Definition Argument Essay Assignment
Goal
Write a 1,500-1,750-word essay using five to seven academic resources in which you argue that a contested “case” involving the sale, trade, or donation of human organs fits (or does not fit) within a given category. A case may include a specific news article, story, or incident illustrating a dilemma or controversy relating to the exchange of human organs. The case does not need to be a court case.
Directions
Follow these steps when composing your essay:
1. Start by selecting a controversial case found in the media involving the sale, trade, or donation of human organs. For example, an appropriate case might include a story in the news about an organ broker, and the term to define might be “criminal.”
2. Decide what category you think your case belongs in, with the understanding that others may disagree with you about the definition of your category, and/or whether your chosen case matches your category.
3. In the opening of your essay, introduce the case you will examine and pose your definition question. Do not simply summarize here. Instead, introduce the issue and offer context.
4. To support your argument, define the boundaries of your category (criteria) by using a commonly used definition or by developing your own extended definition. Defining your boundaries simply means naming the criteria by which you will discuss your chosen case involving the sale, trade, or donation of human organs. If you determine, for example, that an organ broker is a criminal, what criteria constitute this? A criminal may intentionally harm others, which could be one of your criteria.
5. In the second part of your argument (the match), show how your case meets (or does not meet) your definition criteria. Perhaps by comparing or sizing up your controversial case to other cases can help you to develop your argument.
This essay is NOT simply a persuasive essay on the sale, trade, or donation of human organs. It is an argumentative essay where the writer explains what a term means and uses a specific case to explore the meaning of that term in depth.
First Draft Grading
· You will receive completion points for the first draft based upon the successful submission of a complete draft.
· Because your first draft is a completion grade, do not assume that this grade reflects or predicts the final grade. If you do not consider your instructor’s comments, you may be deducted points on your final draft.
Final Draft Grading
The essay will be graded using a rubric. Please review the rubric prior to beginning the assignment to become familiar with the assignment criteria and expectations.
Sources
· Include in-text citations and a references page in GCU Style for FIVE to SEVEN scholarly sources outside of class texts.
· These sources should be used to support any claims you make and should be present in the text of the essay.
· Use the GCU Library to help you find sources.
· Include this research in the paper i.
•••••iA National Profile ofthe Real Estate Industry and.docxanhlodge
•••••i
A National Profile of
the Real Estate Industry and
the Appraisal Profession
by J. Reid Cummings and Donald R. Epley, PhD, MAI, SRA
FEATURES
T
J- he
he real estate industry has been devastated on many fronts' in the years
following the Great Recession, whieh began in 2007^ due to the bursting of the
housing bubble and the subsequent finaneial crisis relating to the mortgage
market meltdown.' The implosion of the mortgage markets initially began when
two Bear Stearns mortgage-backed securities hedge funds, holding nearly $10
billion in assets, disintegrated into nothing.* Panie quickly spread to financial
institutions that could not hide the extent of their toxic, subprime exposures, and
a massive, worldwide credit squeeze ensued; outright fear soon replaced panic.
Subsequent eredit tightening and substantial illiquidity in the financial markets
rapidly and severely affected the housing and construction markets.' Throughout
the United States, properties of all kinds saw dramatic value declines.
In thousands of cases, real estate foreclosures disrupted people's lives,
forced businesses to close, eaused financial institutions to falter, capsized wbole
market segments, devastated entire industries, and squeezed municipal and state
government budgets dependent upon use and property tax revenues.* While the
effeets of property value declines and the waves of foreclosures in markets across
the country captured most of the headlines, one significant impact of the upheaval
in US real estate markets has gone largely unreported: its impact on employment
in the real estate industry, and specifically, the real estate appraisal profession.
This article presents a
current employment
profile of the US real
estate industry, with
special attention given
to appraisal profes-
sionals. It serves as an
informative picture of
the appraisal profession
for use as a benchmark
for future assessment
of growth. As a
component of the real
estate industry, the
appraisal profession
ranks as the smallest
in employment, is
highly correlated to
movements in empioy-
ment of brokers and
agents, and relies on
commerciai banking,
credit, and real estate
lessors and managers
to deliver its products.
1. James R. DeLisle, "At the Crossroads of Expansion and Recession," TheAppraisalJournal 75, no. 4 (Fall 2007):
314-322; James R. DeLisle, "The Perfect Storm Rippiing Over to Reai Estate," The Appraisal Journal 76, no,
3 (Summer 2008): 200-210.
2. Randaii W. Eberts, "When Wiii US Empioyment Recover from tiie Great Recession?" International Labor Brief
9, no. 2 (2011): 4-12 (W. E. Upjohn Institute for Employment Research): Chad R. Wilkerson, "Recession and
Recovery Across the Nation: Lessons from History," Economic Review 94, no. 2 (2009): 5-24.
3. Kataiina M. Bianco, The Subprime Lending Crisis: Causes and Effects of the Mortgage Meltdown (New York:
CCH, inc., 2008): Lawrence H. White, "Fédérai Reserve Policy and the Housing Bubbie," in Lessons Fro.
Counselor Dispositional Expectations Dispositions are the .docxmelvinjrobinson2199
Counselor Dispositional Expectations
Dispositions are the values, commitments, and professional ethics that influence behaviors toward others, and, if sincerely held, dispositions lead to actions and patterns of professional conduct. The Grand Canyon University Counseling Program’s dispositions adhere to the University’s mission statement, as well as to the established counseling profession codes of ethics.
The Grand Canyon University Counseling Program have adopted the following dispositions for its students derived from the American Counseling Association (ACA) Code of Ethics. Although these dispositions are not all inclusive, they do represent values and qualities that are warranted by counseling students. Students who fail to adhere to or demonstrate such dispositions may be subject to disciplinary actions.
· Psychological Fitness: Counselors* are aware and assess their motives for pursuing the counseling profession. They are aware of their unfinished emotional and/or mental health issues, and resolve them before starting to provide counseling services to others. Counselors engage in self-care and seek resolutions to issues that arise during their practice. Counselors adhere to the American Counseling Association (ACA) Code of Ethics and/or the NAADAC, the Association for Addiction Professionals Code of Ethics.
· Self-Awareness: Counselors are aware of their personal moral, ethical, and value systems and provide counseling services with objectivity, justice, fidelity, veracity, and benevolence. Counselors are acutely aware of their personal limitations in providing services, and are willing to refer clients to another provider when necessary.
· Cultural Diversity: Counselors respect, engage, honor, and embrace diversity and a multicultural approach that supports the worth, dignity, potential, and uniqueness of people within their social and cultural context. Counselors promote self-advocacy and assist clients in advocating for empowerment within their cultural context.
· Acceptance: Counselors foster a healthy climate of change by providing and promoting acceptance, and a nonjudgmental environment during the therapeutic process. They understand their personal value system and do not impose their values, attitudes, beliefs, and behaviors on their clients.
· Empathy: Counselors foster understanding, compassion, and avoid any actions that can cause harm to a client. Counselors treat others with dignity and respect.
· Genuineness: Counselors deal truthfully with themselves and their clients, in order to avoid harming their clients.
· Flexibility: Counselors practice a client-centered approach, and align treatment to the client’s goals for therapy.
· Patience: Counselors understand the therapeutic process and respect client’s efforts to gain control over their lives. Counselors encourage an environment that promotes self-empowerment and allows client’s voice in the therapeutic process.
· Amiability: Counselors do not support or engag.
COMPLETE GUIDE ON WRITING A RESEARCH PROJECT ON REAL ESTATE FINANCELauren Bradshaw
How to get ready for a research project on real estate finance?
What are the most interesting topics? How should a thesis statement sound? Find answers to all these questions in our guide.
Case Study AnalysisCase study analysis gives students an opportuDinahShipman862
Case Study Analysis
Case study analysis gives students an opportunity to apply theory learned in the classroom to real world situations. Case studies do not have discrete answers. Rather, they challenge students to exercise their own business judgment in a supportive, educational environment. Students test their knowledge by analyzing situations; defining problems or issues; evaluating alternatives and/or forming conclusions to resolve the problem or issue; and making recommendations.
Types of case study assignments:
Students may be asked to
· Prepare a case in advance, based on criteria developed by the instructor. The case would then be used as a basis for discussion.
· Write a case analysis paper, based on criteria developed by the instructor. The paper may be presented or reviewed by peers.
· Analyze a case that is threaded throughout the course. As part of the learning process, students acquire knowledge during the course and apply that knowledge to different aspects of the case.
Case study analysis steps:
Cases used in the classroom vary from short vignettes to dense, multi page volumes. It is the responsibility of the instructor to teach a process which, while useful in the classroom, can be applied to the real world after the student graduates. Real world application of the steps used in case study analysis will vary from those found in the safety of the academia; employees will gather the information, found conveniently in an academic written case study, from a dynamic environment.
Here are some recommended steps for successful case analysis:
1. Gain familiarity with the case situation. This can be accomplished by reading the case several times. Read the first time to appreciate the general story before you begin to form conclusions or make analysis.
2. Define the issue or problem. To make an analysis or recommendation, one must first determine what the issue or problem is. As in the real world, note there may be more than one problem in a case study analysis. (You can appreciate the importance of this step if you ever took your car in because it was running rough and paid for several repairs because the mechanic didn’t correctly diagnose the problem in the beginning.)
3. Conduct your analysis. What are the possible causes of the problem or issue? What alternatives are possible given the facts presented? This is the most time consuming step, and the step with the greatest variation. There may be many possibilities. It might be helpful to list all solutions you can think of before focusing on the most useful or valid. There is not necessarily a right answer, but there may be several alternatives that lead to varying outcomes. The quality of analysis will depend upon application of theory learned in the classroom and through research.
4. Make recommendations. Choose the recommendation you believe to be the best, justify it, and develop it. Recommendations may be made in the form of an action plan ...
FIN 340 Milestone One Guidelines and Rubric Overview.docxssuser454af01
FIN 340 Milestone One Guidelines and Rubric
Overview: As an investor for yourself or your clients, you have the job of developing investment objectives and a plan to achieve those objectives and then make
subsequent investments in appropriate assets accordingly. This process can be collectively termed “the investment process.” It is helpful to break the process
down into the four core concepts that underpin any sound investment process.
First, you must understand what you are investing in. You have to know the underlying characteristics of the investment. What type of asset is it? What type of
security? How is it priced? What are the expected cash flows? Who are the typical investors and what are their typical motives? If you do not understand the
answers to those questions, then the initial expectations you develop about the value and risk of the asset will be fundamentally flawed. This sets you up for
missteps that can lead to underperforming your investment objectives.
Second, you must be able to estimate the value of the asset. Valuation is about assessing the estimated cash flows of the asset. This is a key component of
discerning absolute return potential and the differences between competing assets. It has a significant influence on the third step in the process as well.
The third step is developing a thesis about an asset's expected return and the associated risk. This is accomplished by assessing your valuation estimates against
the current market price and any developing economic or market dynamics that may impact your expected valuation or its pricing. The market is constantly
changing, and these expectations need to be monitored on a regular basis to ensure they continue to correspond to the objectives you are trying to achieve.
Finally, you must understand how the assets in a portfolio interact with one another. It is likely that you will not have just one investment, so any additional
assets will impact the overall performance of the portfolio. You want to formulate a plan to add assets that, when combined together, will have the potential to
meet your objectives. Putting all of these steps together into a consistent, thorough process will position you to better meet the investment objectives laid out
at the beginning.
Prompt: This milestone involves creating a draft of the client analysis section of the final project. Use the Final Project Scenarios document, which has the client
scenarios and tables needed to complete the final project.
Specifically, the following critical elements must be addressed in this milestone:
I. Client Analysis: In this section, you will analyze your clients’ financial documentation and determine their risk tolerance and objectives. To effectively
address the critical elements in this section, you must analyze the information for both client one and client two.
A. Analyze each client’s financial documentation in order to perform the following evaluativ ...
FIN 4303 – RVEFinancial Markets and InstitutionsSpring 2019G.docxcharlottej5
FIN 4303 – RVE
Financial Markets and Institutions
Spring 2019
Group Project – Research Paper
Your team is an independent panel hired by the Chairman of the Finance Committee of the House and Senate to investigate the Subprime Mortgage Crisis and its aftermath. In 10 weeks, you will report your findings to the Committee.
The written report to the Committee is to include:
Part I (50%)
1. Summarize the subprime mortgage crisis and its aftermath in a chronological format, highlighting only significant events that occurred. Be sure to include the starting point, as you see it.
2. Outline the role that each party played in the subprime mortgage crisis. Identify the names of the companies that played a major role and briefly provide an update of their present status:
a. Mortgage companies/ brokers
b. Subprime borrowers
c. “Money center” banks
d. Investment bankers
e. Mortgage credit insurers (Freddie Mac, Fannie Mae, Ginnie Mae)
f. Credit rating agencies (the big 3)
g. Investors (Pension funds, hedge funds, global investors)
3.
Identify the winners and losers from this financial event. Clearly state your reasons.
4.
Describe the magnitude of the effects to the national and international economy, through data and statistics, and present your opinions about whether AIG should have been allowed to fail.
Part II (50%)
1. Summarize the actions already taken until now by the Federal Reserve and Federal Government to ease the credit crisis.
2. Based on your research and your knowledge of the current economic environment, forecast economic growth and the direction of interest rates in the following one year and outline a series of recommendations for the Finance Committee to consider to control the effects of the financial crisis and avoid an occurrence in the future. Specify which ones you believe would be the most effective. Consider practicality, timeless, cost, timeframe and effect of implementation.
Recommendations could cover governmental policy or action, monetary policy, regulatory, and private industry.
3. The Ethics Committee also wants the panel to identify which parties should be investigated for potential ethics violations and the potential role they played that would be considered unethical behavior during the credit crisis. Begin with a definition of ethical standards in business.
4. This crisis is the most serious economic crisis in the world history. European countries also suffer another wave of financial crisis. Summarize what the European debt crisis is and how would the European debt crisis play out? What really caused the Eurozone crisis? Are Americans responsible for European woes?
The written report is due on April 24 at 2:00 PM. Groups are required to electronically submit a copy of your report using Canvas Course Mail. The report must be presented in professional manner and must be submitted before deadline. Late project will be assessed a penalty of 10% points per day. Each group will be responsible for subm.
Essay on My Favourite Teacher for Students and Children in English - A .... Essay on Teacher | Teachers | Classroom. Short essay about a teacher. Critical essay: Essay on my teacher. ️ Becoming a teacher essay. Becoming A Teacher Essay. 2019-01-31. ️ Becoming a teacher essay. Why I Want to Become a Teacher :: Free .... Teachers Essay. My Teacher Essay | Essay on My Teacher for Students and Children - A .... A Good Teacher Essay | Learning | Teachers. Essay on my teacher is the best in 2021 | Essay, College application .... Essay describe my teacher - articleentitled.x.fc2.com. Essay about my school teacher.
•••••iA National Profile ofthe Real Estate Industry and.docxanhlodge
•••••i
A National Profile of
the Real Estate Industry and
the Appraisal Profession
by J. Reid Cummings and Donald R. Epley, PhD, MAI, SRA
FEATURES
T
J- he
he real estate industry has been devastated on many fronts' in the years
following the Great Recession, whieh began in 2007^ due to the bursting of the
housing bubble and the subsequent finaneial crisis relating to the mortgage
market meltdown.' The implosion of the mortgage markets initially began when
two Bear Stearns mortgage-backed securities hedge funds, holding nearly $10
billion in assets, disintegrated into nothing.* Panie quickly spread to financial
institutions that could not hide the extent of their toxic, subprime exposures, and
a massive, worldwide credit squeeze ensued; outright fear soon replaced panic.
Subsequent eredit tightening and substantial illiquidity in the financial markets
rapidly and severely affected the housing and construction markets.' Throughout
the United States, properties of all kinds saw dramatic value declines.
In thousands of cases, real estate foreclosures disrupted people's lives,
forced businesses to close, eaused financial institutions to falter, capsized wbole
market segments, devastated entire industries, and squeezed municipal and state
government budgets dependent upon use and property tax revenues.* While the
effeets of property value declines and the waves of foreclosures in markets across
the country captured most of the headlines, one significant impact of the upheaval
in US real estate markets has gone largely unreported: its impact on employment
in the real estate industry, and specifically, the real estate appraisal profession.
This article presents a
current employment
profile of the US real
estate industry, with
special attention given
to appraisal profes-
sionals. It serves as an
informative picture of
the appraisal profession
for use as a benchmark
for future assessment
of growth. As a
component of the real
estate industry, the
appraisal profession
ranks as the smallest
in employment, is
highly correlated to
movements in empioy-
ment of brokers and
agents, and relies on
commerciai banking,
credit, and real estate
lessors and managers
to deliver its products.
1. James R. DeLisle, "At the Crossroads of Expansion and Recession," TheAppraisalJournal 75, no. 4 (Fall 2007):
314-322; James R. DeLisle, "The Perfect Storm Rippiing Over to Reai Estate," The Appraisal Journal 76, no,
3 (Summer 2008): 200-210.
2. Randaii W. Eberts, "When Wiii US Empioyment Recover from tiie Great Recession?" International Labor Brief
9, no. 2 (2011): 4-12 (W. E. Upjohn Institute for Employment Research): Chad R. Wilkerson, "Recession and
Recovery Across the Nation: Lessons from History," Economic Review 94, no. 2 (2009): 5-24.
3. Kataiina M. Bianco, The Subprime Lending Crisis: Causes and Effects of the Mortgage Meltdown (New York:
CCH, inc., 2008): Lawrence H. White, "Fédérai Reserve Policy and the Housing Bubbie," in Lessons Fro.
Counselor Dispositional Expectations Dispositions are the .docxmelvinjrobinson2199
Counselor Dispositional Expectations
Dispositions are the values, commitments, and professional ethics that influence behaviors toward others, and, if sincerely held, dispositions lead to actions and patterns of professional conduct. The Grand Canyon University Counseling Program’s dispositions adhere to the University’s mission statement, as well as to the established counseling profession codes of ethics.
The Grand Canyon University Counseling Program have adopted the following dispositions for its students derived from the American Counseling Association (ACA) Code of Ethics. Although these dispositions are not all inclusive, they do represent values and qualities that are warranted by counseling students. Students who fail to adhere to or demonstrate such dispositions may be subject to disciplinary actions.
· Psychological Fitness: Counselors* are aware and assess their motives for pursuing the counseling profession. They are aware of their unfinished emotional and/or mental health issues, and resolve them before starting to provide counseling services to others. Counselors engage in self-care and seek resolutions to issues that arise during their practice. Counselors adhere to the American Counseling Association (ACA) Code of Ethics and/or the NAADAC, the Association for Addiction Professionals Code of Ethics.
· Self-Awareness: Counselors are aware of their personal moral, ethical, and value systems and provide counseling services with objectivity, justice, fidelity, veracity, and benevolence. Counselors are acutely aware of their personal limitations in providing services, and are willing to refer clients to another provider when necessary.
· Cultural Diversity: Counselors respect, engage, honor, and embrace diversity and a multicultural approach that supports the worth, dignity, potential, and uniqueness of people within their social and cultural context. Counselors promote self-advocacy and assist clients in advocating for empowerment within their cultural context.
· Acceptance: Counselors foster a healthy climate of change by providing and promoting acceptance, and a nonjudgmental environment during the therapeutic process. They understand their personal value system and do not impose their values, attitudes, beliefs, and behaviors on their clients.
· Empathy: Counselors foster understanding, compassion, and avoid any actions that can cause harm to a client. Counselors treat others with dignity and respect.
· Genuineness: Counselors deal truthfully with themselves and their clients, in order to avoid harming their clients.
· Flexibility: Counselors practice a client-centered approach, and align treatment to the client’s goals for therapy.
· Patience: Counselors understand the therapeutic process and respect client’s efforts to gain control over their lives. Counselors encourage an environment that promotes self-empowerment and allows client’s voice in the therapeutic process.
· Amiability: Counselors do not support or engag.
COMPLETE GUIDE ON WRITING A RESEARCH PROJECT ON REAL ESTATE FINANCELauren Bradshaw
How to get ready for a research project on real estate finance?
What are the most interesting topics? How should a thesis statement sound? Find answers to all these questions in our guide.
Case Study AnalysisCase study analysis gives students an opportuDinahShipman862
Case Study Analysis
Case study analysis gives students an opportunity to apply theory learned in the classroom to real world situations. Case studies do not have discrete answers. Rather, they challenge students to exercise their own business judgment in a supportive, educational environment. Students test their knowledge by analyzing situations; defining problems or issues; evaluating alternatives and/or forming conclusions to resolve the problem or issue; and making recommendations.
Types of case study assignments:
Students may be asked to
· Prepare a case in advance, based on criteria developed by the instructor. The case would then be used as a basis for discussion.
· Write a case analysis paper, based on criteria developed by the instructor. The paper may be presented or reviewed by peers.
· Analyze a case that is threaded throughout the course. As part of the learning process, students acquire knowledge during the course and apply that knowledge to different aspects of the case.
Case study analysis steps:
Cases used in the classroom vary from short vignettes to dense, multi page volumes. It is the responsibility of the instructor to teach a process which, while useful in the classroom, can be applied to the real world after the student graduates. Real world application of the steps used in case study analysis will vary from those found in the safety of the academia; employees will gather the information, found conveniently in an academic written case study, from a dynamic environment.
