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  1. The Importance of Education and Training for a career in Valuation - Mona Isa and Prof Madya Abdul Rahman Mohd Noor (Malaysia)
    Merit Award Research Paper (5th WAVO Valuation Congress, 2010, Singapore)

  2. Real Estate Education : Taking Needs, Trends and Issues into Consideration -Tan Choi Heng (Singapore)
    Merit Award Research Paper (5th WAVO Valuation Congress, 2010, Singapore)

  3. Professional Ethnics and Liability - Alan Hyam (Australia)
    Merit Award Practice Paper (5th WAVO Valuation Congress, 2010, Singapore)

  4. Property Education in Malaysia: The Gap between Industry Expectation and Working Graduates Readiness and Capabilities in the Property Industry - Ms Norhayati Daud (Malaysia)
    Merit Award Research Paper (4th WAVO Valuation Congress, 2009, Guilin, Guangxi, PRC)

  5. Optimization Research for a Life-Style Retail Center - George Badescu (Romania)
    Merit Award Practice Paper (4th WAVO Valuation Congress, 2009, Guilin, Guangxi, PRC)

  6. Criterion, Early Warning, Order : Functions of Evaluation on the Total Risk Management in Finance - Wang Zilin (China)
    Merit Award Practice Paper (4th WAVO Valuation Congress, 2009, Guilin, Guangxi, PRC)

  7. The Financial Reports and the Enterprises Appraisal - Prof Horia Cristea and Prof Alexandra Buglea, Romania
    Merit Award Research Paper (3rd WAVO Valuation Congress, 2008, Bucharest, Romania)

  8. Liquid Stocks Control Premiums Study : Evidence from China - Yan Shaobing, China
    Merit Award Research Paper (3rd WAVO Valuation Congress, 2008, Bucharest, Romania)

  9. Coherence between concepts and methodologies of valuation - the direction of improvement for valuation standards - Sorin Stan, Romania
    Merit Award Practice Paper (3rd WAVO Valuation Congress, 2008, Bucharest, Romania)

  10. A Linear Regression Model for Real Estate Appraisal - A/P Ciprian Sipos & Adrian Crivii, Romania
    Merit Award Practice Paper (3rd WAVO Valuation Congress, 2008, Bucharest, Romania)

  11. Settling rental (and other retail lease) disputes by Expert Determination - Don E Gilbert ( Australia)
    Merit Practice Paper (2nd WAVO Congress & Valuation Forum, 2007, Beijing, PRC)

  12. Impact of Macro Economic Indicators on House Prices Performance -Faziah Abd Rasid ( Malaysia)
    Merit Research Paper (2nd WAVO Congress & Valuation Forum, 2007, Beijing,PRC)

  13. Roles and Responsibilities of Valuers - Alan A Hyam Oam ( Australia)
    Merit Award Practice Paper (1st WAVO Congress & Valuation Forum, 2006, Singapore)

  14. Professional Ethics - Duncan Preston ( UK)
    Merit Award Practice Paper (1st WAVO Congress & Valuation Forum, 2006, Singapore)

  15. The Application Practice of Income Approach in Business Valuation in China - Zhao Qiang (P.R.C)
    Merit Award Practice Paper (1st WAVO Congress & Valuation Forum, 2006, Singapore)

  16. Intangible Assets Analysis and Valuation - Dr Ion Anghel ( Romania)
    Merit Award Research Paper (1st WAVO Congress & Valuation Forum, 2006, Singapore)

  17. Extraction of Land Value from the Property Price - Can We Separate the Inseparable? - Dr Tzu-Chin Lin (Taiwan)
    Merit Award Research Paper (1st WAVO Congress & Valuation Forum, 2006, Singapore)



  1. The Importance of Education and Training for a career in Valuation - Mona Isa and Prof Madya Abdul Rahman Mohd Noor (Malaysia)

    Merit Award Research Paper (5th WAVO Valuation Congress, 2010, Singapore)

  2. Authors

    Prof. Sr Mohd Yunus A. Rahman, FISM, MRICS, Assoc. Prof. Sr Abd. Rahman Mohd Noor, FISM, MRICS, MPEPS, Sr Mona Binti Isa, Department of Estate Management, University Teknologi MARA, Malaysia.

