Family Law Essay Example | Topics and Well Written Essays - 2500 words - 3

Family Law - Essay Example of marriage relationships3 have made fair redistribution of financial assets on divorce a daunting task to judges, while the legal advisers and parties remain largely uncertain of the outcome. The present research attempts to understand the legal developments concerning ancillary relief over the past ten years in England and Wales, and analyse to what extent they have been successful in achieving a fair outcome for the parties concerned in such applications. Given the fact that a ‘fair outcome’ in a claim proceeding is influenced by the legislative coverage, the court’s approach in interpreting the provisions and the complexity rules and procedures, the review of legal developments shall essentially consider the major changes to the legislation, the major developments in case law as well as the changes to the rules and procedures towards achieving a fair outcome for the parties. Ancillary relief – the apportioning of financial assets and income of the parties to the marriage– remains one of the major issues to be resolved on divorce. The basic law and judicial considerations for ancillary relief are contained in Part II of the Matrimonial Causes Act (MCA) 1973, amended by the Matrimonial and Family Proceedings Act 1984 imposing a ‘clean break’ obligation on the courts. Statutory improvements have been impacted the provisions, a review of which shall be endeavoured. The 1973 Act provided courts with the power award maintenance and grant lump sums via division of income, but more significantly to make property adjustment orders, enabling capital division of assets.4 While this by itself was ‘revolutionary reforming measure,’5 as traditionally ancillary relief was limited to only income, the Act made no mention of the pension rights of the spouses, except merely stating it as a ‘benefit’ for consideration while dividing family assets. Considering the fact that during the marriage both parties would have looked to it as a joint fund for their

United States Federal Tax Law Assignment Example | Topics and Well Written Essays - 2000 words

United States Federal Tax Law - Assignment Example United States Federal Tax Law On January 3, 2009, Kathy and Frank Willow got married and entered into a contract with Hive Construction Corporation to build a house for $3,000,000 to be used as their main home. On November 10, 2010, when the outstanding principal balance on the mortgage loan was $2,500,000, the FMV of the property fell to $1,750,000 and Kathy and Frank abandoned the property by permanently moving out. They had made interest payments of $130,000 in 2009 and 2010 and paid $50,000 of principal in each year of those years (2009 and 2010) to bring the mortgage balance from $2,600,000 to $2,500,000 just before the date of abandonment. The lender foreclosed on the property and, on December 5, 2010, sold the property to another buyer for $1,750,000. More than one year after the foreclosure, and after heated negotiations, the couple convinced Outside Lender to cancel the remaining debt. So, on December 26, 2011, the lender canceled the remaining debt owing. Kathy and Frank are filing a joint return for 2011. On December 26 2011, Kathy and Frank had $15,000 in a savings account, household furnishings with an FMV of $17,000, a car with an FMV of $10,000, and $18,000 in credit card debt. The household furnishings originally cost $30,000. The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. Kathy and Frank had no adjustments to the cost basis of the car. Kathy and Frank had no other assets. ... Kathy and Frank had no other assets or liabilities at that time, except for the Disputed Amount that remains in dispute. (a) What are the tax consequences to Kathy and Frank, if any, for each year? It should be noted that foreclosure occurred before Kathy and Frank cancelled their debt; therefore, they are liable to gain or loss from the foreclosure. Since they maintained personal liability for the $ 750,000 of the remaining debt, then they were liable to cancellation. Additionally, the insolvency exclusion cannot apply in the Kathy and Frank case since their indebtedness did not qualify for the principal residence (Lyon 64). However, the same could have only applied if their insolvency could have been excluded instead of the indebtedness. Additionally, it should be considered that the remaining part of the debt just before the cancellation did not qualify as principal residence indebtedness since only part of the loan could qualify as the principal indebtedness. Therefore, Kathy and Frank must have ordered for the cancellation. (b) Same as (a) except Hive Construction Corporation financed the purchase of the house for Kathy and Frank and Hive Corporation agreed to reduce the debt to 1,750,000 on December 26 2011 and Kathy and Frank continue to live in the houseand there was no foreclosure in 2010? To this extent, Kathy and Frank do not have the right to elect insolvency exclusion as could be in the case of principle residence exclusion. However, they are liable to apply for the insolvency exclusion to $500,000 for the nonqualified debts since such debt is never qualified as principal residence indebtedness. Kathy and Frank have no tax attribute up to the year 2010 other than the use of basic