Here are some recommended steps for successful case analysis:
1. Gain familiarity with the case situation. This can be accomplished by reading the case several times. Read the first time to appreciate the general story before you begin to form conclusions or make analysis.
2. Define the issue or problem. To make an analysis or recommendation, one must first determine what the issue or problem is. As in the real world, note there may be more than one problem in a case study analysis. (You can appreciate the importance of this step if you ever took your car in because it was running rough and paid for several repairs because the mechanic didn’t correctly diagnose the problem in the beginning.)
3. Conduct your analysis. What are the possible causes of the problem or issue? What alternatives are possible given the facts presented? This is the most time consuming step, and the step with the greatest variation. There may be many possibilities. It might be helpful to list all solutions you can think of before focusing on the most useful or valid. There is not necessarily a right answer, but there may be several alternatives that lead to varying outcomes. The quality of analysis will depend upon application of theory learned in the classroom and through research.
4. Make recommendations. Choose the recommendation you believe to be the best, justify it, and develop it. Recommendations may be made in the form of an action plan ...
FIN 340 Milestone One Guidelines and Rubric Overview.docxssuser454af01
FIN 340 Milestone One Guidelines and Rubric
Overview: As an investor for yourself or your clients, you have the job of developing investment objectives and a plan to achieve those objectives and then make
subsequent investments in appropriate assets accordingly. This process can be collectively termed “the investment process.” It is helpful to break the process
down into the four core concepts that underpin any sound investment process.
First, you must understand what you are investing in. You have to know the underlying characteristics of the investment. What type of asset is it? What type of
security? How is it priced? What are the expected cash flows? Who are the typical investors and what are their typical motives? If you do not understand the
answers to those questions, then the initial expectations you develop about the value and risk of the asset will be fundamentally flawed. This sets you up for
missteps that can lead to underperforming your investment objectives.
Second, you must be able to estimate the value of the asset. Valuation is about assessing the estimated cash flows of the asset. This is a key component of
discerning absolute return potential and the differences between competing assets. It has a significant influence on the third step in the process as well.
The third step is developing a thesis about an asset's expected return and the associated risk. This is accomplished by assessing your valuation estimates against
the current market price and any developing economic or market dynamics that may impact your expected valuation or its pricing. The market is constantly
changing, and these expectations need to be monitored on a regular basis to ensure they continue to correspond to the objectives you are trying to achieve.
Finally, you must understand how the assets in a portfolio interact with one another. It is likely that you will not have just one investment, so any additional
assets will impact the overall performance of the portfolio. You want to formulate a plan to add assets that, when combined together, will have the potential to
meet your objectives. Putting all of these steps together into a consistent, thorough process will position you to better meet the investment objectives laid out
at the beginning.
Prompt: This milestone involves creating a draft of the client analysis section of the final project. Use the Final Project Scenarios document, which has the client
scenarios and tables needed to complete the final project.
Specifically, the following critical elements must be addressed in this milestone:
I. Client Analysis: In this section, you will analyze your clients’ financial documentation and determine their risk tolerance and objectives. To effectively
address the critical elements in this section, you must analyze the information for both client one and client two.
A. Analyze each client’s financial documentation in order to perform the following evaluativ ...
FIN 4303 – RVEFinancial Markets and InstitutionsSpring 2019G.docxcharlottej5
FIN 4303 – RVE
Financial Markets and Institutions
Spring 2019
Group Project – Research Paper
Your team is an independent panel hired by the Chairman of the Finance Committee of the House and Senate to investigate the Subprime Mortgage Crisis and its aftermath. In 10 weeks, you will report your findings to the Committee.
The written report to the Committee is to include:
Part I (50%)
1. Summarize the subprime mortgage crisis and its aftermath in a chronological format, highlighting only significant events that occurred. Be sure to include the starting point, as you see it.
2. Outline the role that each party played in the subprime mortgage crisis. Identify the names of the companies that played a major role and briefly provide an update of their present status:
a. Mortgage companies/ brokers
b. Subprime borrowers
c. “Money center” banks
d. Investment bankers
e. Mortgage credit insurers (Freddie Mac, Fannie Mae, Ginnie Mae)
f. Credit rating agencies (the big 3)
g. Investors (Pension funds, hedge funds, global investors)
3.
Identify the winners and losers from this financial event. Clearly state your reasons.
4.
Describe the magnitude of the effects to the national and international economy, through data and statistics, and present your opinions about whether AIG should have been allowed to fail.
Part II (50%)
1. Summarize the actions already taken until now by the Federal Reserve and Federal Government to ease the credit crisis.
2. Based on your research and your knowledge of the current economic environment, forecast economic growth and the direction of interest rates in the following one year and outline a series of recommendations for the Finance Committee to consider to control the effects of the financial crisis and avoid an occurrence in the future. Specify which ones you believe would be the most effective. Consider practicality, timeless, cost, timeframe and effect of implementation.
Recommendations could cover governmental policy or action, monetary policy, regulatory, and private industry.
3. The Ethics Committee also wants the panel to identify which parties should be investigated for potential ethics violations and the potential role they played that would be considered unethical behavior during the credit crisis. Begin with a definition of ethical standards in business.
4. This crisis is the most serious economic crisis in the world history. European countries also suffer another wave of financial crisis. Summarize what the European debt crisis is and how would the European debt crisis play out? What really caused the Eurozone crisis? Are Americans responsible for European woes?
The written report is due on April 24 at 2:00 PM. Groups are required to electronically submit a copy of your report using Canvas Course Mail. The report must be presented in professional manner and must be submitted before deadline. Late project will be assessed a penalty of 10% points per day. Each group will be responsible for subm.
Essay on My Favourite Teacher for Students and Children in English - A .... Essay on Teacher | Teachers | Classroom. Short essay about a teacher. Critical essay: Essay on my teacher. ️ Becoming a teacher essay. Becoming A Teacher Essay. 2019-01-31. ️ Becoming a teacher essay. Why I Want to Become a Teacher :: Free .... Teachers Essay. My Teacher Essay | Essay on My Teacher for Students and Children - A .... A Good Teacher Essay | Learning | Teachers. Essay on my teacher is the best in 2021 | Essay, College application .... Essay describe my teacher - articleentitled.x.fc2.com. Essay about my school teacher.
NAME Excellent Student DATE 201 PRIMARY SOURCE .docxroushhsiu
NAME: Excellent Student
DATE: ?/?/201?
PRIMARY SOURCE ANALYZED: Clean Slate by Kaws
SUMMARY/DESCRIPTION:
In his sculpture entitled Clean Slate, artist Kaws depicts a cartoon like character with x’s for eyes
and crossbones through its skull carrying two toddler-like characters who share the same
qualities. The sculpture is a twenty-one-foot bronze statue that weighs over 12,000 pounds. The
special feature of the sculpture is that is overlooks a large pond, also the way in which the larger
statue is holding the younger statues. One of the younger statues is holding on to the larger,
whereas, the other younger statue is being carried lifelessly.
VALUES ANALYSIS:
The major values presented in Kaws sculpture are: despair, death, and nurturing. The value of
despair can seen through one of the smaller statues as it lays limp while it is being carried, this
illustrates that it failed to go throughout the journey by itself and needed help. The value of death
can be seen directly through the artwork as each of the statues features x’s as eyes and
crossbones through the skull of each character. Finally, the value of nurturing is seen through the
largest of the statues, this statue is carrying both of the smaller statues and is assumed to be
walking away from a dreadful seen. Nurturing can be seen through the theme of walking away
from tragedy.
VALUES RELATIONSHIPS:
The values of despair and death are complementary to each other, as both descriptions of their
respected values enhance their own value in Kaws work. The values of death and nurturing as
conflicting as the definition of death is completely opposite to the definition of nurturing, thus
both of these values clash within the artwork. Finally, the values of despair and nurturing are also
conflicting due to the fact that they are on opposite sides when it comes to their definition.
INTEGRATING VALUE RELATIONSHIP:
The values of death, despair, and nurturing all have a unique relationship with the integrating
value of technology. The value of death is conflicting with the value of technology as death
depicts an end to anything, whereas technology often brings about progression. The value of
despair is also conflicting with the value of technology as despair shows a sense of suffering,
whereas technology is used to make life easier for people. Finally, the value of nurturing is
intrinsic to the value of technology as they do not give one another any benefit, they are very
much different values.
Reply two posts and make sure to make comment and add your own pint of view.
Post 1
Thanks for starting the medium risk profile discussion. I would agree that multi-family units and sharing the risk with a group of investors is attractive to individuals with medium risk preferences. I also agree that REITS are an excellent choice to add this type of assets to portfolios, especially the traded REITs since they have characteristics of ...
BMGT 3370 Fall 2016 Case Analysis and Managerial ReportDirectio.docxAASTHA76
BMGT 3370 Fall 2016: Case Analysis and Managerial Report
Directions: Follow the directions below and use the Excel file attached to this assignment link. You are to turn in via Blackboard Assignment link both a MS Word document for the Managerial Report and an Excel file showing your work.
South Texas Estate Properties, Inc., is a real estate firm located in Galveston, Texas. The company, which advertises itself as “expert in the real estate market,” monitors condominium sales by collecting data on location, list price, sale price, and number of days it takes to sell each unit. Each condominium is classified as Gulf View if it is located directly on the Gulf of Mexico or No Gulf View if it is located on the bay or a golf course, near but not on the Gulf. Sample data from the Multiple Listing Service in Galveston, Texas, provided recent sales data for 105 Gulf View condominiums and 80 No Gulf View condominiums. Prices are in thousands of dollars. The data are available in the attached Excel file.
Managerial Report
You are to prepare a managerial report summarizing the results of your analysis (details listed below) data described above. This document should be professionally written, meaning in narrative format using proper grammar and be spelling error free. Provide the report as an MS Word document.
1. Calculate the following descriptive statistics (note your calculations must be shown in your Excel file - template provided):
a. For each of the three variables (GV List, GV Sale, GV Days) for the 105 Gulf View condominiums and for the 80 No Gulf View condominiums (NGV List, NGV Sale, NGV Days): mean, median, standard deviation, minimum, maximum, skewness, range and coefficient of variation.
b. Calculate the covariance and correlation coefficient between the sales price and the number of days the condominiums were on the market for the gulf view and no gulf view condominiums.
c. Determine the percent difference between the average list price and the resulting sales price for both types of condominiums.
d. Then include your resulting statistics in your managerial report (MS Word document) along with a narrative summary of your findings. Your report should compare your summary results between the two types of condominiums. In other words, you want to discuss any specific statistical results that would help a real estate agent understand the condominium market in Galveston.
2. Develop a 99% confidence interval estimate of the population mean list price, sales price and population mean number of days to sell for Gulf View condominiums. Interpret your results in narrative form. Note, you need to first determine if you are to use the standard normal distribution (z-value) or the t-distribution.
3. Develop a 99% confidence interval estimate of the population mean list price, sales price and population mean number of days to sell for No Gulf View condominiums. Interpret your results in narrative form. Note, you need to first determine if you a ...
Write a paper of 1,750 - 1,800 words of the strategic plan for Dol.docxericbrooks84875
Write a paper of 1,750 - 1,800 words of the strategic plan for Dollar General Corporation, including the following:
· Implementation plan
· Objectives
· Functional tactics
· Action items
· Milestones and a deadline
· Tasks and task ownership
· Resource allocation
· Any required organizational change management strategies that would enhance successful implementation
· Key success factors, budget, and forecasted financials, including a break-even chart
· Risk management plan, including contingency plans for identified risks
Format the plan consistent with APA guidelines.
3
Grading Criteria
Criteria 70%-100% 60-69% 50-59% 0 to 49% Fail
Generic skills:
communication and
presentation.
Comprehensive and
correctly structured
assessment. Style of
writing is very fluent
and develops a
coherent and logical
argument. Excellent
referencing.
Well structured report
which follows
appropriate format but
some aspects of layout
and referencing could
be improved. Style of
writing is fairly fluent.
Good referencing.
Good report in most aspects
but suffers from variations in
quality and the layout
contains some inadequacies.
Style of writing is
satisfactory. Referencing
needs improving.
Very poor report which is
incorrectly structured and
contains major errors and
omissions. Style of writing
lacks coherence and
fluency. Poor referencing.
Knowledge &
Understanding
Demonstrates excellent
knowledge of theory
and provides critical
theoretical
underpinning. Very
good interpretations
and summarising of
main themes.
Wide range of
knowledge
demonstrated and
evidence of good
understanding of the
topic.
Ability to interpret and
summarise succinctly.
Good range of knowledge
demonstrated but
weaknesses in key areas.
Some understanding
displayed of the topic.
Summary and interpretation
are satisfactory.
Very poor range of
knowledge demonstrated
and there are major
weaknesses evident in
interpretation and
understanding.
No clear interpretation of
main themes.
Analysis
Excellent use of
theoretical and
conceptual models to
guide analysis linked
with a critical discussion
of main themes.
Deconstructs the major
themes used in the
argument.
Very good use of the
theoretical and
conceptual models with
good critical discussion
and application.
Good evidence of
deconstruction.
Use of theory and concepts
limited but relevant.
Application could be
improved and there is a
tendency towards
description.
Must provide more evidence
of deconstruction.
Very poor use of theory
and very little application of
concepts.
Very little description with
not much evidence of
analysis.
Synthesis/
Creativity/
Application
Logical presentation of
themes with appropriate
examples being
demonstrated. Very
good demonstration of
synthesis. Models have
been clearly applied to
the argument.
Very good account of
main themes with
sound app.
Johnathon Davis • Retirement Tax Advisory Group Inc.
- Profiling ultra-high-net-worth clients by Katie Kuehner-Hebert
- Will weak jobs numbers delay Fed rate hike?
- Why you have way too much invested in U.S. stocks by Meb Faber
- Building a “niche” into a practice focus (Phylyp Wagner, Matt Quattlebaum, H. Beck)
A Stitch in Time Saves Nine Essay for Students and Children in English .... A Stitch in time saves nine paragraph writing - YouTube. Write a short essay on A Stitch in time Saves Nine | Essay Writing .... A Stitch in Time Saves Nine Essay in English - 700 Words - Ilmi Hub.
How to Write a Problem Solution Essay - Comprehensive Guide. Topics For Propose A Solution Essay. Proposing a solution essay f15. ⚡ Proposing a solution topics. Top 130 Problem Solution Essay Topics .... Topics To Write A Problem Solution Essay On. Proposing a Solution Essay - YouTube. Proposing a Solution Essay Example | Topics and Well Written Essays .... Reflection Essay: Proposing a solution essay ideas. Proposing a solution essay #4. 013 Proposal Essay Topics Ideas Research Paper Conclusion Sample For .... ⭐ Problem solution essay ideas. Problems And Solutions Examples: Unique .... Proposing solution essay - dissertationadviser.x.fc2.com. Proposing a solution Research Paper Example | Topics and Well Written .... 10 Beautiful Ideas For Problem Solution Essay 2023.
A. What is the main goal of the paper What motivates the author.docxdaniahendric
A. What is the main goal of the paper? What motivates the author(s) to take up this issue?
B. How does the author’s measure of market timing differ from that of Baker and Wurgler (2002)?
C. What argument do the author use for using the alternative measure?
C. Briefly describe the methodology used in the paper.
D. What results do the author(s) report?
E. What is the long-term implication of the author’s finding on the target capital structure?
MY MAJOR IS COMPUTER SCIENCE Career Documents: Phase One: Job Advertisement AnalysisOverview
For this assignment you will be creating Career Documents for a specific position you can currently apply for or will be qualified to apply for in the near future (such as one to two years out). This assignment will ask you to seek out advertisements for available positions and to write to the qualifications for one, current plausible position.
You will be using the database, Ohio Means Jobs (Links to an external site.), a site that consolidates career-path advice, information, jobs, and job fairs. It is also a site that you can recommend to others, such as a high school relative who may be interested in studying for certifications or applying for internships.
Note: Although this site is Ohio-based, the jobs are not bounded in only Ohio.
The following video is a tutorial on how to navigate the site: Getting Started (Links to an external site.).
Background:
On average, Americans change job positions 14 times within their life span. It may be infeasible to retrain each time you apply for a new job, so what does this mean for you? Knowing how to translate your skills and experiences from one context to the next is one of the most important thing you might learn from this course.
By the end of this project you should have a working template that you can revise to submit to future job positions. More importantly, you will understand the concepts and approaches that you can use for future job/work contexts.
Parameters/Process:
Phase One
Once you have explored and created an account with Ohio Means Jobs. Choose one job advertisement that you believe that you may be competitive in acquiring, given your current credentials or the credentials you will have in one to two years out. That is, you want to be realistic enough about your credentials so that you are able to create effective career documents.
I encourage you to use advertisements for positions you may want to attain immediately, such as internships, graduate school, and grants so that you can use your documents for acquiring a "real" experience. If you are at sophomore status or below, I highly suggest internships since you may not have enough experience to include in your career documents.
Assignment:
Write no more than a one page, single-spaced memo that analyzes the specific job advertisement. The memo should be technical, professionally formatted, and clearly written. If you need additional help with writing a memo, please visit t ...
FEDERAL RESERVE BANK OF ST. LOUIS REVIEW SEPTEMBEROCTOBER 200.docxmydrynan
FEDERAL RESERVE BANK OF ST. LOUIS REVIEW SEPTEMBER/OCTOBER 2008 531
The Credit Crunch of 2007-2008:
A Discussion of the Background,
Market Reactions, and Policy Responses
Paul Mizen
This paper discusses the events surrounding the 2007-08 credit crunch. It highlights the period
of exceptional macrostability, the global savings glut, and financial innovation in mortgage-backed
securities as the precursors to the crisis. The credit crunch itself occurred when house prices fell
and subprime mortgage defaults increased. These events caused investors to reappraise the risks
of high-yielding securities, bank failures, and sharp increases in the spreads on funds in interbank
markets. The paper evaluates the actions of the authorities that provided liquidity to the markets
and failing banks and indicates areas where improvements could be made. Similarly, it examines
the regulation and supervision during this time and argues the need for changes to avoid future
crises. (JEL E44, G21, G24, G28)
Federal Reserve Bank of St. Louis Review, September/October 2008, 90(5), pp. 531-67.
that the phrase “credit crunch” has been used
in the past to explain curtailment of the credit
supply in response to both (i) a decline in the
value of bank capital and (ii) conditions imposed
by regulators, bank supervisors, or banks them-
selves that require banks to hold more capital
than they previously would have held.
A milder version of a full-blown credit crunch
is sometimes referred to as a “credit squeeze,”
and arguably this is what we observed in 2007
and early 2008; the term credit crunch was already
in use well before any serious decline in credit
supply was recorded, however. At that time the
effects were restricted to shortage of liquidity in
money markets and effective closure of certain
capital markets that affected credit availability
between banks. There was even speculation
T
he concept of a “credit crunch” has a
long history reaching as far back as the
Great Depression of the 1930s.1 Ben
Bernanke and Cara Lown’s (1991) classic
article on the credit crunch in the Brookings
Papers documents the decline in the supply of
credit for the 1990-91 recession, controlling for
the stage of the business cycle, but also considers
five previous recessions going back to the 1960s.
The combined effect of the shortage of financial
capital and declining quality of borrowers’ finan-
cial health caused banks to cut the loan supply
in the 1990s. Clair and Tucker (1993) document
1
The term is now officially part of the language as one of several
new words added to the Concise Oxford English Dictionary
in June 2008; also included for the first time is the term
“sub-prime.”
Paul Mizen is a professor of monetary economics and director of the Centre for Finance and Credit Markets at the University of Nottingham
and a visiting scholar in the Research Division of the Federal Reserve Bank of St. Louis. This article was originally presented as an invited
lecture to the Groupemen ...
Sample College Leadership Essay Templates at allbusinesstemplates.com. Sample essay on leadership studies. FREE 10 Leadership Essay Samples in MS Word PDF. Persuasive Essay: Leadership essay outline. Essay websites: Conclusion for leadership essay. 022 Essay Example 005860252 1 Leadership Thatsnotus. Leadership Essay - University Business and Administrative studies .... Leadership Essay 9 Samples, Examples, Format Download. College Leadership Essay Telegraph. Leadership Essay Example for Free - 1034 Words EssayPay. School Essay: Leadership college essay sample. 24 Greatest College Essay Examples RedlineSP. 004 What Is Leadership Essay Photos Of High School Senior Portfolio .... 008 Leadership Essay Example Provided In Brief Outline Parts Sample M .... Leadership Style Essay. Best College Essay Examples About Leadership Tips - Essay. College essay on leadership. 015 Leadership Essays For College Essay Example Admission Online On .... History Essay: How to write a good leadership essay. Leadership essay - College Homework Help and Online Tutoring.. Leadership Essay Examples sample, Bookwormlab. 007 Leadership Essay Examples Essays On Qualities Personal Experience .... Leadership Essay Example Template Business. 019 Leadership Essays Essay Example Photos Of High School Senior .... Leadership Essay - Grade: 73 - Z5168128 Naomi Mackin Leadership Essay .... How to be a leader essay. What It Takes To Be A Leader Essay. 2022-10-14. Reflective Essay About Leadership Cognitive Coaching. 009 Essay Example About Leaders Army Leadership Get Schulich Leader .... Qualities of a leader essay College Essay Leadership College Essay Leadership
How To Write A Persuasive Speech Essay.pdfLydia Jana
FREE 7+ Persuasive Speech Examples in PDF | MS Word. 50 Free Persuasive Essay Examples (+BEST Topics) ᐅ TemplateLab. Stupendous Persuasive Essays Examples ~ Thatsnotus. Persuasive Essay Topic Ideas - 434 Good Persuasive Speech Topics. Sample of persuasive speech on ? - freecourseware.web.fc2.com. Example Of Persuasive Speech / Paragraph paper. How to Write a Good .... Persuasive Speech Examples: Great Ideas on AssignmentPay. Good Persuasive Topics for Speech or Essay [Updated Aug ] - Persuasive ....
