although in the case of Mr Sookhoo, poetic justice is upheld as good is rewarded and evil is punished, the so-called â€Å"cliff-hanger† ending of â€Å"A Cat Within† where the reader is left to decide whether justice will be at all served, contrasts to the message of â€Å"Mr Sookhoo. † In â€Å"A Cat Within,† where the symbol of the cat acts as a reminder of a dark secret that comes back to haunt the un-named â€Å"Shopman† in the story, the love of money seems to have caused a series of crimes much weightier than those committed by Mr Sookhoo, but there is no indication that these crimes will be punished. In fact, one possible interpretation for the blurred ending of the story is that the Exorcist's own love of money will prompt him to eternally blackmail the Shopman in order to keep his crimes safely tucked away and hidden like the cat's head stuck in the metal urn. â€Å"A Cat Within† ends with the Exorcist withdrawing into his room but reminding the Shopman that he will request his pay later. This reminder could be read as a covert threat and a prelude to a life-long blackmail project the Exorcist hopes to embark on. In â€Å"A Cat Within,† both the Shopman and the Exorcist display their extreme attachment to money. On the one hand, the Shopman keeps his tenants in dire living conditions and sacrifices his own comfort by sleeping in the doorway to stop intruders from coming into his house. On the other hand, the Exorcist makes his living by giving the false impression that he is curing people from obsessions by demons and other supernatural evil beings. When the Exorcist is called upon to help with the assumed â€Å"evil spirit† wreaking havoc in the shop store, his world that places money at the top of the consideration list and the world of the Shopman, where money occupies the same place, meet. Read also  Case 302 July in Multiplex The Exorcist being adept at reading people like a book, manages to speculate accurately about the Shopman and the way he came to accumulate his wealth. It transpires that the Shopman killed a man and his widow before taking their land and money. However, unlike Mr Sookhoo, the Shopman remains free at the end with the cat, a symbol of his dark secret, roaming in the streets with a jug on its head. The symbolism of the cat slipping out of the store but with its head still caught inside the jug suggests that the Shopman's secret is only half revealed.

The Basics of String Theory

String theory is a mathematical theory that tries to explain certain phenomena which is not currently explainable under the standard model of quantum physics. The Basics of String Theory At its core, string theory uses a model of one-dimensional strings in place of the particles of quantum physics. These strings, the size of the Planck length (10-35 m), vibrate at specific resonant frequencies. Some recent versions of string theory have predicted that the strings could have a longer length, up to nearly a millimeter in size, which would mean theyre in the realm that experiments could detect them. The formulas that result from string theory predict more than four dimensions (10 or 11 in the most common variants, though one version requires 26 dimensions), but the extra dimensions are curled up within the Planck length. In addition to the strings, string theory contains another type of fundamental object called a brane, which can have many more dimensions. In some braneworld scenarios, our universe is actually stuck inside of a 3-dimensional brane (called a 3-brane). String theory was initially developed in the 1970s in an attempt to explain some inconsistencies with the energy behavior of hadrons and other fundamental particles of physics. As with much of quantum physics, the mathematics that apply to string theory cannot be uniquely solved. Physicists must apply perturbation theory to obtain a series of approximated solutions. Such solutions, of course, include assumptions which may or may not be true. The driving hope behind this work is that it will result in a theory of everything, including a solution to the problem of quantum gravity, and to reconcile quantum physics with general relativity, thus reconciling the fundamental forces of physics. Variants of String Theory The original string theory focused only on boson particles. Superstring theory (short for supersymmetric string theory) incorporates bosons with another particle, fermions, as well as supersymmetry to model gravity. There are five independent superstring theories: Type 1Type IIAType IIBType HOType HE M-Theory: A superstring theory, proposed in 1995, which attempts to consolidate the Type I, Type IIA, Type IIB, Type HO, and Type HE models as variants of the same fundamental physical model. One consequence of the research in string theory is the realization that there is an immense number of possible theories that could be constructed, leading some to question whether this approach will ever actually develop the theory of everything that many researchers originally hoped. Instead, many researchers have adopted a view that they are describing a vast string theory landscape of possible theoretical structures, many of which do not actually describe our universe. Research in String Theory At present, string theory has not successfully made any prediction which is not also explained through an alternative theory. It is neither specifically proven nor falsified, though it has mathematical features which give it great appeal to many physicists. A number of proposed experiments might have the possibility of displaying string effects. The energy required for many such experiments is not currently obtainable, although some are in the realm of possibility in the near future, such as possible observations from black holes. Only time will tell if string theory will be able to take a dominant place in science, beyond inspiring the hearts and minds of many physicists.