    Abstract

    Education and training for valuers starts from curriculum design, providing the appropriate teaching and learning infrastructure; engaging quality lecturers in disseminating the same in the process to a level of an acceptable standard before releasing them into the market. The academic programs avalalable in Malyasia enable the students to be proficient in the areas of real estate practice i.e valuation, property management and estate agency.

    The academic knowledge acquired is affirmed through a two years supervised job training which is assesed by the Test of Profesional Competency (TPC). Upon passing the test he is licensed to become a wholesome profesional adhering to a Code of Conduct and ethics so as able to discharge his duty to the community with the minium of displinary intervention by regulatory laws and guidelines. Through out his career he has to update his knowledge with the current practice by attending seminar and course related as Continous Professional Development (CPD).

    Keywords

    Education, training, real estate practice, continous profesional development.


  3. Real Estate Education : Taking Needs, Trends and Issues into Consideration - Tan Choi Heng (Singapore)

    Merit Award Research Paper (5th WAVO Valuation Congress, 2010, Singapore)

  4. Authors

    Tan Choi Heng M Ed, M Sc (RE), LL B (Hons), B Sc (Est Mgt) (Hons), PG Dip Teach (HE) MSISV, Licensed Appraiser.

    Abstract

    The study of real estate as an academic discipline is very much a recent phenomenon. Previously, real estate education and practice was mostly apprentice-based in large landed estates where stewardship was the norm. It was not until much later that the study of real estate was established in the universities, colleges and polytechnics. In the United States, the first real estate course at the collegiate level was taught in 1892 while in the United Kingdom, full-time education in land economy or surveying or estate management or property (as it was known) at the university level was obtainable in 1922. In Australia, the first course at undergraduate level commenced in 1982 at the Hawkesbury College of Advanced Education (now University of Western Sydney). In Singapore, the local university and polytechnic established a course in 1968 and 1975 respectively and since then the debate on what disciplines of study to include in the curriculum has been much deliberated.

    The field of real estate education and practice has recently come under scrutiny as developments in society revealed certain inadequacies in its academic and practice framework, both internationally and locally. This has triggered numerous debates in the educational, academic, research, professional and practice arenas as to the disciplines to be included in real estate education so as to prepare graduates to migrate into the industry seamlessly. This article is a review of the relevant literature to attempt to address the issue arising, namely; "What needs, trends and issues should be taken into consideration in real estate education?"


  5. Real Estate Education : Taking Needs, Trends and Issues into Consideration - Tan Choi Heng (Singapore)

    Merit Award Research Paper (5th WAVO Valuation Congress, 2010, Singapore)

  6. Authors

    Tan Choi Heng M Ed, M Sc (RE), LL B (Hons), B Sc (Est Mgt) (Hons), PG Dip Teach (HE) MSISV, Licensed Appraiser

    Abstract

    Code of Ethics

    • International Valuation Standards Council

    • Fundamental Ethical Principles

    • Conduct

    • Rules of Conduct

    • Professional Competence and Due Care

    • Confidentiality

    • Independence

    • Professional Behaviour.


    Professional Liability

    • Duty of Care

    • Standard of Care

    • Legal Liability

      1. Contract

      2. Negligence at Common Law

      3. Statute - Trade Practices and Fair Trading Acts



    • Contributory Negligence

    • Measure of Damages

    • Disclaimers

    • Limitation of Liabilty

    • Liability of Valuers Acting as Experts


  7. Property Education in Malaysia: The Gap between Industry Expectation and Working Graduates' Readiness and Capabilities in the Property Industry - Ms Norhayati Daud (Malaysia)

    Merit Research Paper (4th WAVO Valuation Congress, 2009, Guilin, Guangxi, PRC)

  8. Abstract

    The perception and expectation studies are critical for service organisation to position them in a competitive environment. It is an indicator of business performance. User perception and expectation studies have become one of the most popular studies in the area of service quality in many academic disciplines such as real estate studies. In this study, the employers and the new working graduates were asked on their expectation and perception whether the knowledge gained in the universities matches with the industry expectation. The aim of this paper is to identify gaps between the expectation and perception of the employers and new working graduates in property industry in Malaysia. The expectation and perception difference has been used as an indicator to determine gap. The study will trace the level of knowledge of the new graduates currently working in property industry in applying the theories and concepts learned in class to the real world.

