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pISSN : 2092-5395 / eISSN : 2733-8339

2020 KCI Impact Factor : 0.85
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2016, Vol.26, No.3

  • 1.

    Co-operation between Real Estate Agents and Lawyersfor the Safety of the Real Estate Transaction

    Bang, Jin Won | Baek SungJoon | 2016, 26(3) | pp.7~21 | number of Cited : 1
    Abstract
    The research to secure the safety of the real estate transaction has been mainly focused on the introduction of the escrow system from the developed countries. However, the costs involved in the introduction, setup, and maintenance of the new system may be higher, and may take longer than expected. Furthermore, it puts burden on the persons involved in the real estate transaction to pay an extra fee for the use of the new system. In this thesis, the co-operation of the lawyers and real estate agents is described for the safety of the real estate transaction by authorizing the lawyers the closing steps, including the escrow for the balance of the transaction. By doing this, the additional financial burden can be minimized, and decrease the uncertainty on the people which may occur from the new system introduced, a Real Estate Escrow, even though this system is well established in the developed countries. Especially England and America are the world’s top transparent countries in the real estate transaction and introducing this system to the country where the transparency is too low such as Korea may not guaranty successful establishment. And the co-operation between real estate agents and lawyers helps promote protection from socially widespread crimes, such as downsizing contracts, double contracts, and document forgeries, and so on. Therefore, this co-operation may be named a “dual safety system” in the real estate transaction, which combines real estate agents and lawyers.
  • 2.

    The Optimal Investment Portfolio for Land Development Projects of Public Company

    박재호 | Geem, Zong Woo | Jung-Suk Yu | 2016, 26(3) | pp.23~38 | number of Cited : 2
    Abstract
    We propose two methods such as Genetic Algorithm (GA) and Branch & Bound method (B&B) for deriving the optimal investment combination (combinatorial optimization) from among the various real estate development projects and public company may adopt these methods to maximize the return of investment while meeting the multiple constraints. With these methods, public company could have a reasonable investment portfolio that maximizes the return of investment while meeting the multiple constraints such as limited investment for financial soundness, balanced regional development, balanced project investment, project prepared for lay-off, etc. However, in the conventional social sciences, it is rare to solve these problems using the optimization model. Therefore, we set up an optimization model and derive an optimal investment combination using Genetic Algorithm (GA) and Branch & Bound method (B&B). Through virtual example, we were able to convince that these methodologies can be used conveniently in the field of various social sciences as well as real estate studies in case the variables are discrete and constraints have discontinuous attributes.
  • 3.

    A Study of the Regionally Influential Factors in Reverse Mortgage Borrowing Decisions - City, County, District level Analysis

    임하나 | Seungwoo Shin | Seung-Han Noh | 2016, 26(3) | pp.39~47 | number of Cited : 4
    Abstract
    This study analyzes factors that determine Reverse Mortgage (RM) borrowing decisions of elderly households. In contrast to the previous studies which use individual data on elderly households, we rely on city⋅county⋅district (City) level analysis in order to investigate the regional differences between Cities with respect to RM subscription rate. The empirical results show that the education level of household head and [monthly annuity payment – minimum living cost] have positive signs while City income tax revenue, the inflation rate of housing prices, a ratio of elderly households, medical cost, number of life insurance subscription, and distance between City office and HF branch office have negative ones. All of them are statistically significant.
  • 4.

    A Study of Legal Protection with Intellectual Property Rights forInformation on Real Estate Appraisal

    Yang dae seung | 2016, 26(3) | pp.49~61 | number of Cited : 0
    Abstract
    We live in the Age of Information. and advances in computer technology have facilitated the creation and storage of information and data. In contrast to the technological advance, the pressure to provide legal protection for value of information has arisen from the increase in the mass of raw data avaliable in almost area of commerce and science, the increased technological ability to process data and to provide easy access to it. Information owners claim that they require legal means to protect their works, efforts, and investment in the creation of data from free-riders who can quickly and easily reproduce the informations created by them. The areas of information on Real Estate Appraisal are no exception. This study deals with various models of legal protection with intellectual property rights for information on Real Estate Appraisal. Having the right type of intellectual property helps appraisal business operator, including a certified public appraiser, to stop people stealing or copying things appraisal business operators write, make or produce. In particular, this study examines some basic principals and issues of copyright, patent, unfair competition prevention and trade secret protection law as they apply to informations or databases on Real Estate Appraisal.
  • 5.

