Real property law

The aim of this book is to provide the student and/or practitioner with a straightforward outline of some of the primary elements underlying the recognition and regulation of real property.

Learning environment stimulation in the real world

This paper analyses some of the unique circumstances which confronted a member of the lecturing staff in the Real Estate Valuation course at the Gatton campus of the University of Queensland during the late 1990's. Due to the rapidly changing educational needs of valuation students, and requirements of the respective accreditation bodies, the location of the course in Gatton (a rural town) was recognised as being remote from a major city and although relocating the course was inevitable, this could not happen overnight. From Semester 1, 2000 after several years of planning, the degree course relocates to the Department of Geographical Sciences and Planning, St Lucia. This paper discusses some of the challenges confronted and the strategies employed to simulate a city environment in the bush whilst waiting for the move.

Rule-based dependency models for security protocol analysis

Security protocol analysis has been discussed for quite some time in the past few years. Although formal methods have been widely used to identify various vulnerabilities, mainly susceptibility to freshness attacks and impersonation, the arisen inconsistent data between principals and collusion attacks held by a group of dishonest principals have been largely ignored. Moreover, the previous methods focus on reasoning about certain security-related properties and detecting known attacks against secure message, whereas there have been insufficient efforts to handle the above hidden but powerful attacks. In this paper, we address these critical issues and prove the efficiency and intuitiveness of rule-based dependency models in defending a protocol against the attacks. This is able to provide a numerical estimation to measure he occurrence of these attacks. It will be useful in enhancing the current protocol analysis.

An input-output-based linkage measurement framework

This study proposed an input-output-based linkage measurement framework, which is a multi-level hierarchy, omni-direction decision-making model and takes the impact of capital into account. This framework had resolved the critical deficiencies and inherent limitations of the existing methods and was used to explore the real estate and construction linkages.

The valuation of fast food outlets in Australia : methodology, analysis and reliability

Fast food outlets are a significant sub sector of the Hospitality and Tourism Property Market and a specialized form of business. This form of hospitality outlet has experienced significant growth and change in the last 20 years. Their value as an asset is therefore of significant interest to many involved in the tourism and hospitality industry, not least fast food operators or potential operators and their financiers. However, little attention has been given in professional and academic literature to valuation methodology, the analysis of the major components of asset value, and the underlying factors which influence asset value. As such the reliability of the valuation process could justifiably be questioned.
This paper sets out a working definition of a fast food outlet. It investigates the major determinants of value with respect to asset value and examines the accepted methods of valuation of fast food outlets in Australia as well as establishing the methods most commonly used. It clarifies the major components of asset value and examines to what extent these have changed with the changing business environment. In particular it isolates the role of Goodwill in assessing Going Concern Value. Sources of data include a comprehensive literature review and personal interviews with professionals involved in the valuation process. The paper concludes that an efficient valuation process requires that fast food outlets be considered as both a real estate and business investment. The contribution of both tangible and intangible assets to the value of the asset must be identified.

Valuation and sustainability : are rating tools enough?

The lack of sufficient financial drivers are preventing significant investment in sustainability because stakeholders have only very limited ability to measure the sustainability of the building or understand the impact upon the value. Valuers are unable to indicate or clarify whether sustainability is affecting market value as there is an absence of detailed market evidence, sales data and lease transactions of sustainable building. Leaving both Valuers and other stakeholders uncertain of the value implication as there is no reliable evidence as to whether sustainable buildings are feasible (Lutzkendorf and Lorenz, 2005). One of the key barriers is the confusion evident in the industry particularly the measurement of sustainability in commercial property. Although a range of environmental rating tools exist for buildings globally in commercial property, the synergy between these tools and identification of the relationship between the measurement and market value is inherently blurred due to the unique nature of the compilation of points attributed in the rating tools for sustainability or energy certificates in commercial property. The paper examines the challenges that face the Valuation profession in assessing the impact of sustainability on market value.

Real-time observation of fiber network formation in molecular organogel : supersaturation-dependent microstructure and its related rheological property

Low-molecular mass organic gelators self-organizing into three-dimensional fiber networks within organic solvents have attracted much attention in recent years. However, to date, how the microstructure of fiber network is formed in a gelation process and the key factors that govern the topological structure of a gel network remain to be determined. In this work, we address these issues by investigating the in situ formation of the gel networks in the N-lauroyl-l-glutamic acid di-n-butylamide (GP-1)/propylene glycol (PG) system. By using optical microscopy, the time evolution of the gel network microstructure was investigated under various supersaturation conditions. It is found that supersaturation is one of the key factors that govern the topological structure of a gel network. In particular, the creation of the junctions turns out to be supersaturation-dependent. The rheological experiments further revealed the correlation between topological structure and mechanical properties. It suggests that the rheological properties can be effectively modified by tuning the microstructure topology of the gel network. Our results reported here provide new physical insight into the formation kinetics of a molecular gel. Furthermore, this work could be important in constructing and engineering a supramolecular structure for the purpose of applications.

The value of sustainability in real estate : a review from a valuation perspective

Purpose – The purpose of this paper is to synthesise the plethora of research that has been conducted into the relationship between sustainability and market value in real estate, by critically analysing the research and the applicability of sustainability and value research in valuation practice.

Design/methodology/approach – The research on the relationship between sustainability and market value in real estate is examined from the perspective of its usefulness to the valuation profession in providing guidance, information and evidence to be used in valuation practice.

Findings – Existing research conducted into the relationship between sustainability and market value has not provided the valuation profession with evidence which would allow the incorporation of normative theories on the value of sustainability in valuation practice. This review highlights the lack of evidence, and the applicability of current research into sustainability and value to the valuation profession in providing guidance and information in valuing real estate incorporating sustainability.

Practical implications – This paper highlights the limited applicability of research to date in regard to the relationship between sustainability and market value for the valuation profession. The lack of historical evidence, data or information on the quantifiable effects on market value of this new trend (sustainability), leaves the valuation profession uncertain as to the relationship between sustainability and market value. There is a probable risk of valuers interpreting strategic research incorrectly, and making inappropriate adjustments or comparisons because of their lack of knowledge and limited sustainability assessment skills. Although there is an evolving body of knowledge, there is a need for extensive analysis of unbiased, evidence-based research in individual and broader markets to provide guidance, evidence and knowledge of the implications of sustainability in the valuation of real estate.

Originality/value – The examination of research investigating the relationship between sustainability and value from a valuation perspective provides an alternative insight into the applicability of current research in valuation practice. The increasing profile and role of sustainability in the real estate sector needs to be addressed in valuation practice; however, the variety of research to date needs to be interpreted by valuers in the correct context. This paper brings to light the applicability of sustainability and value research for the broader valuation profession, and the potential implications of misuse or misunderstanding of that research.