    The findings of the study reflect the gap on employability skills of the graduates. The findings also reflect the new working graduates' readiness and capabilities to put theories into actual practice at work. The employers expressed different expectation of graduates on areas of a well-rounded property professional with sound analytical skills and ability to communicate effectively. The gap difference shows that the industry wants and needs graduates that are technically proficient, technologically trained and socially adaptable to real estate entrepreneurs.

    The finding of the study will reflect at least the needs of all the people in the industries and identify the need of any changes from commonly used references to innovative approaches. Consequently, helps to improve the standard of present and future property education in Malaysia.

    Keywords

    Expectation, Perception, Gap, Employability Skills.


  9. Optimization Research for a Life-Style Retail Center - George Badescu (Romania)

    Merit Practice Paper (4th WAVO Valuation Congress, 2009, Gulin, Guangxi, PRC)

  10. Abstract

    A decline in the traditional mall or strip-mall has been followed by an increase in the popularity of new retail centers called "Lifestyle Retail" centers. A life style retail center is meant to customize its environment to the changing lifestyle of the consumer in order to make it a stimulating and social place to gather.

    The expected uses of the case development are: office, retail, hotel, convention centre, entertainment centre, food & beverage complex, service center, residential unit.

    The main objective of the paper is to find the optimum allocation of the built area between above defined uses. The optimal set of area of uses is the set which maximizes the discounted cash flow generated by the project.

    Several constraints have been derived for the sum of rentable area and also to describe the relation between various areas of uses. Obtaining the optimal values generally requires a search in an iterative fashion. This involves running a simulation for an initial set of values, analyzing the results, changing one or more variables, re-running the simulation and repeating the process until the most satisfactory solution is obtained.

    Recent developments in optimization have produced efficient search methods capable of finding optimal solutions to complex involving elements of uncertainty. The modern specialized software packages incorporate meta-heuristics to guide its search algorithm toward better solutions.

    Defining the various intervals of these inputs and also the probability distributions of their values a statistical simulation (ex. Monte Carlo simulation) can select mean or median of the results (NPV) when is searching for optimal values of decision variables.


  11. Criterion, Early Warning, Order : Functions of Evaluation on the Total Risk Management in Finance - Wang Zilin (China)

    Merit Practice Paper (4th WAVO Valuation Congress, 2009, Gulin, Guangxi, PRC)

  12. Abstract

    The Profound Revelation from the Global Financial Crisis: from Value Assessment to Comprehensive Risk Management Valuation.

    The global financial crisis triggered by the U.S. subprime mortgage crisis is the largest and most destructive crisis after the Great Depression at the beginning of the 20th century. It has revealed the malignant tumor of modern finance and serious deficiency of the system.


  13. The Financial Reports and the Enterprises Appraisal - Prof Horia Cristea and Prof Alexandra Buglea, Romania

    Merit Award Research Paper (3rd WAVO Valuation Congress, 2008, Bucharest, Romania)

  14. Abstract

    The patrimony of an enterprise can be approached in different ways for accomplishing various goals. The patrimony components are treated in different manners but they are subordinate to the main principle of globalization.

    The approach of the patrimony as a whole implies both global criteria and specific criteria for the patrimony structure. The criteria are the base of the recognizing and evaluating the valuable patrimony elements.


  15. Liquid Stocks Control Premiums Study : Evidence from China - Yan Shaobing, China

    Merit Award Research Paper (3rd WAVO Valuation Congress, 2008, Bucharest, Romania)

  16. Abstract

    This thesis aims at studying the illiquid control premium level of listed companies in China and its influence factors. The method it adopts is to classify all samples based on companies and the year when transaction occurs. Companies that have both transfer of controlling interests and non-controlling interests are taken as study samples and control premium is calculated by comparing the difference between the transaction price of controlling interests and non-controlling interests.

