Property transactions : a note on ethics

Some activities that are applied in the property market to facilitate transactions have the potential to lead to unethical behaviour. Two conditions required for a sale price to be acceptable as market value are that the transaction is at arm’s length and the parties to the transaction are knowledgeable and prudent. The well-known difficulties associated with access to market pricing information are exacerbated by several of these activities including dummy bidding at auctions, two-tier marketing and the provision of lease incentives. Added to these is a common requirement that any negotiation be commercial-in-confidence. The lack of information has the potential to distort the market and this has been well publicised in recent times particularly in the residential market.
The definition of market value is visited and the nature of ethics in property transactions is outlined. Several examples of activities that could lead to unethical behaviour are described. It is concluded that unethical behaviour is hard to identify. Some recommendations are included for consideration and discussion.

Property Condition Disclosure Law: Does 'Seller Tell All' Matter in Property Values?

At the time when at least two-thirds of the US states have already mandated some form of seller's property condition disclosure statement and there is a movement in this direction nationally, this paper examines the impact of seller's property condition disclosure law on the residential real estate values, the information asymmetry in housing transactions and shift of risk from buyers and brokers to the sellers, and attempts to ascertain the factors that lead to adoption of the disclosur law. The analytical structure employs parametric panel data models, semi-parametric propensity score matching models, and an event study framework using a unique set of economic and institutional attributes for a quarterly panel of 291 US Metropolitan Statistical Areas (MSAs) and 50 US States spanning 21 years from 1984 to 2004. Exploiting the MSA level variation in house prices, the study finds that the average seller may be able to fetch a higher price (about three to four percent) for the house if she furnishes a state-mandated seller's property condition disclosure statement to the buyer.

The Impact of Property Condition Disclosure Laws on Housing Prices: Evidence from an Event Study using Propensity Scores

We examine the impact of seller's Property Condition Disclosure Law on the residential real estate values. A disclosure law may address the information asymmetry in housing transactions shifting of risk from buyers and brokers to the sellers and raising housing prices as a result. We combine propensity score techniques from the treatment effects literature with a traditional event study approach. We assemble a unique set of economic and institutional attributes for a quarterly panel of 291 US Metropolitan Statistical Areas (MSAs) and 50 US States spanning 21 years from 1984 to 2004 is used to exploit the MSA level variation in house prices. The study finds that the average seller may be able to fetch a higher price (about three to four percent) for the house if she furnishes a state-mandated seller.s property condition disclosure statement to the buyer. When we compare the results from parametric and semi-parametric event analyses, we find that the semi-parametric or the propensity score analysis generals moderately larger estimated effects of the law on housing prices.

The Economic Value of Residential Land in Historical Areas: An Application of the Residual Method to the Secondary Market

Land value bears significant weight in house prices in historical town centers. An essential aim for regulating the mortgage market, particularly in the financial and property crisis that countries such as Spain are undergoing, is to have at hand objective procedures for its valuation, whatever the conditions (location, construction, planning). Of all the factors contributing to house price make-up, the land is the only one whose value does not depend on acquisition cost, but rather on the location-time binomial. That is to say, the specific circumstances at that point and at the exact moment of valuation. For this reason, the most commonly applied procedure for land valuation in town centers is the use of the residual method: once the selling price of new housing in a district is known, the other necessary costs and expenses of development are deducted, including those of building and the developer’s profit. The value left is that of the land. To apply these procedures it is vital to have figures such as building costs, technical fees, tax costs, etc. But, above all, it is essential to obtain the selling price of the new housing. This is not always feasible, on account of the lack of newbuild development in this location. This shortage of information occurs in historical town cities, where urban renewal is slight due to the heritage-protection policies, and where, nevertheless there is substantial activity in the secondary market. In these circumstances, as an alternative for land valuation in consolidated urban areas, we have the adaptation of the residual method to the particular characteristics of the secondary market. To these ends, there is the proposal for the appreciation of the dwelling which follows, in a backwards direction, the application of traditional depreciation methods proposed by the various valuation manuals and guidelines. The reliability of the results obtained is analyzed by contrasting it with published figures for newly-built properties, according to different rules applied in administrative appraisals in Spain and the incidence of an eventual correction due to conservation state.

Cross Ventilation CFD Modeling: Characterization and Study of Different Façade Openings Configurations at the Refurbishment of a Residential Building in Málaga (Spain)

The opening of new windows on the façade is proposed as a refurbishment strategy in an existing building in Málaga to facilitate cross ventilation of dwellings. The building is a residential block of 140 public housing units for rent for people with low income in Málaga (Spain), property of the City Council. By modeling with Computational Fluid Dynamics (CFD), eleven configurations of openings are studied in two different areas of the main housing type of the building. The quantity of introduced/extracted air into/from the room and the generated airflow patterns are obtained. The modeling allows comparing the different openings configurations to determine the most appropriate ventilation option for every room.

Residential appraisal manual.

Accompanied by supplements.

Gilberts/Kedzie Property : former battery recycling facility : Kane County - Gilberts, Illinois.

In 2004, both Illinois EPA and U.S. EPA investigated the location of a former battery cracking and recycling operation in Gilberts. The main site is located immediately north of the intersection of Railroad and Mill Streets bounded to Galligan Road on the east and the Chicago and Northwestern Railway on the west. It is in an area that is mostly wooded near both industrial and residential properties. Lead acid batteries were cracked open to recover the lead. Some of the lead seeped into the ground along with acid contained in the batteries. Extensive environmental sampling last summer identified a six-acre area of gross contamination (mainly lead). Later, a second area of contamination was discovered to the southwest, where the Village of Gilberts Public Works building is now located, west of the railroad tracks - this is known as the Tower Hill Road site.

Power electronic interfaces for low voltage residential networks

A proposal to increase the existing residential LV grid voltage from 230 V to 300 V has been made in order to increase existing network capacity. A power-electronic AC-AC converter is then used to provide 230 V at each property. The equipment can also provide power-quality improvements to the network and load. Several constraints such as temperature rise at the converter location lead to a converter design requiring very high efficiency. In this paper different AC/AC converter topologies are presented which compares the power quality benefits, size and efficiency of each converter. The design and the control technique of the most suitable topology are verified using simulation and preliminary experimentally results of prototype hardware are also included. © 2013 IEEE.

Unsettling Histories: Representation and Indigenous Creative Art Praxis in Official Indian Residential School Redress

This dissertation offers an investigation of the role of visual strategies, art, and representation in reconciling Indian Residential School history in Canada. This research builds upon theories of biopolitics, settler colonialism, and race to examine the project of redress and reconciliation as nation and identity building strategies engaged in the ongoing structural invasion of settler colonialism. It considers the key policy moments and expressions of the federal government—from RCAP to the IRSSA and subsequent apology—as well as the visual discourse of reconciliation as it works through archival photography, institutional branding, and commissioned works. These articulations are read alongside the creative and critical work of Indigenous artists and knowledge producers working within and outside of hegemonic structures on the topics of Indian Residential School history and redress. In particular the works of Jeff Thomas, Adrian Stimson, Krista Belle Stewart, Christi Belcourt, Luke Marston, Peter Morin, and Carey Newman are discussed in this dissertation. These works must be understood in relationship to the normative discourse of reconciliation as a legitimizing mechanism of settler colonial hegemony. Beyond the binary of cooptation and autonomous resistance, these works demonstrate the complexity of representing Indigeneity: as an ongoing site of settler colonial encounter and simultaneously the forum for the willful refusal of contingency or containment.