Running Head CLIENT ANALYSIS1CLIENT ANALYSIS 7.docxtodd271
Running Head: CLIENT ANALYSIS 1
CLIENT ANALYSIS 7
CLIENT ANALYSIS
Ashley Robinson
Southern New Hampshire University
Client Analysis
1. Clients’ risk tolerances.
Risk tolerance refers to the appropriate blending of a client’s readiness to take a risk and their good capability to take the chance. A client’s willingness to take a risk shows the extent at which they are willing to overlook their emotional drive in their decisions regarding investment (Knechel & Salterio, 2016). The cost of the emotions in most cases prevails over the abiding profit of taking the risk. On the other hand, the capability of a client to take risk refers to independent scrutiny of the whole account of their cash currents, which integrates their liquid possessions, expenditures, reserves, and capital flows. The readiness of a client to take a chance befits more if their capability to take the risk is more significant (Shrier, 2015).
Client 1:
Ezra has a high level of risk tolerance. He says that he needs to take as much risk as possible for the reason that he is still young with a lot of dreams to achieve in the future, including an expensive wedding. Ezra is also willing to take a risk in that one of his comments is that he could lose 30-40 % of his investments if the return is adequate, which implies that he overlooks his emotions, though they cost a lot, to generate more returns in future. Also, Ezra says that he does not foresee his risk tolerance getting changed after he marries. He has the capabilities for taking risks since he receives a salary enough to cater for all his expenses and leave him with about $1000 a month. Integration of both aspects of risk tolerance makes him a risk tolerant person.
Client 2:
Jacob and Rachel are incapable of taking risks in that they earn roughly $190,000 after taxes, which does not leave them with much to save over the next six to eight years since they spend a lot with the inclusion of school fees for their four children; two in college level and two in high school. However, they are not willing to take significant risks since they are aged and they may not have enough time to recover in case of a hit in their portfolio.
2. Return objectives.
Return objectives involve the extent which a client is willing to take given some amount of projected return. It also requires an evaluation of the need for preservation of capital (Zhang, 2018).
Client 1:
Ezra is willing to take the risk of losing 30-40% of his invested capital with the aim of acquiring more profits in future. However, he likes to save some of his income in the bank to secure his future if he loses his job or something happens in his career that would affect his salary in the future.
Client 2:
Jacob and Rachel have succeeded to accrue $900,000 through their reserves and portfolio development. However, these could not sustain their needs years after their retirement. For this reason, they needed to hatch a plan of how to raise more finances to mainta.
Compare And Contrast 5 Paragraph Essay.pdfTrina Martin
Strong Compare and Contrast Essay Examples. Essay websites: How to write a contrasting essay. 005 Essay Example Comparison Examples And Contrast Essays Ideas Maus .... Compare And Contrast 5 Paragraph Essay - thesiscompleted.web.fc2.com. Compare and Contrast Paragraph. ️ Compare contrast paragraph examples. How to Write a Compare and .... COMPARE AND CONTRAST ESSAY PARAGRAPH STRUCTURE – TAISMOLRAN1997. Layout and examples of compare/contrast. Informative/Explanatory .... Compare And Contrast Essay Examples (+FAQ) | Pro Essay Help. 014 Essay Example Compare Contrast Essays ~ Thatsnotus. Comparison and Contrast Essay.
Delusional Disorders
Pakistani hought Processes
BACKGROUND
The client is a 34-year-old Pakistani female who moved to the United States in her late teens/early 20s. She is currently in an “arranged” marriage (her husband was selected for her since she was 9 years old). She presents to your office today following a 21 day hospitalization for what was diagnosed as “brief psychotic disorder.” She was given this diagnosis as her symptoms have persisted for less than 1 month.
Prior to admission, she was reporting visions of Allah, and over the course of a week, she believed that she was the prophet Mohammad. She believed that she would deliver the world from sin. Her husband became concerned about her behavior to the point that he was afraid of leaving their 4 children with her. One evening, she was “out of control” which resulted in his calling the police and her subsequent admission to an inpatient psych unit.
During today’s assessment, she appears quite calm, and insists that the entire incident was “blown out of proportion.” She denies that she believed herself to be the prophet Mohammad and states that her husband was just out to get her because he never loved her and wanted an “American wife” instead of her. She tells you that she knows this because the television is telling her so.
She currently weighs 140 lbs, and is 5’ 5”
SUBJECTIVE
Client reports that her mood is “good.” She denies auditory/visual hallucinations, but believes that the television does talk to her. She believes that Allah sends her messages through the TV. At times throughout the clinical interview, she becomes hostile towards the PMHNP, but then calms down.
You reviewed her hospital records and find that she has been medically worked up by a physician who reported her to be in overall good health. Lab studies were all within normal limits.
Client admits that she stopped taking her Risperdal about a week after she got out of the hospital because she thinks her husband is going to poison her so that he can marry an American woman.
MENTAL STATUS EXAM
The client is alert, oriented to person, place, time, and event. She is dressed appropriately for the weather and time of year. She demonstrates no noteworthy mannerisms, gestures, or tics. Her speech is slow and at times, interrupted by periods of silence. Self-reported mood is euthymic. Affect constricted. Although the client denies visual or auditory hallucinations, she appears to be “listening” to something. Delusional and paranoid thought processes as described, above. Insight and judgment are impaired. She is currently denying suicidal or homicidal ideation.
The PMHNP administers the PANSS which reveals the following scores:
-40 for the positive symptoms scale
-20 for the negative symptom scale
-60 for general psychopathology scale
Diagnosis: Schizophrenia, paranoid type
RESOURCES
§ Kay, S. R., Fiszbein, A., & Opler, L. A. (1987). The Positive and Negative Syndrome Scale (PANSS) for schizophrenia. Schizophrenia Bulleti.
NAME Excellent Student DATE 201 PRIMARY SOURCE .docxroushhsiu
NAME: Excellent Student
DATE: ?/?/201?
PRIMARY SOURCE ANALYZED: Clean Slate by Kaws
SUMMARY/DESCRIPTION:
In his sculpture entitled Clean Slate, artist Kaws depicts a cartoon like character with x’s for eyes
and crossbones through its skull carrying two toddler-like characters who share the same
qualities. The sculpture is a twenty-one-foot bronze statue that weighs over 12,000 pounds. The
special feature of the sculpture is that is overlooks a large pond, also the way in which the larger
statue is holding the younger statues. One of the younger statues is holding on to the larger,
whereas, the other younger statue is being carried lifelessly.
VALUES ANALYSIS:
The major values presented in Kaws sculpture are: despair, death, and nurturing. The value of
despair can seen through one of the smaller statues as it lays limp while it is being carried, this
illustrates that it failed to go throughout the journey by itself and needed help. The value of death
can be seen directly through the artwork as each of the statues features x’s as eyes and
crossbones through the skull of each character. Finally, the value of nurturing is seen through the
largest of the statues, this statue is carrying both of the smaller statues and is assumed to be
walking away from a dreadful seen. Nurturing can be seen through the theme of walking away
from tragedy.
VALUES RELATIONSHIPS:
The values of despair and death are complementary to each other, as both descriptions of their
respected values enhance their own value in Kaws work. The values of death and nurturing as
conflicting as the definition of death is completely opposite to the definition of nurturing, thus
both of these values clash within the artwork. Finally, the values of despair and nurturing are also
conflicting due to the fact that they are on opposite sides when it comes to their definition.
INTEGRATING VALUE RELATIONSHIP:
The values of death, despair, and nurturing all have a unique relationship with the integrating
value of technology. The value of death is conflicting with the value of technology as death
depicts an end to anything, whereas technology often brings about progression. The value of
despair is also conflicting with the value of technology as despair shows a sense of suffering,
whereas technology is used to make life easier for people. Finally, the value of nurturing is
intrinsic to the value of technology as they do not give one another any benefit, they are very
much different values.
Reply two posts and make sure to make comment and add your own pint of view.
Post 1
Thanks for starting the medium risk profile discussion. I would agree that multi-family units and sharing the risk with a group of investors is attractive to individuals with medium risk preferences. I also agree that REITS are an excellent choice to add this type of assets to portfolios, especially the traded REITs since they have characteristics of ...
BMGT 3370 Fall 2016 Case Analysis and Managerial ReportDirectio.docxAASTHA76
BMGT 3370 Fall 2016: Case Analysis and Managerial Report
Directions: Follow the directions below and use the Excel file attached to this assignment link. You are to turn in via Blackboard Assignment link both a MS Word document for the Managerial Report and an Excel file showing your work.
South Texas Estate Properties, Inc., is a real estate firm located in Galveston, Texas. The company, which advertises itself as “expert in the real estate market,” monitors condominium sales by collecting data on location, list price, sale price, and number of days it takes to sell each unit. Each condominium is classified as Gulf View if it is located directly on the Gulf of Mexico or No Gulf View if it is located on the bay or a golf course, near but not on the Gulf. Sample data from the Multiple Listing Service in Galveston, Texas, provided recent sales data for 105 Gulf View condominiums and 80 No Gulf View condominiums. Prices are in thousands of dollars. The data are available in the attached Excel file.
Managerial Report
You are to prepare a managerial report summarizing the results of your analysis (details listed below) data described above. This document should be professionally written, meaning in narrative format using proper grammar and be spelling error free. Provide the report as an MS Word document.
1. Calculate the following descriptive statistics (note your calculations must be shown in your Excel file - template provided):
a. For each of the three variables (GV List, GV Sale, GV Days) for the 105 Gulf View condominiums and for the 80 No Gulf View condominiums (NGV List, NGV Sale, NGV Days): mean, median, standard deviation, minimum, maximum, skewness, range and coefficient of variation.
b. Calculate the covariance and correlation coefficient between the sales price and the number of days the condominiums were on the market for the gulf view and no gulf view condominiums.
c. Determine the percent difference between the average list price and the resulting sales price for both types of condominiums.
d. Then include your resulting statistics in your managerial report (MS Word document) along with a narrative summary of your findings. Your report should compare your summary results between the two types of condominiums. In other words, you want to discuss any specific statistical results that would help a real estate agent understand the condominium market in Galveston.
2. Develop a 99% confidence interval estimate of the population mean list price, sales price and population mean number of days to sell for Gulf View condominiums. Interpret your results in narrative form. Note, you need to first determine if you are to use the standard normal distribution (z-value) or the t-distribution.
3. Develop a 99% confidence interval estimate of the population mean list price, sales price and population mean number of days to sell for No Gulf View condominiums. Interpret your results in narrative form. Note, you need to first determine if you a ...
Write a paper of 1,750 - 1,800 words of the strategic plan for Dol.docxericbrooks84875
Write a paper of 1,750 - 1,800 words of the strategic plan for Dollar General Corporation, including the following:
· Implementation plan
· Objectives
· Functional tactics
· Action items
· Milestones and a deadline
· Tasks and task ownership
· Resource allocation
· Any required organizational change management strategies that would enhance successful implementation
· Key success factors, budget, and forecasted financials, including a break-even chart
· Risk management plan, including contingency plans for identified risks
Format the plan consistent with APA guidelines.
3
Grading Criteria
Criteria 70%-100% 60-69% 50-59% 0 to 49% Fail
Generic skills:
communication and
presentation.
Comprehensive and
correctly structured
assessment. Style of
writing is very fluent
and develops a
coherent and logical
argument. Excellent
referencing.
Well structured report
which follows
appropriate format but
some aspects of layout
and referencing could
be improved. Style of
writing is fairly fluent.
Good referencing.
Good report in most aspects
but suffers from variations in
quality and the layout
contains some inadequacies.
Style of writing is
satisfactory. Referencing
needs improving.
Very poor report which is
incorrectly structured and
contains major errors and
omissions. Style of writing
lacks coherence and
fluency. Poor referencing.
Knowledge &
Understanding
Demonstrates excellent
knowledge of theory
and provides critical
theoretical
underpinning. Very
good interpretations
and summarising of
main themes.
Wide range of
knowledge
demonstrated and
evidence of good
understanding of the
topic.
Ability to interpret and
summarise succinctly.
Good range of knowledge
demonstrated but
weaknesses in key areas.
Some understanding
displayed of the topic.
Summary and interpretation
are satisfactory.
Very poor range of
knowledge demonstrated
and there are major
weaknesses evident in
interpretation and
understanding.
No clear interpretation of
main themes.
Analysis
Excellent use of
theoretical and
conceptual models to
guide analysis linked
with a critical discussion
of main themes.
Deconstructs the major
themes used in the
argument.
Very good use of the
theoretical and
conceptual models with
good critical discussion
and application.
Good evidence of
deconstruction.
Use of theory and concepts
limited but relevant.
Application could be
improved and there is a
tendency towards
description.
Must provide more evidence
of deconstruction.
Very poor use of theory
and very little application of
concepts.
Very little description with
not much evidence of
analysis.
Synthesis/
Creativity/
Application
Logical presentation of
themes with appropriate
examples being
demonstrated. Very
good demonstration of
synthesis. Models have
been clearly applied to
the argument.
Very good account of
main themes with
sound app.
Johnathon Davis • Retirement Tax Advisory Group Inc.
- Profiling ultra-high-net-worth clients by Katie Kuehner-Hebert
- Will weak jobs numbers delay Fed rate hike?
- Why you have way too much invested in U.S. stocks by Meb Faber
- Building a “niche” into a practice focus (Phylyp Wagner, Matt Quattlebaum, H. Beck)
A Stitch in Time Saves Nine Essay for Students and Children in English .... A Stitch in time saves nine paragraph writing - YouTube. Write a short essay on A Stitch in time Saves Nine | Essay Writing .... A Stitch in Time Saves Nine Essay in English - 700 Words - Ilmi Hub.
How to Write a Problem Solution Essay - Comprehensive Guide. Topics For Propose A Solution Essay. Proposing a solution essay f15. ⚡ Proposing a solution topics. Top 130 Problem Solution Essay Topics .... Topics To Write A Problem Solution Essay On. Proposing a Solution Essay - YouTube. Proposing a Solution Essay Example | Topics and Well Written Essays .... Reflection Essay: Proposing a solution essay ideas. Proposing a solution essay #4. 013 Proposal Essay Topics Ideas Research Paper Conclusion Sample For .... ⭐ Problem solution essay ideas. Problems And Solutions Examples: Unique .... Proposing solution essay - dissertationadviser.x.fc2.com. Proposing a solution Research Paper Example | Topics and Well Written .... 10 Beautiful Ideas For Problem Solution Essay 2023.
A. What is the main goal of the paper What motivates the author.docxdaniahendric
A. What is the main goal of the paper? What motivates the author(s) to take up this issue?
B. How does the author’s measure of market timing differ from that of Baker and Wurgler (2002)?
C. What argument do the author use for using the alternative measure?
C. Briefly describe the methodology used in the paper.
D. What results do the author(s) report?
E. What is the long-term implication of the author’s finding on the target capital structure?
MY MAJOR IS COMPUTER SCIENCE Career Documents: Phase One: Job Advertisement AnalysisOverview
For this assignment you will be creating Career Documents for a specific position you can currently apply for or will be qualified to apply for in the near future (such as one to two years out). This assignment will ask you to seek out advertisements for available positions and to write to the qualifications for one, current plausible position.
You will be using the database, Ohio Means Jobs (Links to an external site.), a site that consolidates career-path advice, information, jobs, and job fairs. It is also a site that you can recommend to others, such as a high school relative who may be interested in studying for certifications or applying for internships.
Note: Although this site is Ohio-based, the jobs are not bounded in only Ohio.
The following video is a tutorial on how to navigate the site: Getting Started (Links to an external site.).
Background:
On average, Americans change job positions 14 times within their life span. It may be infeasible to retrain each time you apply for a new job, so what does this mean for you? Knowing how to translate your skills and experiences from one context to the next is one of the most important thing you might learn from this course.
By the end of this project you should have a working template that you can revise to submit to future job positions. More importantly, you will understand the concepts and approaches that you can use for future job/work contexts.
Parameters/Process:
Phase One
Once you have explored and created an account with Ohio Means Jobs. Choose one job advertisement that you believe that you may be competitive in acquiring, given your current credentials or the credentials you will have in one to two years out. That is, you want to be realistic enough about your credentials so that you are able to create effective career documents.
I encourage you to use advertisements for positions you may want to attain immediately, such as internships, graduate school, and grants so that you can use your documents for acquiring a "real" experience. If you are at sophomore status or below, I highly suggest internships since you may not have enough experience to include in your career documents.
Assignment:
Write no more than a one page, single-spaced memo that analyzes the specific job advertisement. The memo should be technical, professionally formatted, and clearly written. If you need additional help with writing a memo, please visit t ...
FEDERAL RESERVE BANK OF ST. LOUIS REVIEW SEPTEMBEROCTOBER 200.docxmydrynan
FEDERAL RESERVE BANK OF ST. LOUIS REVIEW SEPTEMBER/OCTOBER 2008 531
The Credit Crunch of 2007-2008:
A Discussion of the Background,
Market Reactions, and Policy Responses
Paul Mizen
This paper discusses the events surrounding the 2007-08 credit crunch. It highlights the period
of exceptional macrostability, the global savings glut, and financial innovation in mortgage-backed
securities as the precursors to the crisis. The credit crunch itself occurred when house prices fell
and subprime mortgage defaults increased. These events caused investors to reappraise the risks
of high-yielding securities, bank failures, and sharp increases in the spreads on funds in interbank
markets. The paper evaluates the actions of the authorities that provided liquidity to the markets
and failing banks and indicates areas where improvements could be made. Similarly, it examines
the regulation and supervision during this time and argues the need for changes to avoid future
crises. (JEL E44, G21, G24, G28)
Federal Reserve Bank of St. Louis Review, September/October 2008, 90(5), pp. 531-67.
that the phrase “credit crunch” has been used
in the past to explain curtailment of the credit
supply in response to both (i) a decline in the
value of bank capital and (ii) conditions imposed
by regulators, bank supervisors, or banks them-
selves that require banks to hold more capital
than they previously would have held.
A milder version of a full-blown credit crunch
is sometimes referred to as a “credit squeeze,”
and arguably this is what we observed in 2007
and early 2008; the term credit crunch was already
in use well before any serious decline in credit
supply was recorded, however. At that time the
effects were restricted to shortage of liquidity in
money markets and effective closure of certain
capital markets that affected credit availability
between banks. There was even speculation
T
he concept of a “credit crunch” has a
long history reaching as far back as the
Great Depression of the 1930s.1 Ben
Bernanke and Cara Lown’s (1991) classic
article on the credit crunch in the Brookings
Papers documents the decline in the supply of
credit for the 1990-91 recession, controlling for
the stage of the business cycle, but also considers
five previous recessions going back to the 1960s.
The combined effect of the shortage of financial
capital and declining quality of borrowers’ finan-
cial health caused banks to cut the loan supply
in the 1990s. Clair and Tucker (1993) document
1
The term is now officially part of the language as one of several
new words added to the Concise Oxford English Dictionary
in June 2008; also included for the first time is the term
“sub-prime.”
Paul Mizen is a professor of monetary economics and director of the Centre for Finance and Credit Markets at the University of Nottingham
and a visiting scholar in the Research Division of the Federal Reserve Bank of St. Louis. This article was originally presented as an invited
lecture to the Groupemen ...
Sample College Leadership Essay Templates at allbusinesstemplates.com. Sample essay on leadership studies. FREE 10 Leadership Essay Samples in MS Word PDF. Persuasive Essay: Leadership essay outline. Essay websites: Conclusion for leadership essay. 022 Essay Example 005860252 1 Leadership Thatsnotus. Leadership Essay - University Business and Administrative studies .... Leadership Essay 9 Samples, Examples, Format Download. College Leadership Essay Telegraph. Leadership Essay Example for Free - 1034 Words EssayPay. School Essay: Leadership college essay sample. 24 Greatest College Essay Examples RedlineSP. 004 What Is Leadership Essay Photos Of High School Senior Portfolio .... 008 Leadership Essay Example Provided In Brief Outline Parts Sample M .... Leadership Style Essay. Best College Essay Examples About Leadership Tips - Essay. College essay on leadership. 015 Leadership Essays For College Essay Example Admission Online On .... History Essay: How to write a good leadership essay. Leadership essay - College Homework Help and Online Tutoring.. Leadership Essay Examples sample, Bookwormlab. 007 Leadership Essay Examples Essays On Qualities Personal Experience .... Leadership Essay Example Template Business. 019 Leadership Essays Essay Example Photos Of High School Senior .... Leadership Essay - Grade: 73 - Z5168128 Naomi Mackin Leadership Essay .... How to be a leader essay. What It Takes To Be A Leader Essay. 2022-10-14. Reflective Essay About Leadership Cognitive Coaching. 009 Essay Example About Leaders Army Leadership Get Schulich Leader .... Qualities of a leader essay College Essay Leadership College Essay Leadership
How To Write A Persuasive Speech Essay.pdfLydia Jana
FREE 7+ Persuasive Speech Examples in PDF | MS Word. 50 Free Persuasive Essay Examples (+BEST Topics) ᐅ TemplateLab. Stupendous Persuasive Essays Examples ~ Thatsnotus. Persuasive Essay Topic Ideas - 434 Good Persuasive Speech Topics. Sample of persuasive speech on ? - freecourseware.web.fc2.com. Example Of Persuasive Speech / Paragraph paper. How to Write a Good .... Persuasive Speech Examples: Great Ideas on AssignmentPay. Good Persuasive Topics for Speech or Essay [Updated Aug ] - Persuasive ....