Microelectronic Pill Essay Example for Free

Microelectronic Pill Essay 1: ABSTRACT The invention of transistor enabled the first use of radiometry capsules, which used simple circuits for the internal study of the gastro-intestinal (GI) tract. They couldnt be used as they could transmit only from a single channel and also due to the size of the components. They also suffered from poor reliability, low sensitivity and short lifetimes of the devices. This led to the application of single-channel telemetry capsules for the detection of disease and abnormalities in the GI tract where restricted area prevented the use of traditional endoscopy. They were later modified as they had the disadvantage of using laboratory type sensors such as the glass pH electrodes, resistance thermometers, etc. They were also of very large size. The later modification is similar to the above instrument but is smaller in size due to the application of existing semiconductor fabrication technologies. These technologies led to the formation of MICROELECTRONIC PILL. Microelectronic pill is basically a multichannel sensor used for remote biomedical measurements using micro technology. This is used for the real-time measurement parameters such as temperature, pH, conductivity and dissolved oxygen. The sensors are fabricated using electron beam and photolithographic pattern integration and were controlled by an application specific integrated circuit (ASIC). 2: INTRODUCTION When Microelectronic pill is swallowed, then it will travel through the Gastro Intestinal Tract simultaneously perform multi parameter in situ physiological analysis After completing its mission it will come out of the body by normal bowel movement The pill is 16mm in diameter 55mm long weighing around 5 gram It records parameters like temperature, pH, Conductivity, Dissolved Oxygen in real time. It measures the body core temperature. Also compensates with the temperature induced signal changes in other sensors. It also identifies local changes associated with TISSUE INFLAMMATION ULCERS. 3:TECHNOLOGY USED IN MICROELECTRONIC PILL ION-SELECTIVE FIELD EFFECT TRANSISTOR(ISFET) The ISFET measures pH. It can reveal pathological conditions associated with abnormal pH levels These abnormalities include : Pancreatic disease Hypertension Inflammatory bowel disease The activity of fermenting bacteria The level of acid excretion Reflux of oesophagus Effect of GI specific drugs on target organs. The pair of direct contact Gold electrodes measures conductivity, by measuring the contents of water salt absorption, bile secretion the breakdown of organic components into charged colloids etc. in the GI tract. Since the gold has best conductivity among all the elements, Therefore it gives true value of conductivity as measured. Â  DIRECT CONTACT GOLD ELECTRODE The three electrode electrochemical cell detects the level of dissolved oxygen in solution. It measures the oxygen gradient from the proximal to the distal GI Tract It investigates : Growth of aerobic or bacterial infection Formation of radicals causing cellular injury pathophysiological conditions like inflammation Gastric ulceration. It develops generation enzymes linked with amperometric biosensors. ASIC The ASIC (Application Specific Integrated Circuit) is the control unit that connects together other components of the micro system. It contains an analogue signal –conditioning module operating the sensors, 10-bit analogue to digital (ADC) digital to analogue (DAC) converters, digital data processing module The temperature circuitry bias the diode at constant current so that change in temperature reflects a corresponding change in in diode voltage. The pH ISFET sensor is biased as a simple source at constant current with the source voltage changing with threshold voltage pH. The conductivity circuit operates at D.C. It measures the resistance across the electrode pair as an inverse function of solution conductivity. An incorporated potentiostat circuit operates the O 2 sensor with a 10 bit DAC controlling the working electrode potential w.r.t the reference Analogue signals are sequenced through a multiplexer before being digitized by ADC. ASIC sensors consume 5.3 mW power corresponding to 1.7 mA of current. CONTROL CHIP Size of transmitter = 8 ? 5 ? 