    An Analysis on the Economic Impact of the KoreanReal Estate Indirect Investment Activation

    Ta-Ly I | Byeon, Seh-Il | Hwang, Gwan Seok and 1other persons | 2016, 26(3) | pp.63~81 | number of Cited : 0
    Abstract
    REITs (Real Estate Investment Trusts) was introduced in 2001 according to Real Estate Investment Company Act and REF (Real Estate Fund) also introduced in 2004 according to Indirect Investment Trust Act with great anticipation. However, their performance of last 15years fell short of expectations. Thus, this study aims at improving the importance of activating the Korean real estate indirect investment market by analyzing the economic ripple effect due to activating the real estate indirect investment market and by investigating the macroeconomic growth stem from the growth of real estate indirect investment market. To analyze the economic ripple effect and to estimate an increase in housing transactions on private consumption expenditure due to activating the real estate indirect investment market, empirical test was conducted using simultaneous equations model in advance at the first stage. At the second stage, input-output analysis was adopted to investigate the economic effect on the real estate industry and other industries using the result of the first stage. We found that net growth of real estate indirect investment causes 343.6 billion won in residential building construction investment, 986.0 billion won in commercial building construction investment, and 178.4 billion won in private consumption spending. We also found that these increase of final demand induces production of 3,427.8 billion won, the value-added of 1,094.5 billion won, the employment of 22.5 thousand people and wages of 638.5 billion won.
  • 6.

    The Dynamic Analysis of the Price and Volatility Interaction between Housing Markets and Auction Markets

    장문덕 | Park, Cheol-Hyung | 2016, 26(3) | pp.83~96 | number of Cited : 14
    Abstract
    This study is to investigate the interaction of price information and volatility between the rate of returns on housing markets and the auction price ratios in auction markets by estimating the VAR and Off-Diagonal-BEKK-TGARCH models using maximum likelihood estimation. The Granger-casuality test results showed the housing market Granger-cause auction market without any feedback in Kangnam. On the other hand, there were feedback from the auction markets in Kangbook. The impulse-response functions showed that there was almost no response of the rate of returns on housing market to the shocks from the auction price ratios and the response lasted shorter in Kangnam comparing to Kangbook. The variance decomposition of forecasting error on the part of the rate of returns was due to entirely its own variance in Kangnam while 7% of it is explained by the auction price ratios in Kangbook. The conditional variance and covariance equation had a statistically significant effect of ARCH and GARCH confirming the transition of volatility between housing markets and auction markets. The volatility of the rates of returns turned out to be unstable while the auction price ratio and their covariance are confirmed to be stable by the point estimates of volatility persistency. The volatility of the auction price ratios returned to its steady state variance faster than Kangbook. The statistically significant leverage effect indeed existed at the auction markets in Kangnam confirmed by the assessment of the TARCH term in the model.
  • 7.

    A Study on the Characteristics of Public Transit Accessibility for Multi-Family Housing in Seoul Based on Pedestrian Network

    백두진 | Kim, JaeTae | 2016, 26(3) | pp.97~111 | number of Cited : 4
    Abstract
    This study analyzes public transit accessibility of multi-family housing in Seoul. The accessibilities are measured by the distance between each house to the nearest transit facility based on pedestrian network. The results can be summarized as follows : (1) Comparing inter-regional public transit, subway and main-line bus, between-region inequality of subway accessibility is greater than that of the main line bus accessibility. Within-region inequality degree of branch-line bus is greater than that of inter-regional public transit as well as local-line bus, which means more user oriented spatial allocation is needed. (2) In municipal level (administrative gu), while multi-family houses in Gangnam, Seocho, Eunpyung and Jungnang have higher level of accessibility and lower inequality degree, houses in Seodaemun and Jongro have lower accessibility and higher inequality. (3) Accessibility differences between public rental houses and other multi-family houses suggest more spatially unbiased locating of public housing.