Running Head CLIENT ANALYSIS1CLIENT ANALYSIS 7.docxtodd271
Running Head: CLIENT ANALYSIS 1
CLIENT ANALYSIS 7
CLIENT ANALYSIS
Ashley Robinson
Southern New Hampshire University
Client Analysis
1. Clients’ risk tolerances.
Risk tolerance refers to the appropriate blending of a client’s readiness to take a risk and their good capability to take the chance. A client’s willingness to take a risk shows the extent at which they are willing to overlook their emotional drive in their decisions regarding investment (Knechel & Salterio, 2016). The cost of the emotions in most cases prevails over the abiding profit of taking the risk. On the other hand, the capability of a client to take risk refers to independent scrutiny of the whole account of their cash currents, which integrates their liquid possessions, expenditures, reserves, and capital flows. The readiness of a client to take a chance befits more if their capability to take the risk is more significant (Shrier, 2015).
Client 1:
Ezra has a high level of risk tolerance. He says that he needs to take as much risk as possible for the reason that he is still young with a lot of dreams to achieve in the future, including an expensive wedding. Ezra is also willing to take a risk in that one of his comments is that he could lose 30-40 % of his investments if the return is adequate, which implies that he overlooks his emotions, though they cost a lot, to generate more returns in future. Also, Ezra says that he does not foresee his risk tolerance getting changed after he marries. He has the capabilities for taking risks since he receives a salary enough to cater for all his expenses and leave him with about $1000 a month. Integration of both aspects of risk tolerance makes him a risk tolerant person.
Client 2:
Jacob and Rachel are incapable of taking risks in that they earn roughly $190,000 after taxes, which does not leave them with much to save over the next six to eight years since they spend a lot with the inclusion of school fees for their four children; two in college level and two in high school. However, they are not willing to take significant risks since they are aged and they may not have enough time to recover in case of a hit in their portfolio.
2. Return objectives.
Return objectives involve the extent which a client is willing to take given some amount of projected return. It also requires an evaluation of the need for preservation of capital (Zhang, 2018).
Client 1:
Ezra is willing to take the risk of losing 30-40% of his invested capital with the aim of acquiring more profits in future. However, he likes to save some of his income in the bank to secure his future if he loses his job or something happens in his career that would affect his salary in the future.
Client 2:
Jacob and Rachel have succeeded to accrue $900,000 through their reserves and portfolio development. However, these could not sustain their needs years after their retirement. For this reason, they needed to hatch a plan of how to raise more finances to mainta.
Compare And Contrast 5 Paragraph Essay.pdfTrina Martin
Strong Compare and Contrast Essay Examples. Essay websites: How to write a contrasting essay. 005 Essay Example Comparison Examples And Contrast Essays Ideas Maus .... Compare And Contrast 5 Paragraph Essay - thesiscompleted.web.fc2.com. Compare and Contrast Paragraph. ️ Compare contrast paragraph examples. How to Write a Compare and .... COMPARE AND CONTRAST ESSAY PARAGRAPH STRUCTURE – TAISMOLRAN1997. Layout and examples of compare/contrast. Informative/Explanatory .... Compare And Contrast Essay Examples (+FAQ) | Pro Essay Help. 014 Essay Example Compare Contrast Essays ~ Thatsnotus. Comparison and Contrast Essay.
Similar to Definition Argument Essay AssignmentGoal Write a 1,500.docx (20)
Delusional Disorders
Pakistani hought Processes
BACKGROUND
The client is a 34-year-old Pakistani female who moved to the United States in her late teens/early 20s. She is currently in an “arranged” marriage (her husband was selected for her since she was 9 years old). She presents to your office today following a 21 day hospitalization for what was diagnosed as “brief psychotic disorder.” She was given this diagnosis as her symptoms have persisted for less than 1 month.
Prior to admission, she was reporting visions of Allah, and over the course of a week, she believed that she was the prophet Mohammad. She believed that she would deliver the world from sin. Her husband became concerned about her behavior to the point that he was afraid of leaving their 4 children with her. One evening, she was “out of control” which resulted in his calling the police and her subsequent admission to an inpatient psych unit.
During today’s assessment, she appears quite calm, and insists that the entire incident was “blown out of proportion.” She denies that she believed herself to be the prophet Mohammad and states that her husband was just out to get her because he never loved her and wanted an “American wife” instead of her. She tells you that she knows this because the television is telling her so.
She currently weighs 140 lbs, and is 5’ 5”
SUBJECTIVE
Client reports that her mood is “good.” She denies auditory/visual hallucinations, but believes that the television does talk to her. She believes that Allah sends her messages through the TV. At times throughout the clinical interview, she becomes hostile towards the PMHNP, but then calms down.
You reviewed her hospital records and find that she has been medically worked up by a physician who reported her to be in overall good health. Lab studies were all within normal limits.
Client admits that she stopped taking her Risperdal about a week after she got out of the hospital because she thinks her husband is going to poison her so that he can marry an American woman.
MENTAL STATUS EXAM
The client is alert, oriented to person, place, time, and event. She is dressed appropriately for the weather and time of year. She demonstrates no noteworthy mannerisms, gestures, or tics. Her speech is slow and at times, interrupted by periods of silence. Self-reported mood is euthymic. Affect constricted. Although the client denies visual or auditory hallucinations, she appears to be “listening” to something. Delusional and paranoid thought processes as described, above. Insight and judgment are impaired. She is currently denying suicidal or homicidal ideation.
The PMHNP administers the PANSS which reveals the following scores:
-40 for the positive symptoms scale
-20 for the negative symptom scale
-60 for general psychopathology scale
Diagnosis: Schizophrenia, paranoid type
RESOURCES
§ Kay, S. R., Fiszbein, A., & Opler, L. A. (1987). The Positive and Negative Syndrome Scale (PANSS) for schizophrenia. Schizophrenia Bulleti.
Deloitte’s 2020 Global Blockchain SurveyFrom promise to re.docxrandyburney60861
Deloitte’s 2020 Global
Blockchain Survey
From promise to reality
DELOITTE BLOCKCHAIN
At Deloitte, our people collaborate globally with clients, regulators, and policymakers on how
blockchain and digital assets are changing the face of business and government today. New
ecosystems are developing blockchain-based infrastructure and solutions to create innovative
business models and disrupt traditional ones. This is occurring in every industry and in most
jurisdictions globally. Our deep business acumen and global industry-leading audit, consulting,
tax, risk, and financial advisory services help organizations across industries achieve their
varying blockchain aspirations. Reach out to our leaders to discuss the evolving momentum of
blockchain and digital assets, prioritizing initiatives, and managing the opportunities and pain
points associated with blockchain adoption efforts. To learn more, let's talk.
https://www2.deloitte.com/us/en/pages/consulting/solutions/blockchain-solutions-and-services.html
Introduction: The evolution of blockchain 2
A more “real” reality for blockchain 4
Digital assets today and tomorrow 9
Cybersecurity 13
Global digital identity 15
Regulatory considerations 17
Governance in blockchain consortia 19
Regional analysis 21
Concluding thoughts: The road taken 24
Appendix 25
Endnotes 36
Contents
2
Introduction: The
evolution of blockchain
MORE THAN A decade has passed since the introduction of what we know today as blockchain technology. Over that time,
the promise of what the technology could offer
businesses and industries has evolved from a
cryptocurrency payment platform to something
bigger, game-changing, and truly disruptive. In
recent years, we have seen sentiment about
blockchain’s potential similarly evolving, along
with companies directing actual investment
dollars toward applications.
In Deloitte’s 2019 Global Blockchain Survey,
we observed this continuing trend in thinking
and investment, even if some vestiges of doubt
and old-school thinking remained about the
technology’s promise.1 This year’s survey
suggests that those doubts are fading further,
and that blockchain is solidly entrenched in
the strategic thinking of organizations across
industries, sectors, and applications.
There are more substantive examples in
the marketplace of how both startups and
mature businesses are deploying blockchain.
Organizations appear to be more committed than
ever to blockchain and are demonstrating this by
implementing it as part of their normal course
of business.
That’s the key takeaway from our 2020 Global
Blockchain Survey, which finds that leaders no
longer consider the technology groundbreaking
and merely promising—they now see it as integral
to organizational innovation. This year, the C-suite
is putting money and resources behind blockchain
as a strategic solution in more meaningful and
tangible ways—in projects big and not so big—
putting i.
DELL COMPANY’ Application of the accounting theories on the comp.docxrandyburney60861
DELL COMPANY’
Application of the accounting theories on the company
-stakeholder theory
-shareholder theory
-conceptual framework of a company
• Purpose
• Example
Topic: Sustainability Reporting in Accounting
Task details: Research the current state of Sustainability Reporting, including the issues, practices etc. using higher order analysis and explaining the implications for various stakeholders in relation to financial decision making.
Report: 1500 wordsexcluding the references ; executive summary, table of contents, appropriate headings and subheadings, recommendations/ findings/ conclusions, in-text referencing and reference list( Harvard -anglia style)
Assessment Type: Group report– combined group and individual assessment task.
Purpose: This assessment is designed to allow students to research and analyse current social issues in accounting and evaluate their impact on various stakeholders. As a group assessment, it further develops students’ team working s******s
Value: Total value is 30% made up of 10% Group marks for report plus 20% individual marks for presentation. This assignment marks will be scaled to a mark out of 30 total subject marks.
Topic: Sustainability Reporting in Accounting
Task Details: Groups are to research the current state of Sustainability Reporting. As a result of their research groups detailing the current state of sustainability reporting including the issues, practices, etc using higher order analysis and explaining the implications for various stakeholders in relation to financial decision making. The report should conclude with supported specific recommendations as to how organisations and their accounting advisors should proceed in light of the analysis.
Research requirements: Students need to support their analysis with reference from the text and minimum of ten (10) suitable, reliable, current and academically acceptable sources – check with your tutor if unsure of the validity of sources. Groups seeking Credit or above grades should support their analysis with increased number of reference sources comparable to the grade they are seeking.
Group Report 1500 + 10% word report format – Word .doc or .docx. Title page, executive summary, table of contents, appropriate headings and sub-headings, recommendations/findings/conclusions, in-text referencing and reference list (Harvard – Anglia style), attachments if relevant. Single spaced, font Times New Roman 12pt, Calibri 11pt or Arial 10pt.
Additional details:
DELL COMPANY
• Fina******** cost**************** cost*********** cost ********wcase the benefit equally
• Corporate culture
• Look at bigger perspective
• Showing impacts: shareholders, academic, media etc
• Directors release reports
• Capital market research
• AMP general meeting
• Showvcase the good and bad of the DELL COMPANY:ACCOUNTING ISSUES
.
Deliverable Length10–15 slides not including title and refere.docxrandyburney60861
Deliverable Length:
10–15 slides not including title and reference slides with 150-200 words speaker notes
OBJECTIVES
Create a PowerPoint presentation with speaker notes to educate others regarding the development of an operational budget and a capital budget. Be sure to include the following:
Provide the process for developing an operational budget.
Provide the process for developing a capital budget.
Differentiate between the operational and capital budgets.
Explain how the capital budget is required for strategic management.
Please submit your assignment.
.
Deliverable 6 - Using Business VisualsCompetencyExamine and de.docxrandyburney60861
Deliverable 6 - Using Business Visuals
Competency
Examine and design visual media communication to produce effective business materials.
Scenario
You are a website designer and are currently being considered as the designer for a complete redesign of a medical facility's website page. They have not updated their website in over 15 years due to the lack of staff. The website needs the redesign to target the specific visual preferences of patients and medical clients. They have several other designers that they are interviewing, and you decide to create a video presentation to impress them to choose you as their website designer.
As you begin your presentation, you decide that your design will include the following visual concepts and elements:
1. Visual Organization
2. Visual Simplicity
3. Visual Interactivity
4. Charts and Graphs
5. Images
In designing these visual elements, you keep the target audience of patients and medical clients as the main focus. You carefully consider what these types of people wish to see at a medical facility. You also consider what visual elements will attract the eye, and yet enhance a specific mood and emotional response for viewers.
After creating the website, you record your explanation of your visual design choices in an audio/video screen share.
Your presentation should be a maximum of 5 minutes.
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Deliverable 5 - Proposed HR Initiatives Presentation
Assignment Content
Competency
Assess the impact of Human Resources practices on the success of the organization and its human capital.
Student Success Criteria
View the grading rubric for this deliverable by selecting the “This item is graded with a rubric” link, which is located in the
Details & Information
pane.
Scenario
The CEO of a technology-services B2B company has just announced a momentous change in its strategic direction. He wants to begin offering full turn-key technology facilities to customers instead of just offering additional technology solutions to customers’ existing facilities. This change will require many new employees with different knowledge, skills, and abilities than the current workforce. It will also require dramatically different approaches to marketing and sales. The HR Director asks you to help develop a proposal for a strategic HR plan to deal with the change and present it to the top leadership.
The plan will support the change by proposing HR initiatives related to:
Talent acquisition (new employees)
Talent development (current employees)
Instructions
Create a
presentation, with speaker’s notes
, that:
Describes at least one proposed initiative for each: talent acquisition and talent development.
Identifies metrics to be used to measure the success of initiatives.
Describes a realistic and effective data collection plan for the metrics you selected.
Identifies potential ethical issues and/or risks related to the proposed data collection plan.
Provides a risk mitigation plan as needed.
Details how each initiative would impact the business objectives of the organization.
Provides attribution for credible sources used in the presentation.
.
Deliverable 4 - Diversity and Inclusion PolicyAssignment Con.docxrandyburney60861
Deliverable 4 - Diversity and Inclusion Policy
Assignment Content
Competency
Create policies and procedures that manage risk, are legally compliant, and align to organizational strategy.
Student Success Criteria
View the grading rubric for this deliverable by selecting the “This item is graded with a rubric” link, which is located in the
Details & Information
pane.
Scenario
You are the HR Director of a 3-star hotel chain that has locations throughout the United States. In a review of last year’s recruitment, selection, and hiring data, you realize that these HR practices have not resulted in the level of employee diversity desired by the CEO. Currently, there is no formal diversity and inclusion policy for the organization. Therefore, you propose that a new policy document be written and communicated to all employees, as well as be incorporated into all training programs for those involved in the recruitment and selection processes. The CEO agrees with your proposal.
Instructions
Create a
diversity and inclusion policy
that:
Details the policy objective and scope.
Explains the difference between diversity and inclusion.
Outlines initiatives to promote diversity and inclusion throughout the organization.
Includes instructions for employees to follow if they feel they have been subjected to any treatment that is in violation of the policy and/or listed initiatives promoting diversity and inclusion.
Provides attribution for credible sources used in the policy.
.
Deliverable 4 - Global Environment ChallengesCompetencyC.docxrandyburney60861
Deliverable 4 - Global Environment Challenges
Competency
Create solutions for organizational and leadership challenges in a global environment.
Scenario
You are the HR Training and Development Manager at Lots of Stuff International, a global company. The company has offices around the globe, which requires employees to work with peers in multiple countries in cross-functional and cross-global teams. The company has recently conducted an employee engagement survey across all areas of the company. The results indicate a lack of engagement and satisfaction of employees who work in these global-cross functional teams. Upon investigation, you discover that employees indicate dissatisfaction with a lack of community and social interaction in their teams. They indicate this may be a function of culture and religious differences, time zone differences, or work ethic differences. This has led employees to be less invested in working together. The CEO, Ms. Amelia Rienhardt, has tasked you with creating a plan to develop community within these teams across the global workforce, with the end goal of enhancing engagement and satisfaction. This plan will be unveiled to all teams in a company-wide presentation.
Instructions
Create a presentation, including speaker notes, presenting your global employee engagement plan. The presentation should:
Assess factors that may lead to a lack of employee engagement and satisfaction in working in global cross-functional teams.
Address each identified factor from your assessment:
Cultural differences
Religious differences
Time zone differences
Work ethic differences
Recommend a process to develop communication channels in diverse teams.
Provide counsel on dealing with cross-cultural conflict.
Develop a strategy for ongoing cross-cultural team building.
Identify ideas for enhancing social interactions between cross-cultural work teams.
Include a plan for the use of technology for employee engagement and social interaction.
Be sure to provide proper attribution for credible sources used in the presentation.
.
Deliverable 03 - Humanities (Test-Out Sophia Replacement)
Competency
Formulate, express, and support individual perspectives on diverse works and issues.
Instructions
You will act as a critic for some of the main subjects covered in the humanities. You will conduct a series of short, evaluative critiques of film, philosophy, literature, music, and myth. You will respond to five different prompts, and each response should include an analysis of the topics using terminology unique to that subject area and should include an evaluation as to why the topic stands the test of time. The five prompts are as follows:
Choose a film and offer an analysis of why it is an important film, and discuss it in terms of film as art. Your response should be more than a summary of the film.
Imagine you had known Plato and Aristotle and you had a conversation about how we
fall in love
. Provide an overview of how Plato would explain falling in love, and then provide an overview of how Aristotle might explain falling in love.
Compare and contrast the two poems below:
LOVE’S INCONSISTENCY
I find no peace, and all my war is done;
I fear and hope, I burn and freeze likewise
I fly above the wind, yet cannot rise;
And nought I have, yet all the world I seize on;
That looseth, nor locketh, holdeth me in prison, And holds me not, yet can I ’scape no wise;
Nor lets me live, nor die, at my devise,
And yet of death it giveth none occasion.
Without eyes I see, and without tongue I plain;
I wish to perish, yet I ask for health;
I love another, and yet I hate myself;
I feed in sorrow, and laugh in all my pain;
Lo, thus displeaseth me both death and life,
And my delight is causer of my grief.
Petrarch
After great pain a formal feeling comes—
The nerves sit ceremonious like tombs;
The stiff Heart questions—was it He that bore?
And yesterday—or centuries before?
The feet mechanical go round
A wooden way
Of ground or air or ought
Regardless grown,
A quartz contentment like a stone.
This is the hour of lead
Remembered if outlived
As freezing persons recollect
The snow—
First chill, then stupor, then
The letting go
Emily Dickinson
4. Compare and contrast these two pieces of music:
Beethoven’s Violin Romance No. 2
Scott Joplin’s Maple Leaf Rag
5.Explain in classical terms why a modern character is a hero. Choose from either Luke Skywalker, Indiana Jones, Bilbo Baggins, Harry Potter, Katniss Everdeen, or Ender Wiggins.
Grading Rubric
0
1
2
3
4
Category
Not Submitted
No pass
Competence
Proficiency
Mastery
Analysis
Not Submitted
Provides an explanation of the topic but doesn't use terminology common to the subject.
Provides an explanation of the topic using terminology common to the subject.
Provides a detailed explanation of the topic using terminology common to the subject.
Explains in great detail the topic using terminology common to the subject and references other ideas/works in that subject.
Evaluation
Not Submit.
Deliverable 03 - Humanities (Test-Out Sophia Replacement)
Competency
Formulate, express, and support individual perspectives on diverse works and issues.
Instructions
You will act as a critic for some of the main subjects covered in the humanities. You will conduct a series of short, evaluative critiques of film, philosophy, literature, music, and myth. You will respond to five different prompts, and each response should include an analysis of the topics using terminology unique to that subject area and should include an evaluation as to why the topic stands the test of time. The five prompts are as follows:
Choose a film and offer an analysis of why it is an important film, and discuss it in terms of film as art. Your response should be more than a summary of the film.
Imagine you had known Plato and Aristotle and you had a conversation about how we
fall in love
. Provide an overview of how Plato would explain falling in love, and then provide an overview of how Aristotle might explain falling in love.
Compare and contrast the two poems below:
LOVE’S INCONSISTENCY
I find no peace, and all my war is done;
I fear and hope, I burn and freeze likewise
I fly above the wind, yet cannot rise;
And nought I have, yet all the world I seize on;
That looseth, nor locketh, holdeth me in prison, And holds me not, yet can I ’scape no wise;
Nor lets me live, nor die, at my devise,
And yet of death it giveth none occasion.
Without eyes I see, and without tongue I plain;
I wish to perish, yet I ask for health;
I love another, and yet I hate myself;
I feed in sorrow, and laugh in all my pain;
Lo, thus displeaseth me both death and life,
And my delight is causer of my grief.
Petrarch
After great pain a formal feeling comes—
The nerves sit ceremonious like tombs;
The stiff Heart questions—was it He that bore?
And yesterday—or centuries before?
The feet mechanical go round
A wooden way
Of ground or air or ought
Regardless grown,
A quartz contentment like a stone.