3 mm Modulation Scheme = Frequency Shift Keying (FSK) Data Transfer Rate = 1 kbps Frequency = 40.01 MHz at 20 Â °C Bandwidth of the signal generated 10 KHz It consumes 6.8 mW power at 2.2 mA of current. RADIO TRANSMITTOR 4:Experimental The electronic pill comprise a biocompatible capsule, which consists of a chemically resistant polyether-terketone (PEEK) coating, the four microfabricated sensors, the ASIC control chip and a discrete component radio transmitter (Fig. 1). The unit I powered by two SR44 Ag2O batteries (3.1 V), which provides an operating time of 35 hours at the rated power consumption of 15 mW. The sensors were fabricated on two separate 55 mm2 silicon chips located at the front end of the capsule. The temperature sensor is embedded in the substrate, whereas the conductivity sensor is directly exposed to the surroundings. The pH and oxygen sensors were enclosed in two separate 8 nL electrolyte chambers containing a 0.1M KOH solution retained in a 0.2 % calcium alginate gel. The electrolyte maintains a stable potential of the integrated Ag/AgCl reference electrodes used by the two sensors. The oxygen and pH sensor are covered by a 12 ?m thick film of teflon and nafion respectively, and protected by a 15 ?m thick dialysis membrane of polycarbonate. The signals were conditioned by the ASIC and then transmitted to a local receiver (base station) at 40.01 MHz prior to data acquisition on a PC. The applied simplex communication link, based on a direct sequence spread spectrum communication system, can handle data from several pills at the same time. 4: APPLICATION It is used in the medical diagnosis of gestro-intestial tract disease. 5: CONCLUSION: The electronic pill will be further miniaturised for human ingestion by the incorporation of the transmitter on silicon and a reduction in power consumption by the implementation of a standby modus and serial bitstream data compression. The integration of radiation sensors and the application of indirect imaging technologies such as ultrasound and impedance tomography will improve the detection of tissue abnormalities and radiology treatment associated with cancer and chronic inflammation. 6: REFERENCES: [1] www.wikipedia.com [2] www.seminar-only.com [3] Cane, C., I. Gracia, and A. Merlos, Microelectronics Journal.

Student investment properties

Student investment properties 2.0 Introduction Property assets such as land and buildings are key resources for all types of organizations. Since there are a lots of demand in the property market, it caused investors started investing in property assets. Residential property is one of the target sectors to invest from investors speculation. However, investing in student property market (student investment properties) has become a new type of investing trend in residential property. There is an increase in the demand of student properties vicinity to any campus. Student properties are popular because of its location and accessibility. Hence, there is high demand towards the properties nearby to the area. It caused many investors involved in investing in this sector nowadays. Furniture and facilities that provided in student properties is one of the factors that will took into consideration when students renting the unit. Thus, it can be one of the factors that investors will have to think of when investing in student property market. Furthermore, this chapter will discuss about the definition of investment, characteristic of real estate, parties involved in property investment, definition of rate of return / return on investment, capitalization rate, factors and reasons that should be considered when investing in student property market (student investment properties). 2.1 Definition of Investment Investing is defined in several ways, such as placing money for profitable purposes, or extending capital in return of perceived profits. Another definition for investing, favored by many economists, which is known as â€Å"Investing is defined as giving up present consumption in exchange for future benefit†. Business Dictionary defined that investment is money committed or property acquired for future income. In addition, it is also known as trading between risk and reward while aiming for incremental gain and preservation of the invested amount (principal). Two main classes of investment are: Fixed income investment such as bonds, fixed deposits, preference shares Variable income investment such as business ownership (equities) and property ownership. Investment means the purchase of any incoming yielding asset, such as securities (stocks and bonds), or real estate. The assets themselves are also referred to as investments due to financial theory. In economic theory, investment means expenditures for additions to capital. Capital is usually defined as man-made goods used in production, such as machines and other productive equipments (Anatol Murad, 1962). 