Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2007, Vol.17, No.2

  • 1.

    A Study on Legal Matters of the Business Agreement on Real Estate Appraisal Work

    Lee, Sun Young | 2007, 17(2) | pp.9~36 | number of Cited : 3
    Abstract
    After making the business agreement for the appraisal with appraisers on condition of the appraisal request of the collateral real estate, financial institutions demand that the appraisers observe the contents of the agreement, namely appraisal methods, abandonment of fee claims, particular instances of joint guaranteed liabilities, surveys of real estate leases, and so forth. The business agreement is a kind of contract, and by observing its contents, it is a legal matter related to requesting the appraisal. The financial institution has a claim for damages in case the appraiser contravenes the agreement, but the appraiser only has duty of observing contents of the agreement and dose not have a right of claim for the appraisal request. The business agreement is based on the principle of freedom of the contract. A legal act that violates the compulsory regulation becomes ineffective in the civil law. As the law takes administrative, civil, and penal sanctions against the appraiser who appraises illegally and unfairly, to allow such agreement may come under the unfair trade by an antitrust law, though it does not become as ineffective as violating the compulsory law. According to the interpretation of the Supreme Court rulings and a inspection guide of the Fair Trade Commission, the forced trade and the misuse of the position in trade which are types of unfair trade may have sufficient reasons for the unfair trade. Especially, by means of supplying a product, or a appraisal request, what a financial institute demands that an appraiser make the business agreement which he or she does not want may become a tie-in sale and a forced purchase under the antitrust law. Because not only a financial institution but also an appraisal requester could be protected under the law from the illegal and unfair appraisal, there is no reason for allowing a appraisal request by making business agreement separately and this cannot be a normal trade custom. Such unfair trade has to be revised by the Fair Trade Commission through its examination.
  • 2.

    Demand of Valuation Service and the Number of Appraisers

    Kang, Won-Chul , Lee Jae Woo | 2007, 17(2) | pp.37~52 | number of Cited : 3
    Abstract
    This study shows some analysis methods for the proper number of appraiser in Korea. This study also analysis how many number of appraiser will be needed in future according to the scenario which varies with the economic environments. The methods provided in this study is also useful for another qualification system.
  • 3.

    A Study on the Component Ratio of Land and Building in Separate Appraisal of Non-Residential Collective Building

    Sung Won Lee , Ju Yong Beom | 2007, 17(2) | pp.53~71 | number of Cited : 5
    Abstract
    In court auction appraisal, the land and building value must be mentioned separately on the appraisal report even though the real property is traded as a whole. The purpose of this study is to analyze the non-residential properties data and to offer thereby the new standard component ratio of land and building in Separate Appraisal of Non-Residential Collective Building. As a result of this study, we made the another new standard component ratio table using income approach method, statistical techniques and so on. This study is believed to be conductive to compute the land share and building share of non-residential collective buildings in court auction appraisal.
  • 4.

    An Analysis on the Factors Determining Land Prices in Golf Course

    Heo, Jang Sig , Kim, Hocheol | 2007, 17(2) | pp.73~94 | number of Cited : 7
    Abstract
    This study tried to analyze the factors determining land price in golf course. The object of this study is all golf courses opened nationwide and is limited to microscopic analysis which mainly concentrates on influences of individual factors on market value. Statistical analysis was conducted by using hedonic price function. This study used DPI(distance-population index) which is the sum of numbers result from division of the population of cities nationwide by distance(km) from each city to golf courses. As a result of analysis, significant factors selected are as follows; DPI, zoning, rate of development area, total length of golf course, and subsidiary facilities for physical-factors ; greens fee for non-members and annual sales for operation-factors. DPI was commonly a significant factor on all type of models at 1% level of significance.
  • 5.

    A Study on the Determination of Land Development Costs in Korea Focusing on the Impacts of Floor Area Ratio and Proportion of Green Space

    Hur Jae Wan , Park, Heonsoo | 2007, 17(2) | pp.95~106 | number of Cited : 8
    Abstract
    Based upon the last two decade's residential land development data from the Korea Land Corporation, this study primarily shows that land development costs are affected by several factors, for example construction period, proportion of green space, floor area ratio, construction cost of infrastructures, etc. We used a very simple hedonic price model to estimate the costs of those important factors. The costs also depend on the characters of local market. Based on these findings, we could simulate several policy alternatives to lower the cost of development.
  • 6.

    A Study of Exclusive Agency Listing System's Efficiency on Real Estate Transation Cost Theory

    YoungKi Moon , Choi, Bong Hyun | 2007, 17(2) | pp.107~130 | number of Cited : 4
    Abstract
    The Korean real estate transaction method still lags behind compared to advanced countries. The exclusive agency listing system has been universalized in advanced foreign countries and it is a matter of common knowledge that they have been rooted in the US, Europe, Japan and the like and are actively used. What is more important among other things is to make the exclusive agency listing system properly understood to brokers and people. Therefore, this study assumed that the real estate transaction market is the domain of typical market failure leading to the inefficiency of real estate transactions and social costs due to information asymmetry. Accordingly, government is required to make a proper intervention in it. It should perform a role as the coordinator which is assumed to maximize the revitalization of the system to minimize the social cost. The findings of this study were comprehensively summarized. If the function of exclusive agency listing system work properly, the efficiency of real estate transactions can be enhanced. Moreover, efficient resource allocation is impaired by market failure appearing as the information asymmetry inherent the real estate transaction market and the resultant unfairness and obscurity of the information system, the increase of transactional costs and the like. Under this understanding, a new role of government should be set. The existing general role of government makes a mistake in the following respects: First, government has underestimated the importance and function of the exclusive agency listing system in the real estate transaction system. In the current inefficient and obscure real estate transaction structure, the exclusive agency listing system should be understood as the optimum alternative to resolve the problem of information asymmetry arising from the constraints of transaction information and reduce transactional costs. In the future, government should devote itself to readjusting and revitalizing existing systems by analyzing their problems rather than leave the exclusive agency listing system unresolved and present a new policy under the current situation that the real estate brokerage market is backward. In addition, it is necessary to make a strategical grope for the scheme for improving the institutional and politic complaints of brokers and customers and constructing and reinforcing their relationship between broker and customer.
  • 7.