This is the hour of lead
Remembered if outlived
As freezing persons recollect
The snow—
First chill, then stupor, then
The letting go
Emily Dickinson
Compare and contrast these two pieces of music:
Beethoven’s Violin Romance No. 2
Scott Joplin’s Maple Leaf Rag
Explain in classical terms why a modern character is a hero. Choose from either Luke Skywalker, Indiana Jones, Bilbo Baggins, Harry Potter, Katniss Everdeen, or Ender Wiggins.
.
DEFINITION a brief definition of the key term followed by t.docxrandyburney60861
DEFINITION
:
a brief definition of the key term followed by the APA reference for the term; this does not count in the word requirement.
SUMMARY
:
Summarize the article in your own words- this should be in the 150-200 word range. Be sure to note the article's author, note their credentials and why we should put any weight behind his/her opinions, research or findings regarding the key term.
ANALYSIS
:
Using 300-350 words, write a brief analysis, in your own words of how the article relates to the selected chapter Key Term. An analysis is not rehashing what was already stated in the article, but the opportunity for you to add value by sharing your experiences, thoughts and opinions. This is the most important part of the assignment.
REFERENCES
:
All references must be listed at the bottom of the submission--in APA format.
Be sure to use the headers in your submission to ensure that all aspects of the assignment are completed as required.
DiSCUSSION:
Describe social bandwidth and share an experience you’ve had with this concept within your previous interactions.
.
Definition of HIVAIDS. What are the symptoms and general characteri.docxrandyburney60861
Definition of HIV/AIDS. What are the symptoms and general characteristics of HIV/AIDS
What is the best way to bring awareness to AIDS in the school system.
Detailed explanation of a classroom activity, instructional technique, or program that can be utilized at a school to help a student with HIV/AIDS.
Use a minimum of three (3) resources including peer reviewed articles.
Use APA format.
.
Definition of Ethos and How to Use it1. Trustworthiness Does y.docxrandyburney60861
Definition of Ethos and How to Use it
1. Trustworthiness Does your audience believe you are a good person who can be trusted to tell the truth?
2. Similarity Does the writer try to get the reader to identify with him or her? This can be done through language
3. Authority Does the writer have formal or informal authority? Does the writer try to relate to the reader?
4. Reputation What are the expertise the writer uses? How many does he use? What are their areas of authority?
Logos: Logical reasoning, which has two bases:
Deductive reasoning, and
Inductive reasoning
Deductive Reasoning
Deductive reasoning generally start with one or more premises, and then comes to a conclusion from them. Premises can be facts, claims, evidence, or a previously proven conclusion. The key is that in a deductive argument, if the writer’s premises are true, then the conclusion must be true.
1. Education determines one’s class base.
2. One’s class base will shape one’s employment.
3. Therefore, education will determine one’s employment.
Inductive Reasoning
Inductive reasoning is similar in that it consists of premises, which lead to a conclusion. The difference is that the conclusion is not guaranteed to be true — we can only state it with some degree of confidence.
For example, consider the following inductive argument:
5. All Six Minutes articles you have read in the past were insightful. (premise)
6. This is a Six Minutes article. (premise)
Therefore, this article is insightful. (conclusion)
How to Identify Logos
Make it Understandable: Does the writer make the argument understandable? What tools does he or she use to do this?
Make it Logical: Does the arguments make sense? Or does the writer require the reader to make an extreme leap of faith? How easy is it for the writer to make a connection to the argument?
Make it Real: Does the writer make the argument real? Is the argument concrete or abstract?
The language plain language: Does the writer use technical jargon or is a portion of language used for a specific reader that isn’t familiar with the reader?
Does the writer use short words and phrases over long and convoluted counterparts?
The language is explicit: Does the writer make his or her argument plain? What techniques does he or she use to establish explicit argument?
The writer uses a couple premises, to establish his or her position? Are they relatable? Do they show relationship between them? “And these five advantages — capital costs, scheduling, inventory control, marketing, and employee satisfaction — together make this a winning proposal.”
Trace sequences or processes in order.
Does the writer jump around to different places or is there an order to his or her steps that create clarity or confusion for the reader?
Use comparisons, analogies, and metaphors.
Does the writer introduce new concepts, with an appropriate analogy which helps the audience understand the new concept in terms of how they already understand the old one?.
Definition Multimodal refers to works that use a combination .docxrandyburney60861
Definition:
Multimodal refers to works that use a combination of
modes
, including words, static images, moving images, and sounds.
Examples:
Works include print advertisements, commercials, videos, websites.
Assignment:
Write a summary-analysis paper on a multimodal advertisement.
Methods of critique
: Propaganda Techniques
Length:
2-3 pages (summary intro, two bodies, conclusion)
.
DEFINITION a brief definition of the key term followed by the APA r.docxrandyburney60861
DEFINITION: a brief definition of the key term followed by the APA reference for the term; this does not count in the word requirement.
SUMMARY: Summarize the article in your own words- this should be in the 150-200-word range. Be sure to note the article's author, note their credentials and why we should put any weight behind his/her opinions, research or findings regarding the key term.
DISCUSSION: Using 300-350 words, write a brief discussion, in your own words of how the article relates to the selected chapter Key Term. A discussion is not rehashing what was already stated in the article, but the opportunity for you to add value by sharing your experiences, thoughts and opinions. This is the mostimportant part of the assignment.
REFERENCES: All references must be listed at the bottom of the submission--in APA format. (continued) Be sure to use the headers in your submission to ensure that all aspects of the assignment are completed as required.
.
Defining Privacy in Employee Health ScreeningCases Ethical .docxrandyburney60861
Defining Privacy in Employee Health Screening
Cases: Ethical Ramifications Concerning
the Employee/Employer Relationship
V
Michele Simms
ABSTRACT. Issues of privacy and employee health screen-
ing rank as two of the most important ethical concerns
organizations will face in the next five years. Despite the
increasing numbers of social scientists researching personal
privacy and the current focus on workplace privacy rights as
one of the most dynamic areas of employment law, the
concept of privacy remains relatively ahstract. Understand-
ing how the courts defme privacy and use the expectation of
privacy standards is paramount given the strategic impor-
tance of the law as a legal socializing agent. This article
reports on two federal court decisions involving employer
drug and HIV testing whose determinations relied on
assumptions about the psychological dimensions of privacy.
How the courts define privacy, the outcome of this defini-
tion and the ethical ramifications as it affects the employee/
employer relationship are discussed.
Introduction
Each year American companies require employees to
submit to millions of blood and urine tests, x-rays,
and other medical and laboratory procedures. "In
fact, with the exception of typing and similar skills
tests for office and clerical employees, medical
screening is the most widely used pre-employment
test in all major employment categories" (BNA,
1987). It is predicted that in the next five years
testing will become a standard requirement when
applying for employment and/or health and life
insurance (Rothstein, 1989).
Michele Simms, as an adjunct professor of business communication
and organizational behavior, has taught at the University of
Michigan, Wayne State University and Oakland University
schools of business in Michigan. In addition to teaching, she
consults in the areas of worksite wellness, alternative dispute
resolution, transition management and change.
One factor contributing to the increase in em-
ployee health screening is the development of drug
abuse and AIDS as socially compelling public health
concerns (Falco and Cikins, 1989) that are costly to
employers, thus leading to an increase and/or initia-
tion of drug and HIV testing in both private and
public sector employment. One concern associated
with health screening is the issue of privacy and the
parallel communication activity of self-disclosure
that is used to express and maintain privacy states.
The issues of privacy and testing involve the
fundamental conflict of ethical principles between
individual rights and public safety needs and are the
subject today of increasing legislative and judicial
activity. A peripheral ethical concern that has not
been addressed but of equal importance is whether
the psychological dimensions of privacy are ac-
knowledged in court decisions involving employer
health screening practices. Traditionally lawyers and
judges Htigate and decide cases based upon principles
of legal positivi.
Define diversity” and inclusion” as applied to your pre.docxrandyburney60861
Define “diversity” and “inclusion” as applied to your presentation that will compare two healthcare organizations. Describe the two healthcare organizations you are comparing, including type and degree of diversity and inclusion, as well as organization type, size, location, and other distinguishing factors. Include supporting sources.
Analyze the culture of the two healthcare organizations and how each is influenced by diversity and inclusion.
Compare the cultures of the two healthcare organizations based on the role of diversity and inclusion in each, and strengths and weaknesses that relate to or derive from the degree of diversity and inclusion.
Summarize your conclusions on the impact of diversity and inclusion on organizational culture in healthcare settings based on your comparison.
Apply leadership strategies for a nurse executive to promote greater diversity, retain diverse staff members, and build cohesive teams and work groups.
.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
"Protectable subject matters, Protection in biotechnology, Protection of othe...
Definition Argument Essay AssignmentGoal Write a 1,500.docx
1. Definition Argument Essay Assignment
Goal
Write a 1,500-1,750-word essay using five to seven academic
resources in which you argue that a contested “case” involving
the sale, trade, or donation of human organs fits (or does not fit)
within a given category. A case may include a specific news
article, story, or incident illustrating a dilemma or controversy
relating to the exchange of human organs. The case does not
need to be a court case.
Directions
Follow these steps when composing your essay:
1. Start by selecting a controversial case found in the media
involving the sale, trade, or donation of human organs. For
example, an appropriate case might include a story in the news
about an organ broker, and the term to define might be
“criminal.”
2. Decide what category you think your case belongs in, with
the understanding that others may disagree with you about the
definition of your category, and/or whether your chosen case
matches your category.
3. In the opening of your essay, introduce the case you will
examine and pose your definition question. Do not simply
summarize here. Instead, introduce the issue and offer context.
4. To support your argument, define the boundaries of your
category (criteria) by using a commonly used definition or by
developing your own extended definition. Defining your
boundaries simply means naming the criteria by which you will
2. discuss your chosen case involving the sale, trade, or donation
of human organs. If you determine, for example, that an organ
broker is a criminal, what criteria constitute this? A criminal
may intentionally harm others, which could be one of your
criteria.
5. In the second part of your argument (the match), show how
your case meets (or does not meet) your definition criteria.
Perhaps by comparing or sizing up your controversial case to
other cases can help you to develop your argument.
This essay is NOT simply a persuasive essay on the sale, trade,
or donation of human organs. It is an argumentative essay where
the writer explains what a term means and uses a specific case
to explore the meaning of that term in depth.
First Draft Grading
· You will receive completion points for the first draft based
upon the successful submission of a complete draft.
· Because your first draft is a completion grade, do not assume
that this grade reflects or predicts the final grade. If you do not
consider your instructor’s comments, you may be deducted
points on your final draft.
Final Draft Grading
The essay will be graded using a rubric. Please review the
rubric prior to beginning the assignment to become familiar
with the assignment criteria and expectations.
Sources
· Include in-text citations and a references page in GCU Style
for FIVE to SEVEN scholarly sources outside of class texts.
· These sources should be used to support any claims you make
and should be present in the text of the essay.
· Use the GCU Library to help you find sources.
4. the mortgage
market meltdown.' The implosion of the mortgage markets
initially began when
two Bear Stearns mortgage-backed securities hedge funds,
holding nearly $10
billion in assets, disintegrated into nothing.* Panie quickly
spread to financial
institutions that could not hide the extent of their toxic,
subprime exposures, and
a massive, worldwide credit squeeze ensued; outright fear soon
replaced panic.
Subsequent eredit tightening and substantial illiquidity in the
financial markets
rapidly and severely affected the housing and construction
markets.' Throughout
the United States, properties of all kinds saw dramatic value
declines.
In thousands of cases, real estate foreclosures disrupted people's
lives,
forced businesses to close, eaused financial institutions to
falter, capsized wbole
market segments, devastated entire industries, and squeezed
municipal and state
government budgets dependent upon use and property tax
revenues.* While the
effeets of property value declines and the waves of foreclosures
in markets across
the country captured most of the headlines, one significant
impact of the upheaval
in US real estate markets has gone largely unreported: its
impact on employment
in the real estate industry, and specifically, the real estate
appraisal profession.
This article presents a
5. current employment
profile of the US real
estate industry, with
special attention given
to appraisal profes-
sionals. It serves as an
informative picture of
the appraisal profession
for use as a benchmark
for future assessment
of growth. As a
component of the real
estate industry, the
appraisal profession
ranks as the smallest
in employment, is
highly correlated to
movements in empioy-
6. ment of brokers and
agents, and relies on
commerciai banking,
credit, and real estate
lessors and managers
to deliver its products.
1. James R. DeLisle, "At the Crossroads of Expansion and
Recession," TheAppraisalJournal 75, no. 4 (Fall 2007):
314-322; James R. DeLisle, "The Perfect Storm Rippiing Over
to Reai Estate," The Appraisal Journal 76, no,
3 (Summer 2008): 200-210.
2. Randaii W. Eberts, "When Wiii US Empioyment Recover
from tiie Great Recession?" International Labor Brief
9, no. 2 (2011): 4-12 (W. E. Upjohn Institute for Employment
Research): Chad R. Wilkerson, "Recession and
Recovery Across the Nation: Lessons from History," Economic
Review 94, no. 2 (2009): 5-24.
3. Kataiina M. Bianco, The Subprime Lending Crisis: Causes
and Effects of the Mortgage Meltdown (New York:
CCH, inc., 2008): Lawrence H. White, "Fédérai Reserve Policy
and the Housing Bubbie," in Lessons From the
Financial Crisis: Causes, Consequences, and Our Economic
Future, ed. Robert W. Koib (Hoboken, NJ: John Wiley
& Sons, Inc., 2010), 453-460.
4. John Bellamy Foster, "The Financialization of Capital and the
Crisis," Monthiy Review 59, no. 11 (Aprii 2008):
7. 1-19.
5. Major Coleman iV, Michael LaCour-Littie, and Kerry D.
Vandeii, "Subprime Lending and the Housing Bubbie: Taii
Wags Dog?" Journai of Housing Economics 17, no. 4 (2008):
272-290.
6. Dean Baker, "The Housing Bubbie and the Financiai Crisis,"
Rea/-Wor/d Economics Review no. 46 (2008): 7 3 - 8 1 .
ANationaLRrMlejlîheBeaLIstatdflctustry^ancIth&Apprms.aJ.Er
ofessLaa. _IJhe Appraisal Journal, Spring 2013
Hundreds of thousands of professionals
are involved in brokering, leasing, managing,
appraising, and developing all property types.
Service professionals include residential sales
agents, multifamily-property managers, commercial
investment advisors, industrial property brokers,
land developers, property appraisers, and many
others.^ Their professional education and training
includes academic work performed in colleges and
universities; industry-specific education and training
programs; advanced professional association
development and designation certifications; company
and franchise training; pre- and post-licensing
continuing education requirements; and many years
of on-the-job training and experience.
The disintegration of the housing and financial
markets has affected all professionals in the real
estate industry and its employment components.
This article shows professional real estate appraisers
have been particularly hard hit. Before the recession,
8. as property values and sales grew, and as demand for
loans increased, appraisers' workloads did as well.
When the bubble burst, appraisers felt its impact and
experienced significant declines in their businesses.
As a result, the real estate appraisal industry
experienced a significant loss in jobs. Recent growth
in employment within the appraisal profession has
neither mirrored other sectors in the real estate
industry, nor that of the US economy.
The purpose of this article is to provide a cross-
sectional view of the national real estate industry
with special attention given to employment in the
appraisal profession. Nothing in the professional
literature attempts to establish a data-driven profile
of the appraisal business, or compares and contrasts
it to other real estate-related professions. This article
is not a survey, but rather an effort to establish a basic
real estate appraisal employment baseline that will
serve as a benchmark for future trend comparisons.
This profile uses the latest data estimates from
private, state, and federal sources in support of
regional input-output tables used for the estimation
of economic impacts from events in a region.^
The results indicate that overall real estate industry
employment at the end of 2011 was higher than at
the beginning of 2001. However, the trend of annual
increases in the number employed evident in the
early years of the 2001—2011 study period reversed
itself during the recession. Declines in employment
appear to coincide with concurrent declines in the
economy during the latter years of the same period. The
results further show a significant correlation between
employment in the real estate appraisal profession and
production measures of the national economy, but not
9. with national employment This research is not only
very timely, it also is extremely important because
changes in the employment trends in the real estate
industry since the financial crisis began have been
substantial. The information and analysis presented
offer unique insights into understanding the current
state of the real estate industry, and in particular, the
real estate appraisal profession.
Employment Profile and Trends
This article examines national employment trends
in five real estate-related categories:
• Agents and Brokers
• Appraisers
• Lessors and Lessors' Agents
• Property Managers
• Other Services (i.e.. Escrow Agents, Consultants,
Fiduciaries, Asset Managers, and Listing Services)
It extracts the data according to the North American
Industry Classification System (NAICS) at the
six-digit code level across all real estate-related cat-
egories for the period 2001—2011.'' Each category
draws from information provided by the US Census
Bureau NAICS category definitions.
Agents and Brokers
The industry classification Offices of Real Estate
Agents and Brokers (NAICS Code 531210) includes
people primarily engaged in acting as agents and/or
brokers in one or more of the following: (1) selling
real estate for others, (2) buying real estate for others.
7. Association of Real Estate License Law Officiais, Digest of
10. Real Estate License Laws and Current Issues (Chicago:
Association of Reai Estate License
Law Officiais, 2011).
8. Proprietary data obtained by paid license from Economic
Modeiing Speciaiists. Intl. For information on purchasing
licenses enabling information access,
see http://www.economicmodelihg.com.
9. NAICS codes adopted by several government agencies such
as the US Bureau of Ecohomic Analysis and the US Bureau of
Labor Statistics for the
standardization and reporting of data such as employmeht ahd
income. Further expianation of the accounts used ahd specialties
covered is shown in
the Appendix at the end of this articie.
appraisai Journal, Spring 2 0 1 3 , ^ -EcoJile Qflhe
and (3) renting real estate for others. Figure 1 shows
that at the end of 2001,1,061,482 people in the United
States worked in Offices of Real Estate Agents and
Brokers. At the end of 2011,1,717,627 people worked
in this classification, or 61.8% more than in 2001. The
annual employment number increased each year in
2001-2007, peaking in 2007 at 1,857,576. However,
coinciding with the beginning of the recession, the
number of people in this classification began to
decline, and the annual decreases continued until a
slight increase occurred in 2011 over 2010.
Two caveats are noteworthy. First, substantial
increases in employment during the early years of the
period may be due to entry of new licensees hoping
11. to capitalize on the potential income opportunities
provided by Üie booming, pre-financial crisis real estate
markets. Therefore, tbe sharp growth trend may have
been an unsustainable anomaly. Second, the data does
not differentiate between those licensed professionals
who work full-time versus those who only work part-
time. Therefore, some portions of categorical declines
in the post-flnancial crisis economy may be due to
part-üme licensees choosing not to renew their licenses
during the economic downturn.
Appraisers
The industry classification Ofiices of Real Estate
Appraisers (NAICS Code 531320) includes people
primarily engaged in estimating the fair market
value of real estate. Figure 2 shows that at the end
of 2001,80,724 people in the United States worked in
this classification. At year-end 2011,111,253 people
worked in this classificaüon, or 37.8% more than in
2001. The annual employment number increased
each year in 2001-2007, peaking in 2007 at 118,657.
In addition, again coinciding with the beginning of
the recession, the number of people in this classifica-
tion began to decline, and the decreases confinued
through 2011.
Although the percentages of growth in this
category are different from those of the category
Offices of Real Estate Agents and Brokers, it is
possible the explanafions are similar. The booming
real estate markets prior to the financial crisis
increased demand for appraisals, and therefore,
more people entered the profession. Likewise,
as the markets slowed after the crisis began and
appraisal demand declined, so did the demand
12. for appraisers. Due to the reduced demand, some
licensed appraisers may have sought other types
of employment, or suspended or terminated their
licenses. Further, some lenders, especially those
focusing on the residential mortgage sector,
increased use of alternafive valuation products or
turned to using broker price opinions (BPOs).'"
Figure 1 US Offices of Real Estate Agents and Brokers (NAICS
Code 531210)
a.
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600,000 -
13. 400,000 -
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0 -
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48
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2001 2002 2003 2004
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2006 2007
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2008
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2009
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2011
10. So many real estate brokers began performing BPOs after
the financial crisis that in IVlay 2011, the National Association
of Realtors (NAR) introduced a
new BPO training and certification program. Information
obtained from the Nationai Association of Reaitors available at
http://www.realtororg/rmodaiiy.
15. nsf/pages/News2011051306.
aJMonal2rMkoíJlifiJüaL£síalfiJndiJ.stryjDd the AppraisalJr l i i
e Appraisal Journal, Spring20;
Figure 2 US Offices of Real Estate Appraisers (NAICS Code 5 3
1 3 2 0 )
'S.
o
'S
140,000
120,000
100,000
80,000
60,000
40,000 -h-
20,000 -— ,̂.,-
2001 2002 2003 2004 2005 2006 2007
Year
2008 2009 2010 2011
Lessors and Lessors' Agents
The industry classification Lessors of Residential
Buildings and Dwellings (NAICS Code 531110)
16. includes people primarily engaged in acting as les-
sors of buildings used as residences or dwellings,
such as single-family homes, apartment buildings,
and townhomes. Included in this classification are
owner-lessors of residential buildings and dwellings
or people employed by them.