2.2 Characteristics of Real Estate There are two types of characteristics which are known as physical and economic. (Real Estate Decision, 2002) 2.2.1 Physical Characteristic Physical characteristic of land are its immobility, indestructibility, and nonhomogenity. Once the size and shape of a parcel of land are established, the legal nature of the land is also established with respect to mineral and air rights. Knowledge of the legal concept of land is important for making an analysis of its physical characteristics. Land in its legal sense is immobile because it cannot be moved from one place to another. Moreover, The location of the mineral rights and the air rights cannot be moved even if the surface is moved. Land is indestructible in the sense that movement of the surface does not destroy the full package of rights. Even though there are many types of human act that may destroy the land but they are not capable to destroy land in its legal sense. Land cannot be destroyed because its location cannot be destroyed. Land is non-homogeneous because each parcel of land can be distinguished from all other parcels of land on the basis of several physical characteristics. The size and shape, geological features of elevation, slope, drainage capacity, mineral composition, soil fertility, and bedrock characteristics can be different from each of parcel of land. However, even if all of these characteristics are perfectly identical, each parcel of land is unique because of its location. No two parcels of land occupy the same space on the earths surface. 2.2.2 Economic Characteristic The first economic characteristic of real estate is high price. Real estate is the only commodity that the typical consumer buys that is measured in multiples of that individuals or households income. Second characteristic of real estate is shared with many other commodities that the consumer buys. It is because purchasing a real estate is generally undertaken with borrowed funds. The third economic characteristic of real estate arises from its physical characteristics of immobility, nonhomogenity, and location. The search costs, or information gathering costs, associated with comparison shopping are greater for real estate than for any other product. Purchaser must expend money and time to examine the many different units that are being considered for possible purchase or rental. The fourth economic characteristic of real estate is scarcity. Because of total amount of land available is limited, real estate in both its components of land and improvements is not available in sufficient quantities to meet the desires that all individuals have for it. The fifth economic characteristic is the concept of situs, the economic location of a parcel of real estate. Each parcel is affected by changes in economic and demographic factors in the surrounding area because each parcel is immobile. Sixth economic characteristic is the influence that the quantity and the quality of surrounding structures and other off-site improvements to the land have on the property in question. For an example, the value of subject property increase when the quantity of desirable improvements increased, or when their physical quality improves. Finally, concept of fixity is the final economic characteristic. Real estate has a long physical and economic life because it cannot be moved or easily altered once the investment is fixed. 2.3 Investing in Real Estate According to Micheal C. Thomsett, ( 2009), there are several reasons of investing in real estate which are: It is one of the few finite investments. Land is limited resources in the world. Hence, prices will rise when it is used up. Type of development such as development of housing, office, commercial, industrial, recreational, government, and lodging purposes is also limited due to limited amount of space can be used. There is some land which is used for reserve purposes, some cannot developed due to zoning restriction and topographical problem. It shows that land which is suitable for developing has become less followed by time passing and it shall be one of the sectors to invest. Real estate is a safe investment compared with stock market. The historical record for real estate, like all markets, has had ups and down. But over time, real estate has kept pace with inflation and has usually exceed the Consumer Price Index (CPI) growth rate. The real estate cycle is highly predictable, following patterns based on normal supply and demand and varying regionally but in the same manner for each cycle. With a growing population caused by both natural increases and immigration, demand pressure on housing stock has continued. In addition, real estate is considered one of the basic needs to human. People need shelter and housing provides them with that. Hence, there are always demand in real estate. Real estate investors can have opportunities for tax shelter which given by the local government. Real estate investors in United States enjoy exceptional federal income tax benefits. The benefits are unlike those available for any other investment. The 1997 Taxpayer Relief Act dramatically improved the tax benefits of owning your own home by eliminating the tax on profits for the first $500,000 when primary residences are sold. Investors are allowed to deduct all of the necessary expenses connected with owning rental property, such as for repairs, cleaning, accounting, interest, property taxes and others. In addition, cost of improvements on the buildings over a period of years can be claim by real estate investors. Besides that, capital allowance, exemption of foreign investment tax and reduction of real property gain tax is an exceptional tax from Malaysia government to real estate investors. Fourth, real estate is a visible investment. There is something satisfying and reassuring about owning an intrinsic property. Property is an tangible object and it is a fixed. It is visible and touchable. In comparison, investing in stocks market directly or through mutual funds is an intangible investment because investors own the companys real assets indirectly. ( Micheal C. Thomsett, 2009) 2.4 Investors involve in Real Estate According to Jack Harvey , (1996), investing in real estate is usually involve private persons, private trusts and the institutions such as insurance companies, pension funds, charities, property companies, property bond funds and property unit trusts. Each of the parties involved in have different objectives and their preferences. 