    A Study on the Introduction of Security Insurance System for the Returning of the Deposit Money for the Lease of a House

    yim yoon-soo | 2007, 17(2) | pp.131~148 | number of Cited : 4
    Abstract
    Despite the end of lease period in returning the lease security money, a lessor is voluntarily putting off the return of deposit money till a lessee appears for no a new lessee corresponding to the existing lease security money. If a lessor puts off the return of it after the end of lease period like this, it is very inconvenient to a homeless lessee who can get a new habitation by getting the money back. Even as a lessee can move into a new house, it is an underlying decisive cause that disputes arises between them. According to this, as the Production Law for the Lease of a House was repeatedly revised, the device for securing a claim of the deposit money was strengthened. But it is not to much to say that the immediate return of it when the end of lease period is still falling into the good will of a lessor. In other words, given that a Lease Registration Order (same law, 3 of article 3) revised for the protection of a lesser is only stressed by a formal side, it is urgent for the introduction of Security Insurance System in Returning the Deposit Money for the Lease of a House, which the Ministry of Justice is trying to promote, to efficiently secure the smooth dwelling removal of a lessee. Accordingly, this paper examined the riskiness by compulsion with the introduction of Security Insurance System for efficient return of the deposit money for the lease of a house.
  • 8.

    A Study on the Reverse Mortgage Demand by Consumption Function

    Lee,Choon-Sup , Kim , Sun Ju | 2007, 17(2) | pp.149~171 | number of Cited : 7
    Abstract
    Recently, the elderly population is increasing in Korea and so public (tenure) Reverse Mortgage has been executed by a government. So it is necessary that the analysis of a Reverse Mortgage demand. This study analyzed a Reverse Mortgage demand by Consumption Function. The Consumption Function is estimated using the 2001 National Survey of Family Income and Expenditure by National Statistical Office. By using Consumption Function, the total consumption per year of private(Shin han Bank) Reverse Mortgage user from 2004. 5 to 2005. 12. The main purpose of this study is to study on deciding Reverse Mortgage demand. Exactly, I study the relation between total consumption per year and Reverse Mortgage monthly payment. The result of Shin han Bank Reverse Mortgage user`s total consumption per year and Reverse Mortgage monthly payment is same as this; total consumption per year is increasing, Reverse Mortgage monthly payment is increasing. The result of the Correlations analysis showed that the Correlations coefficient of total consumption per year and Reverse Mortgage monthly payment is 0.636. So Reverse Mortgage real demand is determined the Reverse Mortgage user`s total consumption. Reverse Mortgage is real income security for the elder classes.
  • 9.

    A Study on Demanding forecasting Model of a Cadastral Surveying Operation by analyzing its primary factors

    Song, Moung Suk | 2007, 17(2) | pp.173~191 | number of Cited : 3
    Abstract
    This study focuses on understanding the environment variables that have an effect on the cadastral survey work load and preparing the useful material as the work load adds up the annul forecasting. The purpose of this study is to provide the ideal forecasting model of cadastral survey work load through the Economeatric Analysis of Time Series, Granger Causality and VAR Model Analysis, it suggested the forecasting reference materials for the total amount of cadastral survey general work load. The main result is that the derive of the environment variables which affect cadastral survey general work load and the outcome of VAR(vector auto regression) analysis materials(impulse response function and forecast error variance decomposition analysis materials), which explain the change of general work load depending on altering the environment variables. And also, For confirming the stability of time series data, we took a unit root test, ADF(Augmented Dickey-Fuller) analysis and the time series model analysis derives the best cadastral forecasting model regarding on general cadastral survey work load. And also, it showed up the various standards that are applied the statistical method of econometric analysis so it enhanced the prior aggregate system of cadastral survey work load forecasting.
  • 10.

    On Reforming the Taxation of Housing in Korea

    Kyung-Hwan Kim | 2007, 17(2) | pp.193~214 | number of Cited : 16
    Abstract
    This paper seeks to explore long-term directions for reforming the taxation of housing in Korea as well as identifying the short-term measures that need to be undertaken to address more immediate issues. This is done based on the theory of the impact of housing-related taxes on rent, house price, new production and volume of trading of housing presented in chapter II and the principles of taxation reviewed in chapter III. The paper recommends that, in the long run, the comprehensive real estate tax be repelled and replaced by the standard local property tax, that the acquisition tax and the registration tax be merged into a nominal tax equivalent to a fee for title registration, and that the capital gains tax be made a function of the size of the capital gains and not the number of houses the taxpayer owns. As for short-term measures we suggest that some scheme be devised to protect those house-rich and cash-poor households, especially the elderly, and that the capital gains tax be partially lowered.