Figure 3 shows that at the end of 2001, 683,905
people in the United States worked as Lessors of
Residential Buildings and Dwellings. At year-end
2011,1,057,764 people worked in this classification.
or 54.7% more than in 2001. The annual employment
number increased each year in 2001—2007, peaking
in 2007 at 1,083,847. However, coinciding with the
beginning of the recession, the number of people
employed in this classification began to decline,
dipping slighüy in 2008 and 2009. The trend reversed
in 2010 and 2011.
The industry classification Lessors of Non-
Residential Buildings (NAICS Code 531120) includes
people primarily engaged in acting as lessors
of huildings (except mini-warehouses and self-
storage units) that are not residences or dwellings.
Included in this industry sector are owner-lessors
Figure 3 Offices of US Lessors of Residentiai Buildings and
Dwellings (NAICS Code 5 3 1 1 1 0 )
4)
e
o
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20. 2009
CM
m
05
6
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2010
CO
05
7
11
2011
! Appraisal Journal, Spring 2O13L lPröfile of
th&RftaiXslatalcuksítyjnd the AppraisalÄ
of non-residential buildings and people employed
by tbem.
Figure 4 shows that at the end of 2001, 369,301
people in the United States worked in the Lessors
of Non-Residential Buildings classification. At year-
end 2011, 493,600 people worked in this industry
classification, or 33.7% more than in 2001. The annual
number of people increased each year in 2001—2005,
decreased slightly in 2006, and increased in 2007
21. and 2008, when it peaked at 510,576. Thereafter,
the annual number of people employed in this
classification decreased each year in 2009—2011.
The industry classification Lessors of Mini-
Warehouses and Self-Storage Units (NAICS Code
531130) includes people primarily engaged in
renting or leasing self-storage space (e.g., rooms,
compartments, lockers, containers, or outdoor space)
where clients can store and retrieve their goods.
Figure 5 shows that at the end of 2001, 132,064
people in the United States worked as Lessors of
Mini-Warehouses and Self-Storage Units. At the
end of 2011, 280,702, or 112.6% more than in 2001,
worked in this classification.
The annual number of people in this classification
increased each year in the study period except for
2009, when it decreased shghtiy by -2,393, or -0.86%
less than 2008. A possible explanation for the strong
growth performance could be a combination of
Americans continuing to accumulate more material
possessions and the downsizing of residences,
increasing the need for storage of their possessions.
Another explanation might be that foreclosures
forced people to place their possessions in storage
as they transitioned to other residences.
The industry classification Lessors of Other
Real Estate Property (NAICS Code 531190) includes
people primarily engaged in acting as lessors of real
estate (except buildings), such as manufactured-
home sites, vacant lots, and grazing land. Figure 6
shows that at the end of 2001,125,915 people in the
United States worked as Lessors of Other Real Estate
22. Property. At the end of 2011,146,858 people, or 16.6%
Figure 4 Offices of US Lessors of Non-Residential Buildings
(NAICS Code 5 3 1 1 2 0 )
of
P
eo
p
b
er
z
600,000 -
500,000 -
400,000 -
300,000 -
200,000 -
100,000 -
0 -
CO
q
CO
CO
2001
Figure 5 Offices of US
of
35. r i
1
2011
CO
of
00
CM
s
1
2011
more than in 2001, worked in this classification. The
increases and decreases in the number of people in
this classification are inconsistent, showing increases
in 2001-2005,2007, and 2010, but decreases in 2006,
2008-2009, and 2011.
Property Managers
The industry classification Residential Property
Managers includes people primarily engaged in
managing residential real estate for others. Figure 7
shows that at the end of 2001, 178,244 people in the
United States worked in this industry classification,
and atthe end of 2011,289,706 people, or 62.5% more
than in 2001, worked in this classification.
During 2001—2011, the number of people in tbis
classification increased each year, with the highest
annual increase (10.7%) occurring in 2007, which
36. coincided with the beginning of the recession. The
10.7% increase in 2007 was the only double-digit
increase during the study period. One possible
explanation for this is that 2007 was the first year people
began losing their homes to foreclosure hecause of the
recession. As the demand for rental units increased due
to increased home foreclosures, there may have been
a eommensurate inerease in tbe need for residential
managers. Anotber explanation could be that more
apartment eomplexes came on line in 2007 due to the
rapid expansion of eonstrucüon of multifamily units in
the middle part of the decade, resulting in employment
of more residential property managers.
The industry classification Non-Residential
Property Managers (NAICS Code 531312) includes
people primarily engaged in managing non-
residential real estate for others. Figure 8 shows at the
end of 2001, 83,213 people in the United States were
employed as Non-Residenüal Property Managers. At
the end of 2011,130,346 people, or 56.6% more than
in 2001 worked in this classification.
ppraisal Journal, Spring 2013. A National Profile of tlie^R&aJ
£state.iDáiistry,.aad the Appraisal Profession
Figure 8 Offices of US Non-Residential Property IVIanagers
(NAICS Code 5 3 1 3 1 2 )
P
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2001 2002 2003 2004 2005 2006
Year
i i i i
2007 2008 2009 2010 2011
With the exception of 2009-2010, when growth
was relatively flat, the number of people working in
the Non-Residential Property Managers classification
39. increased during the study period, with the highest
annual increase (9.4%) occurring in 2008. A possible
explanation for the significantly higher increase in
2008 is that demand for asset managers increased
due to the increased foreclosures of non-residential
properties. Another possible explanation is that
demand for commercial real estate was increasing
in the years prior to the financial crisis—peaking in
2008—and thus, more real estate firms employed
more non-residential property managers to service
the industry. It is important to note that because this
NAICS industry classification includes only those
managing non-residential real estate for others,
property management services for owner-occupied
properties are not included.
Other Real Estate Activities
The industry classification Other Activities Related
to Real Estate (NAICS Code 531390) includes people
primarily engaged in performing real estate-related
services (except lessors of real estate, olfices of real
estate agents and brokers, real estate property man-
agers, and offices of real estate appraisers). Figure 9
shows that at the end of 2001, 592,155 people in the
United States worked in Other Activities Related to
Real Estate. At the end of 2011, 852,824 people, or
44% more than in 2001, worked in this classification.
The e m p l o y m e n t growth t r e n d of this
classification is similar to the growth trend in the
classification Offices of Real Estate Appraisers. The
annual number increased each year in 2001—2005,
and peaked in 2007 at 890,100. Coinciding with the
beginning of the recession, the number of people
employed in this classification then began to decline
40. and the decreases continued through 2011.
Correlations and Summary
The analysis in this article compares employment
categories of the appraisal profession to other seg-
ments of the real estate industry and various national
economic indicators. The statistical test used is a
simple correlation analysis utilizing the Pearson"
method to produce correlation eoefiicients between
the appraisal profession and other segments of the
real estate industry. The purpose of performing
this statistical test was to uneover strong and weak
relationships with other parts of the eeonomy that
could serve as future indieators of the welfare of the
appraisal profession.
Correlation analysis examines the degree
to which relationships exist between variables.
Correlations, labeled as eoefiicients, are numbers
between -1 and +1. A coefficient between 0 and +1
suggests a positive relationship between the variables,
whereas a coefficient between -1 and 0 suggests a
negafive one. Correlation analysis helps reduce the
range of uncertainty about the relaüonships between
the variables. Hence, correlation analysis produces
greater variance of the predieted outcomes—how
much movement of one variable is related to
movement of another variable—that are eloser to
1 1 . Joseph F. Hair Jr., Mary Wolfinbarger Ceisi, Arthur
Money, Phillip Samouel, and Michael J. Page, Essentials of
Business Research Methods, 2nd ed.
(Armonk, New York: M. E. Sharpe, inc., 2011).
^ ^ The Appraisai Journai, Spring 20:
41. Figure 9 US Offices of Other Activities Related to Real Estate
(NAICS Code 531390)
P
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N
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m
b
e
1,000,000
800,000
600,000
400,000
200,000
0
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43. ¿^
LO
m
— 00
CO
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d
— 00
CM
00
ci
10
00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Year
reality. A simple correlation is between two variables.
Perfect correlation exists between two variables
when the correlation coefficient is either +1 or - 1 .
Table 1 shows the correlation analysis results
for the study.'̂ They reveal a posifive relationship
between the appraisal profession and the other
sectors. The highest correlafion of+0.998 was with
the classification Offices of Real Estate Agents and
Brokers, which was statistically significant at the
0.01 level (this means that 99.8 times out of 100, this
44. relationship will exist and will be highly, posifively
correlated). Also, a strong, positive relationship
of +0.997 was revealed with the classification
Residential Property Managers, which was highly
significant at the 0.01 level. The interpretation is that
as employment in the sectors identified goes up or
down, employment in the appraisal profession will
do likewise.
The analysis leads to the following conclusions
related to the Real Estate Appraisers classificafion:
1. The industry classification Real Estate Appraisers
is the smallest among all real estate sectors
examined, with 111,233 johs in 2011.
2. Employment increased annually from 80,724
in 2001 to a high of 118,657 in 2007, for a total
increase of 37,933, or 46.99%.
3. Employment decreased annually from 118,657
in 2007 to a low of 111,233 in 2011, for a total
decrease of-7,424, or -6.3%.
4. During the study period, the largest annual
decrease was from 118,657 in 2007 to 114,397
in 2008, a decrease of-4,260 or -3.6%.
5. The smallest decrease, between 2009 and 2010,
was -271 or -0.24%.
6. The most recent decrease, between 2010 and
2011, was-1,705 or-1.51%.
Total Requirements Needed to Operate
45. The Bureau of Economic Analysis prepares and
publishes a variety of economic statistics on indus-
tries. Its data on total requirements represent the
total demand for goods or services that an industry
needs to produce its particular goods or services.'^
While other industries or resources operafing or
existing within the region saüsfy some of the demand,
in many instances not all of the requirements
are satisfied from within the same region. This
unsatisfied or leftover demand is satisfied through
imports into the region. Thus, the total requirements
equal the amount safisfied within the region plus the
amount of imports into the region.
Figure 10 displays the US 2010 total requirements
for real estate-related industries. Because this data
is for the entire United States, the region is the
entire country as well. The 2010 total requirements
for all real estate-related sectors totaled over $1.09
12. The correlations shown in Table 1 are between people
working in the appraisai profession and other real estate-reiated
sectors.
13. The totai requirements (TR) technique does not derive
estimates based on empioyment but instead focuses on the totai
demand for goods or services
that an industry needs in order to produce its particular goods or
services. In the United States, the Department of Commerce's
Bureau of Economic
Anaiysis (BEA) produces two types of TR tables, in coefficient
form, using benchmark input-output information drawn from
make and use tables. The tables
present input values of goods or services purchased directiy in
order to produce one dollar of output. The coefficients of the
46. TR tables provide the totai
sum of direct and indirect inputs necessary to produce output.
For example, the direct purchases (inputs) necessary to produce
an airplane wouid inciude
the steel and aiuminum used in the construction of the aircraft
fuselage, and the indirect purchases wouid include the energy
resources necessary to
produce the steel and the aluminum. The different types of
direct and totai requirements information produced by the BEA
depend on whether the defined
goods and services are industries or commodities. For a
comprehensive explanation of the BEA's methodology and data-
derivation techniques, refer to the
BEA's Methodology Paper Series and other methodoiogies oh
the nationai, industry, international, and regional accounts
avaiiable at http://www.bea.gov/
methodoiogies/index.htm and articies pubiished in the Survey of
Current Business avaiiable at
http://www.bea.gov/scb/index.htm.
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•••••i
A National Profile of
the Real Estate Industry and
the Appraisal Profession
by J. Reid Cummings and Donald R. Epley, PhD, MAI, SRA
FEATURES
T
J- he
he real estate industry has been devastated on many fronts' in
the years
following the Great Recession, whieh began in 2007^ due to the
bursting of the
housing bubble and the subsequent finaneial crisis relating to
the mortgage
market meltdown.' The implosion of the mortgage markets
initially began when
two Bear Stearns mortgage-backed securities hedge funds,
holding nearly $10
billion in assets, disintegrated into nothing.* Panie quickly
56. spread to financial
institutions that could not hide the extent of their toxic,
subprime exposures, and
a massive, worldwide credit squeeze ensued; outright fear soon
replaced panic.
Subsequent eredit tightening and substantial illiquidity in the
financial markets
rapidly and severely affected the housing and construction
markets.' Throughout
the United States, properties of all kinds saw dramatic value
declines.
In thousands of cases, real estate foreclosures disrupted people's
lives,
forced businesses to close, eaused financial institutions to
falter, capsized wbole
market segments, devastated entire industries, and squeezed
municipal and state
government budgets dependent upon use and property tax
revenues.* While the
effeets of property value declines and the waves of foreclosures
in markets across
the country captured most of the headlines, one significant
impact of the upheaval
in US real estate markets has gone largely unreported: its
impact on employment
in the real estate industry, and specifically, the real estate
appraisal profession.
This article presents a
current employment
profile of the US real
estate industry, with
57. special attention given
to appraisal profes-
sionals. It serves as an
informative picture of
the appraisal profession
for use as a benchmark
for future assessment
of growth. As a
component of the real
estate industry, the
appraisal profession
ranks as the smallest
in employment, is
highly correlated to
movements in empioy-
ment of brokers and
agents, and relies on
commerciai banking,
58. credit, and real estate
lessors and managers
to deliver its products.
1. James R. DeLisle, "At the Crossroads of Expansion and
Recession," TheAppraisalJournal 75, no. 4 (Fall 2007):
314-322; James R. DeLisle, "The Perfect Storm Rippiing Over
to Reai Estate," The Appraisal Journal 76, no,
3 (Summer 2008): 200-210.
2. Randaii W. Eberts, "When Wiii US Empioyment Recover
from tiie Great Recession?" International Labor Brief
9, no. 2 (2011): 4-12 (W. E. Upjohn Institute for Employment
Research): Chad R. Wilkerson, "Recession and
Recovery Across the Nation: Lessons from History," Economic
Review 94, no. 2 (2009): 5-24.
3. Kataiina M. Bianco, The Subprime Lending Crisis: Causes
and Effects of the Mortgage Meltdown (New York:
CCH, inc., 2008): Lawrence H. White, "Fédérai Reserve Policy
and the Housing Bubbie," in Lessons From the
Financial Crisis: Causes, Consequences, and Our Economic
Future, ed. Robert W. Koib (Hoboken, NJ: John Wiley
& Sons, Inc., 2010), 453-460.
4. John Bellamy Foster, "The Financialization of Capital and the
Crisis," Monthiy Review 59, no. 11 (Aprii 2008):
1-19.
5. Major Coleman iV, Michael LaCour-Littie, and Kerry D.
Vandeii, "Subprime Lending and the Housing Bubbie: Taii
Wags Dog?" Journai of Housing Economics 17, no. 4 (2008):
272-290.
59. 6. Dean Baker, "The Housing Bubbie and the Financiai Crisis,"
Rea/-Wor/d Economics Review no. 46 (2008): 7 3 - 8 1 .
ANationaLRrMlejlîheBeaLIstatdflctustry^ancIth&Apprms.aJ.Er
ofessLaa. _IJhe Appraisal Journal, Spring 2013
Hundreds of thousands of professionals
are involved in brokering, leasing, managing,
appraising, and developing all property types.
Service professionals include residential sales
agents, multifamily-property managers, commercial
investment advisors, industrial property brokers,
land developers, property appraisers, and many
others.^ Their professional education and training
includes academic work performed in colleges and
universities; industry-specific education and training
programs; advanced professional association
development and designation certifications; company
and franchise training; pre- and post-licensing
continuing education requirements; and many years
of on-the-job training and experience.
The disintegration of the housing and financial
markets has affected all professionals in the real
estate industry and its employment components.
This article shows professional real estate appraisers
have been particularly hard hit. Before the recession,
as property values and sales grew, and as demand for
loans increased, appraisers' workloads did as well.
When the bubble burst, appraisers felt its impact and
experienced significant declines in their businesses.
As a result, the real estate appraisal industry
experienced a significant loss in jobs. Recent growth
60. in employment within the appraisal profession has
neither mirrored other sectors in the real estate
industry, nor that of the US economy.
The purpose of this article is to provide a cross-
sectional view of the national real estate industry
with special attention given to employment in the
appraisal profession. Nothing in the professional
literature attempts to establish a data-driven profile
of the appraisal business, or compares and contrasts
it to other real estate-related professions. This article
is not a survey, but rather an effort to establish a basic
real estate appraisal employment baseline that will
serve as a benchmark for future trend comparisons.
This profile uses the latest data estimates from
private, state, and federal sources in support of
regional input-output tables used for the estimation
of economic impacts from events in a region.^
The results indicate that overall real estate industry
employment at the end of 2011 was higher than at
the beginning of 2001. However, the trend of annual
increases in the number employed evident in the
early years of the 2001—2011 study period reversed
itself during the recession. Declines in employment
appear to coincide with concurrent declines in the
economy during the latter years of the same period. The
results further show a significant correlation between
employment in the real estate appraisal profession and
production measures of the national economy, but not
with national employment This research is not only
very timely, it also is extremely important because
changes in the employment trends in the real estate
industry since the financial crisis began have been
substantial. The information and analysis presented
offer unique insights into understanding the current
61. state of the real estate industry, and in particular, the
real estate appraisal profession.
Employment Profile and Trends
This article examines national employment trends
in five real estate-related categories:
• Agents and Brokers
• Appraisers
• Lessors and Lessors' Agents
• Property Managers
• Other Services (i.e.. Escrow Agents, Consultants,
Fiduciaries, Asset Managers, and Listing Services)
It extracts the data according to the North American
Industry Classification System (NAICS) at the
six-digit code level across all real estate-related cat-
egories for the period 2001—2011.'' Each category
draws from information provided by the US Census
Bureau NAICS category definitions.
Agents and Brokers
The industry classification Offices of Real Estate
Agents and Brokers (NAICS Code 531210) includes
people primarily engaged in acting as agents and/or
brokers in one or more of the following: (1) selling
real estate for others, (2) buying real estate for others.
7. Association of Real Estate License Law Officiais, Digest of
Real Estate License Laws and Current Issues (Chicago:
Association of Reai Estate License
Law Officiais, 2011).
8. Proprietary data obtained by paid license from Economic
Modeiing Speciaiists. Intl. For information on purchasing
62. licenses enabling information access,
see http://www.economicmodelihg.com.
9. NAICS codes adopted by several government agencies such
as the US Bureau of Ecohomic Analysis and the US Bureau of
Labor Statistics for the
standardization and reporting of data such as employmeht ahd
income. Further expianation of the accounts used ahd specialties
covered is shown in
the Appendix at the end of this articie.
appraisai Journal, Spring 2 0 1 3 , ^ -EcoJile Qflhe
and (3) renting real estate for others. Figure 1 shows
that at the end of 2001,1,061,482 people in the United
States worked in Offices of Real Estate Agents and
Brokers. At the end of 2011,1,717,627 people worked
in this classification, or 61.8% more than in 2001. The
annual employment number increased each year in
2001-2007, peaking in 2007 at 1,857,576. However,
coinciding with the beginning of the recession, the
number of people in this classification began to
decline, and the annual decreases continued until a
slight increase occurred in 2011 over 2010.
Two caveats are noteworthy. First, substantial
increases in employment during the early years of the
period may be due to entry of new licensees hoping
to capitalize on the potential income opportunities
provided by Üie booming, pre-financial crisis real estate
markets. Therefore, tbe sharp growth trend may have
been an unsustainable anomaly. Second, the data does
not differentiate between those licensed professionals
who work full-time versus those who only work part-
63. time. Therefore, some portions of categorical declines
in the post-flnancial crisis economy may be due to
part-üme licensees choosing not to renew their licenses
during the economic downturn.
Appraisers
The industry classification Ofiices of Real Estate
Appraisers (NAICS Code 531320) includes people
primarily engaged in estimating the fair market
value of real estate. Figure 2 shows that at the end
of 2001,80,724 people in the United States worked in
this classification. At year-end 2011,111,253 people
worked in this classificaüon, or 37.8% more than in
2001. The annual employment number increased
each year in 2001-2007, peaking in 2007 at 118,657.
In addition, again coinciding with the beginning of
the recession, the number of people in this classifica-
tion began to decline, and the decreases confinued
through 2011.
Although the percentages of growth in this
category are different from those of the category
Offices of Real Estate Agents and Brokers, it is
possible the explanafions are similar. The booming
real estate markets prior to the financial crisis
increased demand for appraisals, and therefore,
more people entered the profession. Likewise,
as the markets slowed after the crisis began and
appraisal demand declined, so did the demand
for appraisers. Due to the reduced demand, some
licensed appraisers may have sought other types
of employment, or suspended or terminated their
licenses. Further, some lenders, especially those
focusing on the residential mortgage sector,
increased use of alternafive valuation products or
64. turned to using broker price opinions (BPOs).'"
Figure 1 US Offices of Real Estate Agents and Brokers (NAICS
Code 531210)
a.
S0.