    Study shows that the average control premium for all samples regarding transfer of illiquid shares for listed companies reaches 8.86%. Regression analysis shows that net asset rate of return, proportion of transacted interest ratio and transacted interest amount ratio explain better the control premium. The control premium decreases along with higher net asset rate of return and transacted interest amount ratio and increases along with higher proportion of transacted interest ratio.


  17. Coherence between concepts and methodologies of valuation - the direction of improvement for valuation standards - Sorin Stan, Romania

    Merit Award Practice Paper (3rd WAVO Valuation Congress, 2008, Bucharest, Romania)

  18. Abstract

    The recognition of the assets in the financial statements of entities is conditioned by the possibility of their reliable valuation. The valuation of an asset or a property could be defined as follows: "the estimation of a type of value, at the valuation date, based on a stated valuation premise and of assumptions or special assumptions". The following definition is given by the International Financial Reporting Standards (IFRS): "The valuation is the process of determining the monetary values at which, the structures of the financial statements are to be recognized in the balance sheet and income statement. This involves the selection of a particular basis of valuation."

    Currently, the valuation and the accounting standards worldwide recognized and applied, include differences in the definition of several essential concepts regarding assets valuation belonging to economic entities. It is the case of four concepts: Basis of Value or Standards of Value, Valuation Premises, Assumptions and Approaches/ Methods/ Procedure/ Techniques.


  19. A Linear Regression Model for Real Estate Appraisal - A/P Ciprian Sipos & Adrian Crivii, Romania

    Merit Award Practice Paper (3rd WAVO Valuation Congress, 2008, Bucharest, Romania)

  20. Abstract

    The real estate appraisal has an increasing importance due to strong growth of the real estate market in Romania in the last years. In that respect, a permanent preoccupation for specialists is to find newer and better methods to evaluate the real estates. Very used new approach of appraisal methods in the international practice is the statistical and econometric models.

    The main aim of the paper is to establish some principles of statistical real estate appraisal and to propose an applied linear regression model based on a panel data from city of Timisoara. The study areas covered by the statistical appraisal are selected from geographical localities, land categories or subjects to property taxes.


  21. Settling rental (and other retail lease) disputes by Expert Determination - Don E Gilbert ( Australia)

    Merit Practice Paper (2nd WAVO Congress & Valuation Forum, 2007, Beijing, PRC)

  22. Abstract

    Historically, Australian landlords hold the negotiating power. Specialty shop tenants occupying 30 per cent of the floor space of shopping centres typically generate 70 per cent and over of their value. This is due to the poor information systems that result in tenants operating in an uninformed situation. Meanwhile, legislation is inconsistent and there is a reluctance to enforce it.

    However, experts can be called in when landlords and tenants cannot reach agreements on the current market rent. Focusing on the retail property market, this article seeks to help valuers to navigate the expert determination minefield and to avoid their findings being challenged.


  23. Impact of Macro Economic Indicators on House Prices Performance -Faziah Abd Rasid ( Malaysia)

    Merit Research Paper (2nd WAVO Congress & Valuation Forum, 2007, Beijing, PRC)

  24. Abstract

    This paper examines the impact of macro economic factors on house price. In order to capture the price variation in the individual attributes, a hedonic function derived from Multiple Regression Analysis is used to enable the estimation of changes in house price from one period to another. The output of the regression provides information on how much a change in a property attribute would affect the price of a property and estimates the predictive capability of pricing model incorporated in these factors.

    Based on the literature review, the researcher has identified six macro economic indicators, which will capture the effect of house price movement and to examine the impact of macro economic indicators on house prices,

    The economic indicators used in this analysis are Per Capita Income, Gross Domestic Product, Consumer Prices Index, Average Commercial Bank Lending Rate, Population Growth Rate, and Unemployment Rate. The period of the analysis is on a yearly basis from 1990 to 2006.


  25. Roles and Responsibilities of Valuers - Alan A Hyam Oam ( Australia)

    Merit Award Practice Paper (1st WAVO Congress & Valuation Forum, 2006, Singapore)

  26. Abstract

    This paper is intended to clarify the various roles which valuers are engaged to perform, particularly with regards to the resolution of disputes between parties, for example rent review assessments and determinations.

    Valuers can act in many roles. The main role is usually as an expert or a negotiator for one of the parties to a dispute, or sometimes as an advocate or adviser to one of the parties.

    A valuer must clarify the role or roles in respect of which he or she is required to act, and it is the valuers duty to inform the instructing party as to the distinctions between the roles and the conflicts and disadvantages which may arise should the valuer be instructed to act in the roles.

    Valuers acting in the roles of negotiators or advocates should check with their professional indemnity insurers to ensure that they are covered in acting in those roles.


  27. Professional Ethics - Duncan Preston ( UK)

    Merit Award Practice Paper (1st WAVO Congress & Valuation Forum, 2006, Singapore)

  28. Abstract

    There is no universal set of ethical principles which exist and define what is right and wrong. It may depend upon the circumstances. Thus, ethical theories may vary from person to person, country to country or company to company. Nevertheless, although morality does not apply internationally, the ethical values of a trading partner should be respected.

    Ethics is principally concerned with human character and conduct. Ethical behaviour goes beyond obeying laws, rules and regulations. Its your behaviour, its your dilemma, its your choice; It is a commitment to do what is right, as well as merely what is allowable.

    With various examples to elaborate on professional ethics, this paper aims to raise the awareness of expected ethical behaviour from all the collective and individual interests.


  29. The Application Practice of Income Approach in Business Valuation in China - Zhao Qiang (P.R.C)

    Merit Award Practice Paper (1st WAVO Congress & Valuation Forum, 2006, Singapore)

  30. Abstract

    Income Approach or DCF is an essential approach for business valuation practice. It plays a very important role in international business valuation field as well. However, the application of DCF requires a systematic solution to data such as Discount Rate, Market Premium and Discount For Lack of Marketability etc.

    In those of developed countries or regions, regular system has been formulated to make the above-mentioned data available periodically. Unfortunately, China Stock market is still in its primary developing stages, and so far there is not yet a generally accepted system to estimate and distribute such data. This fact has brought certain difficulties and inconvenience to the application of DCF in China business valuation.

    By studying a case of an auto part manufacture company; this paper aims to elucidate the estimation of market investment return premium, Beta as well as the application of DCF to business valuation in China.


  31. Intangible Assets Analysis and Valuation - Dr Ion Anghel ( Romania)

    Merit Award Research Paper (1st WAVO Congress & Valuation Forum, 2006, Singapore)

  32. Abstract

    Today the intellectual capital is a key factor in companys profitability. Two major forces have driven the high performance workplace over the past two decades: globalization and increasing technological changes.

    In this situation, the intellectual capital and intangible assets are crucial to success. Under the new economic competition, knowledge assets provide a sustainable competitive advantage. The measurement is fundamental to support management decision in investment allocation and investors decision regarding the value versus price.

    Investigating a group of 14 Romanian listed companies, the research tried to examine the importance of intangible value in the total market value of the equity. From the accounting point of view the importance of intangible assets is very low, but from the market evidence it appears to be important as the intangible value constitute 47 percent of the total market in 2005 for the Romanian listed companies.


  33. Extraction of Land Value from the Property Price - Can We Separate the Inseparable? - Dr Tzu-Chin Lin (Taiwan)

    Merit Award Research Paper (1st WAVO Congress & Valuation Forum, 2006, Singapore)

  34. Abstract

    Taiwan has a wealth of experience in employing a graded, or split-rate, property tax. It is believed that a graded property tax can increase the capital intensity of improvements to land, and thus improve economic activities. In order to achieve this, land value needs to be extracted from the price of an improved property. Despite the long history of a graded property tax in Taiwan, the accuracy and corresponding equity issues of land valuation have so far received scant attention.

    This study adopts a linear regression model with both data sets of vacant land and improved property to separate land and structure values. This approach solves the common problem of scarce land sales and empirical results turn out satisfactory. The empirical findings suggest that the ratio of land value to total property price varies across property types and ages. In addition, the current practice is likely to contribute to assessment inequity, and consequently tax inequity. All these observation calls for the need to overhaul the present property assessment system.


 

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