'S
be
r
1
2,000,000 -|
1,800,000 -
1,600,000 -
1,400,000 -
1,200,000 -
1,000,000 -
800,000 -
600,000 -
400,000 -
200,000 -
0 -
65. o
48
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,6
7( ,3
7
W H ^ ,
1 1 1
2001 2002 2003 2004
M
H
(0
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2005
(0
1 i
2006 2007
Year
o"
00
2008
66. t
m
H
2009
,6
9:
71
4
2010
M
71
7
H
2011
10. So many real estate brokers began performing BPOs after
the financial crisis that in IVlay 2011, the National Association
of Realtors (NAR) introduced a
new BPO training and certification program. Information
obtained from the Nationai Association of Reaitors available at
http://www.realtororg/rmodaiiy.
nsf/pages/News2011051306.
aJMonal2rMkoíJlifiJüaL£síalfiJndiJ.stryjDd the AppraisalJr l i i
e Appraisal Journal, Spring20;
67. Figure 2 US Offices of Real Estate Appraisers (NAICS Code 5 3
1 3 2 0 )
'S.
o
'S
140,000
120,000
100,000
80,000
60,000
40,000 -h-
20,000 -— ,̂.,-
2001 2002 2003 2004 2005 2006 2007
Year
2008 2009 2010 2011
Lessors and Lessors' Agents
The industry classification Lessors of Residential
Buildings and Dwellings (NAICS Code 531110)
includes people primarily engaged in acting as les-
sors of buildings used as residences or dwellings,
such as single-family homes, apartment buildings,
and townhomes. Included in this classification are
owner-lessors of residential buildings and dwellings
or people employed by them.
68. Figure 3 shows that at the end of 2001, 683,905
people in the United States worked as Lessors of
Residential Buildings and Dwellings. At year-end
2011,1,057,764 people worked in this classification.
or 54.7% more than in 2001. The annual employment
number increased each year in 2001—2007, peaking
in 2007 at 1,083,847. However, coinciding with the
beginning of the recession, the number of people
employed in this classification began to decline,
dipping slighüy in 2008 and 2009. The trend reversed
in 2010 and 2011.
The industry classification Lessors of Non-
Residential Buildings (NAICS Code 531120) includes
people primarily engaged in acting as lessors
of huildings (except mini-warehouses and self-
storage units) that are not residences or dwellings.
Included in this industry sector are owner-lessors
Figure 3 Offices of US Lessors of Residentiai Buildings and
Dwellings (NAICS Code 5 3 1 1 1 0 )
4)
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! Appraisal Journal, Spring 2O13L lPröfile of
th&RftaiXslatalcuksítyjnd the AppraisalÄ
of non-residential buildings and people employed
by tbem.
Figure 4 shows that at the end of 2001, 369,301
people in the United States worked in the Lessors
of Non-Residential Buildings classification. At year-
end 2011, 493,600 people worked in this industry
classification, or 33.7% more than in 2001. The annual
number of people increased each year in 2001—2005,
decreased slightly in 2006, and increased in 2007
and 2008, when it peaked at 510,576. Thereafter,
the annual number of people employed in this
classification decreased each year in 2009—2011.
The industry classification Lessors of Mini-
Warehouses and Self-Storage Units (NAICS Code
73. 531130) includes people primarily engaged in
renting or leasing self-storage space (e.g., rooms,
compartments, lockers, containers, or outdoor space)
where clients can store and retrieve their goods.
Figure 5 shows that at the end of 2001, 132,064
people in the United States worked as Lessors of
Mini-Warehouses and Self-Storage Units. At the
end of 2011, 280,702, or 112.6% more than in 2001,
worked in this classification.
The annual number of people in this classification
increased each year in the study period except for
2009, when it decreased shghtiy by -2,393, or -0.86%
less than 2008. A possible explanation for the strong
growth performance could be a combination of
Americans continuing to accumulate more material
possessions and the downsizing of residences,
increasing the need for storage of their possessions.
Another explanation might be that foreclosures
forced people to place their possessions in storage
as they transitioned to other residences.
The industry classification Lessors of Other
Real Estate Property (NAICS Code 531190) includes
people primarily engaged in acting as lessors of real
estate (except buildings), such as manufactured-
home sites, vacant lots, and grazing land. Figure 6
shows that at the end of 2001,125,915 people in the
United States worked as Lessors of Other Real Estate
Property. At the end of 2011,146,858 people, or 16.6%
Figure 4 Offices of US Lessors of Non-Residential Buildings
(NAICS Code 5 3 1 1 2 0 )
of
81. 1 ön onn -
160,000 -
140,000 -
120,000 -
100,000 -
80,000 ^
60,000 -
40,000 -
20,000 -
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Figure 7 Offices
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200,000 -
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2011
more than in 2001, worked in this classification. The
increases and decreases in the number of people in
this classification are inconsistent, showing increases
in 2001-2005,2007, and 2010, but decreases in 2006,
2008-2009, and 2011.
Property Managers
The industry classification Residential Property
Managers includes people primarily engaged in
managing residential real estate for others. Figure 7
shows that at the end of 2001, 178,244 people in the
United States worked in this industry classification,
and atthe end of 2011,289,706 people, or 62.5% more
than in 2001, worked in this classification.
During 2001—2011, the number of people in tbis
classification increased each year, with the highest
annual increase (10.7%) occurring in 2007, which
coincided with the beginning of the recession. The
10.7% increase in 2007 was the only double-digit
increase during the study period. One possible
explanation for this is that 2007 was the first year people
began losing their homes to foreclosure hecause of the
88. recession. As the demand for rental units increased due
to increased home foreclosures, there may have been
a eommensurate inerease in tbe need for residential
managers. Anotber explanation could be that more
apartment eomplexes came on line in 2007 due to the
rapid expansion of eonstrucüon of multifamily units in
the middle part of the decade, resulting in employment
of more residential property managers.
The industry classification Non-Residential
Property Managers (NAICS Code 531312) includes
people primarily engaged in managing non-
residential real estate for others. Figure 8 shows at the
end of 2001, 83,213 people in the United States were
employed as Non-Residenüal Property Managers. At
the end of 2011,130,346 people, or 56.6% more than
in 2001 worked in this classification.
ppraisal Journal, Spring 2013. A National Profile of tlie^R&aJ
£state.iDáiistry,.aad the Appraisal Profession
Figure 8 Offices of US Non-Residential Property IVIanagers
(NAICS Code 5 3 1 3 1 2 )
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2001 2002 2003 2004 2005 2006
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2007 2008 2009 2010 2011
With the exception of 2009-2010, when growth
was relatively flat, the number of people working in
the Non-Residential Property Managers classification
increased during the study period, with the highest
annual increase (9.4%) occurring in 2008. A possible
explanation for the significantly higher increase in
2008 is that demand for asset managers increased
due to the increased foreclosures of non-residential
properties. Another possible explanation is that
91. demand for commercial real estate was increasing
in the years prior to the financial crisis—peaking in
2008—and thus, more real estate firms employed
more non-residential property managers to service
the industry. It is important to note that because this
NAICS industry classification includes only those
managing non-residential real estate for others,
property management services for owner-occupied
properties are not included.
Other Real Estate Activities
The industry classification Other Activities Related
to Real Estate (NAICS Code 531390) includes people
primarily engaged in performing real estate-related
services (except lessors of real estate, olfices of real
estate agents and brokers, real estate property man-
agers, and offices of real estate appraisers). Figure 9
shows that at the end of 2001, 592,155 people in the
United States worked in Other Activities Related to
Real Estate. At the end of 2011, 852,824 people, or
44% more than in 2001, worked in this classification.
The e m p l o y m e n t growth t r e n d of this
classification is similar to the growth trend in the
classification Offices of Real Estate Appraisers. The
annual number increased each year in 2001—2005,
and peaked in 2007 at 890,100. Coinciding with the
beginning of the recession, the number of people
employed in this classification then began to decline
and the decreases continued through 2011.
Correlations and Summary
The analysis in this article compares employment
categories of the appraisal profession to other seg-
ments of the real estate industry and various national
92. economic indicators. The statistical test used is a
simple correlation analysis utilizing the Pearson"
method to produce correlation eoefiicients between
the appraisal profession and other segments of the
real estate industry. The purpose of performing
this statistical test was to uneover strong and weak
relationships with other parts of the eeonomy that
could serve as future indieators of the welfare of the
appraisal profession.
Correlation analysis examines the degree
to which relationships exist between variables.
Correlations, labeled as eoefiicients, are numbers
between -1 and +1. A coefficient between 0 and +1
suggests a positive relationship between the variables,
whereas a coefficient between -1 and 0 suggests a
negafive one. Correlation analysis helps reduce the
range of uncertainty about the relaüonships between
the variables. Hence, correlation analysis produces
greater variance of the predieted outcomes—how
much movement of one variable is related to
movement of another variable—that are eloser to
1 1 . Joseph F. Hair Jr., Mary Wolfinbarger Ceisi, Arthur
Money, Phillip Samouel, and Michael J. Page, Essentials of
Business Research Methods, 2nd ed.
(Armonk, New York: M. E. Sharpe, inc., 2011).
^ ^ The Appraisai Journai, Spring 20:
Figure 9 US Offices of Other Activities Related to Real Estate
(NAICS Code 531390)
P
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00
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10
00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Year
reality. A simple correlation is between two variables.
Perfect correlation exists between two variables
when the correlation coefficient is either +1 or - 1 .
Table 1 shows the correlation analysis results
for the study.'̂ They reveal a posifive relationship
between the appraisal profession and the other
sectors. The highest correlafion of+0.998 was with
the classification Offices of Real Estate Agents and
Brokers, which was statistically significant at the
0.01 level (this means that 99.8 times out of 100, this
relationship will exist and will be highly, posifively
correlated). Also, a strong, positive relationship
of +0.997 was revealed with the classification
Residential Property Managers, which was highly
significant at the 0.01 level. The interpretation is that
as employment in the sectors identified goes up or
96. down, employment in the appraisal profession will
do likewise.
The analysis leads to the following conclusions
related to the Real Estate Appraisers classificafion:
1. The industry classification Real Estate Appraisers
is the smallest among all real estate sectors
examined, with 111,233 johs in 2011.
2. Employment increased annually from 80,724
in 2001 to a high of 118,657 in 2007, for a total
increase of 37,933, or 46.99%.
3. Employment decreased annually from 118,657
in 2007 to a low of 111,233 in 2011, for a total
decrease of-7,424, or -6.3%.
4. During the study period, the largest annual
decrease was from 118,657 in 2007 to 114,397
in 2008, a decrease of-4,260 or -3.6%.
5. The smallest decrease, between 2009 and 2010,
was -271 or -0.24%.
6. The most recent decrease, between 2010 and
2011, was-1,705 or-1.51%.
Total Requirements Needed to Operate
The Bureau of Economic Analysis prepares and
publishes a variety of economic statistics on indus-
tries. Its data on total requirements represent the
total demand for goods or services that an industry
needs to produce its particular goods or services.'^
97. While other industries or resources operafing or
existing within the region saüsfy some of the demand,
in many instances not all of the requirements
are satisfied from within the same region. This
unsatisfied or leftover demand is satisfied through
imports into the region. Thus, the total requirements
equal the amount safisfied within the region plus the
amount of imports into the region.
Figure 10 displays the US 2010 total requirements
for real estate-related industries. Because this data
is for the entire United States, the region is the
entire country as well. The 2010 total requirements
for all real estate-related sectors totaled over $1.09
12. The correlations shown in Table 1 are between people
working in the appraisai profession and other real estate-reiated
sectors.
13. The totai requirements (TR) technique does not derive
estimates based on empioyment but instead focuses on the totai
demand for goods or services
that an industry needs in order to produce its particular goods or
services. In the United States, the Department of Commerce's
Bureau of Economic
Anaiysis (BEA) produces two types of TR tables, in coefficient
form, using benchmark input-output information drawn from
make and use tables. The tables
present input values of goods or services purchased directiy in
order to produce one dollar of output. The coefficients of the
TR tables provide the totai
sum of direct and indirect inputs necessary to produce output.
For example, the direct purchases (inputs) necessary to produce
an airplane wouid inciude
the steel and aiuminum used in the construction of the aircraft
fuselage, and the indirect purchases wouid include the energy
98. resources necessary to
produce the steel and the aluminum. The different types of
direct and totai requirements information produced by the BEA
depend on whether the defined
goods and services are industries or commodities. For a
comprehensive explanation of the BEA's methodology and data-
derivation techniques, refer to the
BEA's Methodology Paper Series and other methodoiogies oh
the nationai, industry, international, and regional accounts
avaiiable at http://www.bea.gov/
methodoiogies/index.htm and articies pubiished in the Survey of
Current Business avaiiable at
http://www.bea.gov/scb/index.htm.
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2016 V44 3: pp. 658–690
DOI: 10.1111/1540-6229.12120
REAL ESTATE
ECONOMICS
The Impact of the Home Valuation Code of
Conduct on Appraisal and Mortgage
Outcomes
Lei Ding* and Leonard Nakamura**
The accuracy of appraisals came into scrutiny during the
housing crisis, and a
set of policies and regulations was adopted to address the
conflict-of-interest
issues in the appraisal practices. In response to an investigation
by the New
York State Attorney General’s office, the Home Valuation Code
of Conduct
(HVCC) was agreed to by Fannie Mae, Freddie Mac and the
Federal Housing
Finance Agency. Using unique data sets that contain both
approved and non-
approved mortgage applications, this study provides an
empirical examination
of the impact of the HVCC on appraisal and mortgage
outcomes. The results
suggest that the HVCC has led to a reduction in the probability
108. of inflated
valuations, although valuations remained on average inflated,
and induced a
significant increase in the incidence of low appraisals. The
well-intentioned
HVCC rule made it more difficult to obtain mortgages to
purchase homes dur-
ing the housing price crash, possibly exacerbating the fall in
prices.
Introduction
The fallout from the housing bubble raised questions about the
accuracy of
appraisals before the housing crisis, and, as a response, a set of
policies
and regulations was adopted to address the conflict-of-interest
issues in the
appraisal practices.1 With significantly tightened regulations
and the decline
in housing prices in many areas, there were concerns that more
home val-
uations were underestimated and new mortgages became harder
to obtain
*Federal Reserve Bank of Philadelphia or [email protected]
**Federal Reserve Bank of Philadelphia or [email protected]
1Important regulations and rules related to appraisal include at
least the Home Valu-
ation Code of Conduct (HVCC); the Dodd-Frank Wall Street
Reform and Consumer
Protection Act; revised Interagency Appraisal and Evaluation
Guidelines from the
federal banking regulators issued in December 2010; and the
government-sponsored
enterprises’ new appraiser independence requirements that
110. agreement
between Fannie Mae and Freddie Mac (government-sponsored
enterprises, or
GSEs), the Federal Housing Finance Agency (FHFA),4 and the
New York
State Attorney General.5 The HVCC was set to expire in August
2010. The
Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank
Act), enacted on July 21, 2010, declared that the HVCC was no
longer in
effect, but it actually codified several of the HVCC’s
provisions. The HVCC
has several unique features. First, as a private agreement
between the GSEs
and the New York State Attorney General, the HVCC is an
industry stan-
dard instead of a federal regulation. In fact, the HVCC was
implemented
2See the Reuters article
http://www.reuters.com/article/2011/08/24/us-usa-
economy-appraisals-idUSTRE77N2PM20110824 and the New
York Times articles
http://www.nytimes.com/2012/10/13/business/scrutiny-for-
home-appraisers-as-the-
market-struggles.html and
http://www.nytimes.com/2013/09/15/realestate/when-
appraisals-come-in-low.html.
3Similarly, significantly low appraisal is defined as one in
which appraisal is at least
5% below the contract price. Share of low appraisals represents
the share of appraisals
with appraised values below the contract price. An appraisal is
only an opinion of a
property’s value so a deviation between appraised value and
111. contract price does not
necessarily mean the appraisal is wrong or biased. See similar
measures of appraisal
bias in Cho and Megbolugbe (1996), Chinloy, Cho and
Megbolugbe (1997) and
LaCour-Little and Green (1998).
4The agreement was initially known as the Home Value
Protection Program and Co-
operation Agreement. The Office of Federal Housing Enterprise
Oversight (OFHEO)
still existed as the independent regulatory agency of Fannie Mae
and Freddie Mac
when the HVCC was introduced in March 2008. In July 2008,
the FHFA was formed
by merging the OFHEO, the Federal Housing Finance Board,
and the U.S. Department
of Housing and Urban Development government-sponsored
enterprise function.
5The HVCC, which was introduced on March 3, 2008, was a
direct result of the
Washington Mutual legal case. In November 2007, the New
York Attorney General
filed suit against Washington Mutual. Because GSEs
purchased/securitized a large
portion of its mortgages from Washington Mutual, the legal case
pushed the GSEs to
issue the HVCC.
660 Ding and Nakamura
despite opposition from major federal bank regulators
(Abernethy and Hol-
lans 2010). Second, while the HVCC initially only covered GSE
loans, it
112. had marketwide effects as a result of the oligopoly power of the
GSEs and
the lack of a robust alternative secondary market for residential
mortgages.6
Third, the HVCC is believed to be a well-intentioned rule;
however, some
regulatory agencies and industry stakeholders have questioned it
for its poten-
tial jurisdictional problems and unintended consequences (U.S.
Government
Accountability Office, or GAO 2011). The rule introduced
tighter scrutiny for
appraisers, lenders, GSEs, and other stakeholders to ensure the
independence
of the appraisal process for GSE loans.7 However, as the
HVCC’s efforts to
address the conflict-of-interest issues in the middle of the crisis
induced radi-
cal changes of the entire appraisal industry, concerns arose
about the possible
decline in appraisal quality and increased difficulty in credit
access (GAO
2011, 2012). For example, one direct effect of the HVCC was
the greater use
of appraisal management companies (AMCs).8 AMCs, which act
as interme-
diaries between lenders, only accounted for a small market
share before the
crisis and received little oversight by regulators during the
crisis.9 So on the
one hand, with less influence from lenders, brokers, and other
stakeholders,
appraisers are expected to achieve more objective appraisals
and reduce the
incidence of the previously widespread inflated appraisals. On
113. the other hand,
because of the greater use of AMCs partly induced by the
HVCC and the
potential overreaction by lenders and appraisers, the quality of
appraisals may
6FHA adopted the HVCC on January 1, 2010, eight months later
than the GSEs. GSEs
accounted for about 69.4% of all mortgage originations in 2009;
the GSEs and FHA
together accounted for about 90% (Inside Mortgage Finance
2013).
7The HVCC was designed to enhance the independence and
accuracy of the
appraisal process primarily by the following: (1) prohibiting
lenders and third parties
with an interest in the mortgage transaction from influencing
the development,
reporting, result, or review of an appraisal report, (2) requiring
only the lender
or any third party specifically authorized by the lender to select,
retain, and
provide for payment of all compensation to the appraiser, (3)
requiring absolute
independence between the loan production function and the
appraisal function
within a lender’s organization, (4) limiting communications
between loan pro-
duction staff and appraisers, and (5) requiring lenders to ensure
that borrowers
receive a copy of the appraisal report within a certain period
before closing. See
http://www.fhfa.gov/Media/PublicAffairs/Documents/HVCCFin
alCODE122308_N
508.pdf for more details about the HVCC.
8GAO (2012) suggests that some practitioners reported that the
114. HVCC led some
lenders to outsource appraisal functions to AMCs because they
thought using AMCs
would allow them to demonstrate compliance with these
requirements easily.
9One major concern is that more appraisals are being done by
AMC appraisers, who
likely had received more business because of the HVCC. These
appraisers may lack
the knowledge of the local market because AMCs operate
nationally but do not have
appraisers in all local areas. In addition, AMC appraisers are
usually paid less, which
may induce them to invest less time and introduce more bias
(GAO, 2012).
The Impact of the Home Valuation Code of Conduct 661
deteriorate and the share of low appraisals could become
artificially high after
the HVCC. This, in turn, could cause real estate deals to fall
apart.
Using a unique transaction-level appraisal data set that contains
both approved
and nonapproved mortgage applications, this study examined
the effect of the
HVCC using a difference-in-differences approach. Because not
all mortgage
applications were subject to the HVCC, we can use statistical
models to iso-
late the effects of the HVCC by comparing changes in appraisal
and mortgage
outcomes pre- and post-HVCC for the HVCC-covered loans,
115. relative to those
of transactions that were not subject to the HVCC. We found
that the HVCC
has led to a significantly increased incidence of low appraisals
and a reduc-
tion in the probability of inflated valuations: The probability of
low appraisals
among HVCC-covered transactions was at least 2.1 percentage
points higher
than those transactions not covered by the HVCC while the
share of signif-
icantly high appraisals (5% or higher than contract prices) also
decreased.
The results are robust when different evaluation periods or
different control
groups are used.
A higher incidence of low appraisals also induces higher rates
of mortgage
denials. The overall denial rates in the purchase market started
to decline
after 2009; however, the decrease in denial rates, especially in
the collateral
denial rates, was significantly lower for the HVCC-covered
applications. The
probability of denials due to insufficient collateral increase by
1.2 percentage
points post-HVCC, relative to the control group; the control
group has a 5.6%
probability of denial due to insufficient collateral.
The empirical results suggest that the HVCC has done some of
what it
was supposed to do by partially reducing inflated valuations
that were more
prevalent during the subprime boom. However, this well-
116. intentioned rule also
increases the likelihood of low appraisals and made the
origination of purchase
mortgages more difficult. Because access to mortgage credit has
been tight
since the housing crisis, more limited credit availability may
have more severe
consequences in the long term for certain populations and
neighborhoods.
Background: Home Mortgage Appraisal and the HVCC
Appraisal and Appraisal Bias
Lending institutions compare the loan amount with the market
value of the
home in making loan decisions. Such a comparison is important
because
lenders need to know the property’s market value in order to
provide informa-
tion for assessing the risk of the mortgage and their potential
loss exposure if
the borrower defaults. Appraisals, which provide an estimate of
market value
662 Ding and Nakamura
based on market research and analysis as of a specific date,
have been the
most commonly used valuation method for residential mortgage
originations
(GAO 2012).10 The appraised value and the difference between
the appraisal
and the contract price influence both the likelihood that the
117. mortgage will
default and the options that the mortgage lender has if the
borrower defaults
on the mortgage.11
In theory, an appraisal should provide an objective valuation of
the true
market value of a property; however, appraisals are often biased
and can be
significantly different from a home’s true market value. Recent
studies of the
accuracy of home mortgage appraisals in the United States
started with an
article by Cho and Megbolugbe (1996), who compared purchase
prices with
appraised values to determine whether there were systematic
differences based
on the 1993 Fannie Mae loan acquisition file. They found that
appraisals may
be biased since too many mortgage appraisals were exactly the
same as the
transaction price, and the distribution was highly asymmetric.
More than 65%
of appraised values were above the purchase prices; about 30%
had appraisals
that were exactly the same as transaction prices; and only 5%
had appraisals
that were lower than the transaction prices. Appraisers only
assign different
value estimates when differences between perceived values and
transaction
prices are substantial. In more than 80% of the cases, the
appraisal was
between 0% and 5% above the transaction purchase price.
Chinloy, Cho and
Megbolugbe (1997) expanded on the earlier research and
118. continued to argue
that appraisal bias was present. They estimated an upward bias
of 2% and
found that appraisals exceeded purchase prices in approximately
60% of the
cases.
Agarwal, Ben-David and Yao (forthcoming) documented the
appraisal bias
for residential refinance transactions. They used the difference
in the ini-
tial appraisal of the refinance transaction and the subsequent
purchase price
compared with changes in the prices of pairs of consecutive
purchase trans-
actions, as a proxy for valuation bias. They found that the
appraisal bias
10Methods other than appraisals, such as broker price opinions,
automated valuation
models, or other mixed methods usually take less time and are
less expensive but
are often less reliable. When performing appraisals, appraisers
can use one or several
approaches to determine value, including sales comparison,
cost, and income. Of these,
the sales comparison approach is most widely used, which
compares and contrasts the
property under appraisal with recent offerings and sales of
similar properties.
11The precise value of the home on the market provides crucial
information to the mort-
gage lender because the equity stake of a mortgage at
origination, usually measured
by the loan-to-value (LTV) ratio, reflects the credit risk of a
mortgage application. In
119. practice, lenders usually use the lesser of sales price and
appraisal as the value of the
property in calculating LTV ratios (Nakamura 2010).
The Impact of the Home Valuation Code of Conduct 663
for residential refinance transactions was above 5% for a
national sample of
conforming loans. The bias was found to be larger for highly
leveraged trans-
actions (high loan-to-value or LTV), around critical leverage
thresholds, and
for transactions through a broker. However, in a study focusing
on the behav-
ior of appraisal professionals, Tzioumis (forthcoming) found
only a minority
of residential real estate appraisers systematically inflated
appraisal values for
home purchase loan applications.
When appraisals are biased upward, they provide documentation
for loans
larger than what the collateral’s market value justified. This
makes mortgages
riskier, and the risk of mortgage default increases.
Unfortunately, there has
been very little academic work examining the impact of biased
appraisals
despite the importance of the subject. LaCour-Little and
Malpezzi (2003) used
a small data set from Alaska in the 1980s to illustrate that for a
single thrift
institution in that state, appraisal bias was positively associated
with more
120. frequent defaults. Agarwal, Ben-David and Yao (forthcoming)
also found
that refinance mortgages with inflated appraisals default more
often; however,
lenders account for the appraisal bias through pricing by
charging higher rates
for mortgages that have higher appraisal bias.
Determining Factors of Appraisal Bias and the HVCC
The conflict-of-interest issues related to appraisals have been
cited as a po-
tential explanation for the upward bias in several empirical
studies (e.g., Cho
and Megbolugbe 1996; Chinloy, Cho and Megbolugbe 1997).
Appraisers
face asymmetric costs from overstating versus understating:
While an above-
contract price appraisal will have no direct impact, deals could
be threatened
by appraisals that fall below the prices that buyers and sellers
had agreed to
previously. Buyers, sellers and real estate agents, as well as
lenders who do
not bear the risk of originated loans, all have a vested interest
in getting an ap-
praisal that is not less than the contract price and completing
the sale. The way
to ensure the deal is for the appraisers to assess slightly higher
than (or equal
to) contract prices. Much anecdotal evidence suggests that such
bias exists,
such as the well-known legal case involving Washington Mutual
in which the
lender was found to put pressure on eAppraiseIT (an AMC) to
generate sys-
121. tematically high appraisals between July 2006 and April
2007.12 The HVCC,
together with a set of other regulations and policies, was
developed to govern
12According to Agarwal, Ben-David and Yao (forthcoming),
Washington Mutual
threatened to discontinue its contract with eAppraiseIT and
actually did so in a number
of cases. With the pressure from Washington Mutual,
eAppraiseIT produced a list of
“proven accepted” (by Washington Mutual) appraisers. In
November 2007, the New
York Attorney General filed a lawsuit against Washington
Mutual, resulting in the
HVCC.
664 Ding and Nakamura
the selection, communication, and possible coercion of
appraisers in an effort
to address the conflict-of-interest issues related to appraisal
practices.
Cho and Megbolugbe (1996) found that appraisal outcomes are
different for
loans with different characteristics: Approved loans by Fannie
Mae with low
LTV ratios and/or high house prices are more likely to have
negative appraisal
gaps (low appraisals). They suspect that these loans are more
likely to be
approved despite negative appraisal gaps. LaCour-Little and
Green (1998)
122. conducted the only known empirical study that examines the
role of appraisals
in the residential mortgage lending process, though the study
sample is quite
small (fewer than 3,000 observations). They found that low
appraised value
is related to proxies for neighborhood quality instead of census
tract racial
composition. Properties securing adjustable rate mortgages,
condominiums,
and properties purchased by African American buyers are also
found to have
an increased probability of low appraisals.
Based on a theoretical model and empirical evidence, Calem,
Lambie-Hanson
and Nakamura (2014) demonstrated that the mortgage practice
that requires
the use of the lesser of the transaction price and the appraised
value in the
calculation of LTV ratios results in upward bias of appraisals,
especially
the extremely high incidence of appraisals which are exactly the
same as or
slightly higher than contract prices. They consider the
proportion of appraisals
that are set at the accepted offer price or very slightly above as
“informa-
tion loss,” since no precise information is conveyed by these
appraisals.
Except for this study, the only rigorous empirical study on the
impact of
HVCC was Agarwal, Ambrose and Yao (2014), which found the
magnitude
of the observed appraisal bias in the refinance market was
reduced after
123. HVCC.
It needs to be noted that the housing market was experiencing
significant
changes when the HVCC was first introduced. The lack of
market sales,
especially mortgage-financed sales, may lead to high degrees of
uncertainty
in appraisals (Lang and Nakamura 1993) and could lead to more
mortgage
denials (e.g., Blackburn and Vermilyea 2007). The sharp
increase in distressed
property sales, which could be recorded and used as
comparables in the
appraisals of nondistressed properties,13 may cause a downward
drag on
house value estimates.
13According to the Appraisal Institute (2008), an appraiser
should not ignore foreclo-
sure sales if the consideration of such sales is necessary to
develop a credible value
opinion. Only sales that might have involved atypical seller
motivations (e.g., a highly
motivated seller), such as a short sale, could be ignored.
The Impact of the Home Valuation Code of Conduct 665
Appraisal and Mortgage Lending Decisions
Appraised values and the difference between appraisals and
contract prices
have a direct effect on mortgage outcomes. A low appraisal may
force a seller
124. to sell the property at a price lower than the agreed-upon
amount. If a seller is
not willing to take a loss, the sale could be canceled. Second,
low appraisals
may cause lenders to seek larger down payments. Low appraised
value may
simply push the loan applicant to get a higher LTV loan. When
the borrower
is capital constrained, however, this may cause the lender to
reject the loan
application. So while an above-contract price appraisal will
have no direct
impact, a low appraisal may require buyers to come up with an
extra down
payment or pay a higher price (a higher interest rate or
mortgage insurance
that otherwise may not be needed), or it may result in a buyer
withdrawing or
a lender rejecting the application. LaCour-Little and Green
(1998) confirmed
that a low appraised value significantly increases the
probability of mortgage
loan application rejection. A low appraisal raises the likelihood
of denial by
1.8 percentage points, while an appraisal that is the same as the
offer price
also raises the probability of denial by 0.6 percentage point.
This study is related to studies on lending disparities in the
mortgage market,
which tested the associations between neighborhood income,
racial compo-
nent, or center city location and mortgage lending (see review
in Ladd 1998).
Other studies, which are more relevant to this analysis, have
investigated
125. the impact of various government regulations on mortgage
lending decisions.
Such examples include studies on the impact of state
antipredatory lending
laws on mortgage lending (e.g., Harvey and Nigro 2004; Bostic
et al. 2008)
or on the impact of state foreclosure laws on mortgage lending
(Pence 2006).
This study contributes to the literature by providing new
evidence of the im-
pact of the HVCC, a major appraisal rule enacted in the housing
crisis, on
appraisal and mortgage outcomes.
Data
This analysis used two primary data sets. The first one is the
FNC, Inc.’s
collateral database (FNC data), which provides a national
sample of appraisal
records, regardless of whether they end up with mortgage
originations. The
FNC data have been built from the data aggregated from major
mortgage
lenders that agreed to share their nonconfidential appraisal data
with FNC.
The FNC data have information on property type, contract date,
appraisal
date, rounded sales price (rounded up to the next $50,000),
appraisal-price
percent difference, zip code and county code of the property.
The second
data set is the expanded Home Mortgage Disclosure Act
(HMDA) data with
information on mortgage application action dates (approval
dates, denial dates
126. 666 Ding and Nakamura
or other action dates) compiled by the staff of the Board of
Governors of the
Federal Reserve System. Compared with the publicly available
HMDA data,
this data set allows us to identify the timing of mortgage
applications much
more precisely.
The FNC data have some unique features compared with the
data sets used in
prior studies and can provide insights about the appraisal
practices during the
housing crisis. Prior studies using approved loans only suffer
from a selec-
tion bias: Appraisals in the approved samples are a conditional
distribution-
conditional on the loan being made. Since applications with
appraised values
lower than contract prices are more likely to be denied, the
focus on the
approved loans induces an underestimate in the incidence of low
appraisals.
Second, data sets with approved mortgages usually allow only
for a compari-
son of appraised values with transaction prices, instead of the
initial contract
prices, which are not always the same as the final transaction
prices. If the
seller has been forced to renegotiate the asking price when the
appraised
value of the property is below the contract price, the observed
127. transaction
price could actually be lower than the contract price. Of course,
this data set
has limitations, such as the sparse information on the borrower
and mortgage
characteristics and the underrepresentation in certain markets.14
Figure 1 based on the FNC data shows the change in the share
of low
appraisals over time. In 2006 and 2007, the share of low
appraisals was
between 4% and 6% nationally. After increasing slightly in
2008, the share
of low appraisals started to increase sharply after the enactment
of HVCC
(from 8.3% in the fourth quarter of 2008 to 14% and 15.2% in
the second and
third quarters of 2009, respectively), with a peak in the third
quarter of 2009.
Of course, the decline in housing prices and increase in
mortgage defaults
during this period may also help explain the dynamics of low
appraisal rates:
Housing prices bottomed out in the first quarter of 2009 while
the mortgage
serious delinquency rate peaked in the fourth quarter of 2009
(Figure 1).
Figure 2 further compares the distribution of the appraisal ratio
pre- and post-
HVCC. The share of low appraisals increased from 9.1% in the
six months
before the HVCC to 15.0% in the six months after the HVCC.
The share of
appraisals slightly higher than (or equal to) contract prices (0%
to 1%) also
increased slightly, while the share of significantly high
128. appraisals decreased
significantly, from 22.3% pre-HVCC to 14.6% post-HVCC.
Overall, at the
14Due to privacy considerations, geographical information in
FNC data is only avail-
able at the zip code level. Information on individual borrowers,
mortgage applications,
property condition, and property address is generally
unavailable. Some sand states
including Arizona, California, Florida and Nevada are
overrepresented, while the
Midwest areas are slightly underrepresented (see Table 9).
The Impact of the Home Valuation Code of Conduct 667
Figure 1 � Share of low appraisals for the United States first
quarter 2006 to third
quarter 2012.
Note: Share of low appraisals represents the share of appraisals
with appraised values below the
contract price.
Source: FNC data, LPS data, and CoreLogic HPI.
aggregate level, the distribution curve became more leptokurtic
and shifted to
the left after the HVCC: More appraisals came in below, equal
to, or slightly
higher than the contract prices, while there were fewer
appraisals that were
significantly higher than contract prices.
Descriptive Analysis: A Difference-in-Differences Approach
129. The changes in the appraisal ratio after the HVCC at the
aggregate level do
not necessarily reflect the independent effect of the HVCC on
appraisal out-
comes. As a source of plausibly exogenous variation, we exploit
the fact that
by regulation, only mortgages below the Conforming Loan
Limits (CLL)15
15The national conforming loan limit for mortgages that finance
single-family one-
unit properties was $417,000 for 2006–2008, with higher limits
for certain statu-
torily designated high-cost areas and mortgages secured by
multifamily dwellings.
The Economic Stimulus Act (ESA) of 2008 temporarily raised
the CLLs in des-
ignated high-cost areas in the contiguous United States to up to
$729,750. These
higher temporary CLLs were then extended several times,
finally expiring on
September 30, 2011. Data for the CLLs at the county level are
available at
http://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-
Loan-Limits.aspx.
668 Ding and Nakamura
Figure 2 � Distribution of appraisal ratios pre- and post-HVCC.
Note: Appraisal ratio is defined as appraised value less contract
price as a percent of contract
price. Pre- and post-HVCC periods are defined here as the six
130. months before and after the HVCC
(October 1, 2008, to March 31, 2009, versus June 1, 2009, to
November 30, 2009). All appraisals
are included.
Source: FNC data.
are eligible for GSE purchase and thus subject to the HVCC. By
regulation,
the CLL is a key determinant of whether a loan application is
eligible to be
purchased/securitized by GSEs and subject to the HVCC:
Mortgages below
the CLL are eligible to be purchased by the two GSEs, which
either hold the
mortgages or package them into securities and sell the securities
to investors,
while applications for mortgages above the CLL (jumbo loans)
are ineligi-
ble to be purchased by GSEs, and thus are not subject to the
HVCC.16 So
appraisals for loans under the CLLs can be roughly treated as
the treatment
group, while appraisals for loans above the CLLs can be
considered as the
control group.17 By comparing the changes in the appraisal and
loan applica-
tion outcomes pre- and post-HVCC between the treatment and
control groups
16Jumbo mortgages are only a subset of the nonconforming
market because loan
characteristics other than size can also make a loan
nonconforming. But these other
underwriting criteria are not as clearly defined as the size limit.
17When the CLL changed during the study period in a number
of areas, the highest
131. level CLL was used to determine the control group, while the
lowest level CLL was
used to identify the …
sustainability
Article
An Optimal Rubrics-Based Approach to Real
Estate Appraisal
Zhangcheng Chen 1,2,3,4, Yueming Hu 1,2,3,4,5,*, Chen Jason
Zhang 6 and Yilun Liu 1,2,3,4,*
1 College of Natural Resources and Environment, South China
Agricultural University, Guangzhou 510642,
China; [email protected]
2 Key Laboratory of the Ministry of Land and Resources for
Construction Land Transformation,
South China Agricultural University, Guangzhou 510642, China
3 Guangdong Provincial Key Laboratory of Land Use and
Consolidation,
South China Agricultural University, Guangzhou 510642, China
4 Guangdong Province Land Information Engineering
Technology Research Center,
South China Agricultural University, Guangzhou 510642, China
5 College of Agriculture and Animal Husbandry, Qinghai
University, Xining 810016, China
6 Department of Computer Science and Engineering, Hong
Kong University of Science and Technology,
132. Hong Kong, China; [email protected]
* Correspondence: [email protected] (Y.H.); [email protected]
(Y.L.)
Academic Editors: Laurence T. Yang, Qingchen Zhang, M.
Jamal Deen and Steve Yau
Received: 27 February 2017; Accepted: 26 May 2017;
Published: 29 May 2017
Abstract: Traditional real estate appraisal methods obtain
estimates of real estate by using
mathematical modeling to analyze the existing sample data.
However, the information of sample
data sometimes cannot fully reflect the real-time quotes. For
example, in a thin real estate market,
the correlated sample data for estimated object is lacking, which
limits the estimates of these
traditional methods. In this paper, an optimal rubrics-based
approach to real estate appraisal is
proposed, which brings in crowdsourcing. The valuation
estimate can serve as a market indication
for the potential real estate buyers or sellers. It is not only
based on the information of the existing
sample data (just like these traditional methods), but also on the
extra real-time market information
from online crowdsourcing feedback, which makes the
estimated result close to that of the market.
The proposed method constructs the rubrics model from sample
data. Based on this, the cosine
similarity function is used to calculate the similarity between
each rubric for selecting the optimal
rubrics. The selected optimal rubrics and the estimated point are
posted on a crowdsourcing platform.
After comparing the information of the estimated point with the
optimal rubrics on the crowdsourcing
platform, those users who are connected with the estimated
133. object complete the appraisal with their
knowledge of the real estate market. The experiment results
show that the average accuracy of the
proposed approach is over 70%; the maximum accuracy is 90%.
This supports that the proposed
method can easily provide a valuable market reference for the
potential real estate buyers or sellers,
and is an attempt to use the human-computer interaction in the
real estate appraisal field.
Keywords: real estate appraisal; optimal rubrics; similarity;
cosine similarity function; crowdsourcing
1. Introduction
Real estate prices are a major concern. They are associated with
economic development, which
in turn affects governmental decision making and general well-
being [1–5]. Developing an appraisal
method for real estate is thus important to academic research
and to government decision making and
could fill a real estate industry need [6–9]. It helps to promote
the sustainable development of the real
estate market.
Sustainability 2017, 9, 909; doi:10.3390/su9060909
www.mdpi.com/journal/sustainability
http://www.mdpi.com/journal/sustainability
http://www.mdpi.com
http://dx.doi.org/10.3390/su9060909
http://www.mdpi.com/journal/sustainability
Sustainability 2017, 9, 909 2 of 19
134. The real estate trade is a process of negotiation between buyers
and sellers. With the development
of economic society, there is an urgent need to develop an
effective and efficient approach for estimating
the market price of real estate, which can provide a market
indication for the potential real estate
buyers or sellers [10].
There are three common traditional real estate appraisal
approaches: the cost approach, the income
approach, and the market-comparison approach [11,12]. The
cost approach is based on the cost of real
estate during development and construction and uses the cost to
represent the real estate price [2].
The cost of real estate includes land cost, buildings cost,
supporting facilities cost, marketing cost, etc.
Although the cost approach is suitable for situations where the
real estate does not bring direct revenue
or has some particular purpose, such as schools, parks, and
public squares, it has limitations [13].
The main problem is that the real estate price is not only
decided by the cost but also by the revenue
the real estate will bring and by other factors [14]. For example,
in the real estate price of a shopping
mall and office building, the cost price is only a small part, and
the majority is the gross yield and tax.
The income approach is based on a utility theory of economics,
which evaluates the real estate
price by discounting its expected profitability [15,16]. With the
exception of the net cost of the real
estate in question, it will consistently gain in value over time.
Although the income approach can be
widely used for evaluating real estate prices in a recurring
income situation, like office buildings, hotels,
and apartments, it also has limitations; that is, not all real estate
135. has expected revenue. The income
approach is not appropriate for appraising non-revenue
producing real estate, such as schools, parks,
and churches [17].
The market comparison approach uses experts to evaluate real
estate prices, who optimize and
modify the coefficient according to the recent sale records of
similar transactions and finally confirm
the real estate price [10]. Although the method can best fit real
economic activities and is currently
the most popular approach for real estate appraisal, it is limited
by the recent similar transaction
information [18,19]. It does not work well when applied in a
thin market.
Some other emergent methodologies are growing in acceptance,
named automated valuation
models (AVMs) [20]. The International Association Assessing
Officers (IAAO), the International
Valuation Standards Council (IVSC), and the Royal Institution
of Chartered Surveyors (RICS) all have
formulated and promulgated the Standard on Automated
Valuation Models [21,22]. These standards
define the Automated Valuation Models (AVM) as mathematical
models based on computer programs,
which can evaluate real estate through analyzing the
characteristic information of the real estate in
the collected sample data. There are many varieties of these
mathematical models, such as hedonic
regression analysis, clustering regression, multiple regression
analysis, neural network, or geographic
information systems [23–30]. If AVMs are used in a very
homogeneous area, the estimates can be quite
accurate. However, when they are used in a heterogeneous area,
such as a rural area, the estimate