2.4.1 Private persons Private person can be anybody who purchases a property rather than renting it. The return received from rented the property should at least equal to what could be obtained from the return invested in elsewhere. For example, a person may rent rather than buy a shop either through lack of capital or because it is considered that the money can be more profitably employed in carrying stock, and so on. Owner-occupiers, for example, shop owners, farmers and households, are holding wealth in the form of real property. They enjoy a full equity interest income or satisfaction from the use of their property, and normally a hedge against inflation. Other private persons investing in this property sector usually have only limited funds. Thus their direct investment tends to be restricted to dwellings and secondary shops. Indirectly, however, they can invest in prime shops and offices by buying property bonds or shares in property companies. 2.4.2 Insurance companies Insurance companies try to match assets to future liabilities, and this largely determines the spread of their portfolios as between short term and long term fixed-interest investments and equity holdings. Due to short term and long term fixed interest investments, insurance companies find the advantageous to own properties directly rather than through shares in property companies because: Direct investment in property gives the company more control than an investment in property company shares A substantial holding of the shares of a property company (necessary to exercise some control) may be more difficult to dispose of than a first-class building. The prices of buildings have tended to be less volatile than the prices of property company shares. The high gearing of a property company is of little advantage to an insurance company, which always holds part of its assets in fixed money terms. Holding shares in a property company represents an inefficient way invest in property, since corporation tax is deducted from profits attributable to dividend, whereas the insurance company pays a lower tax rate on life income. Insurance companies still hold a part of their assets in mortgages as an alternative to fixed interest bearing stock. 2.4.3 Pension funds Pension funds compete strongly with insurance companies and property companies in investing in real estate. it helps to retain the real value of the accumulated pension funds. The smaller pension funds invest in property indirectly through pension fund property unit trusts, whose trust deeds limit membership to pension funds and charities enjoying tax exemption. Such trusts afford the advantages of property investment without management problems. They prefer to purchase and manage their own properties. 2.4.4 Charities and trusts Charities and trusts are concerned not only with income (from which periodic distributions are made) but also with retaining the real value of thrust funds. Consequently, although they pay no income tax, they cannot invest entirely in high yielding securities. Charities receive some investment each year. They are therefore constantly reviewing their existing portfolios. The function is to observe that possible adjustments could best serve their beneficiaries in present and future condition. 2.4.5 Property companies Property investment and development companies have grown considerably since 1945, largely reflecting the boom in urban redevelopment. Most tend to be highly geared, their capital consisting of a high proportion of loans to ordinary shares. Properties owned provide the security against borrowing, while interest charges are covered by regular rents. High gearing is beneficial to the few ordinary shareholders when profits are good, and it makes it easier to retain control. The larger companies tend to specialize in office blocks or prime shop properties, and a few (such as Slough Estates) in industrial property. Residential property investment is confined mainly to smaller companies, many of which engage in ‘break-up operations, selling houses and flats to fitting tenants or, when vacant possession is obtained, to owner-occupiers. 2.4.6 Foreign investors Overseas investment in UK property has increased considerably since the fall in property prices through the recession and the 1992 devaluation of sterling. Foreign banks have also been active in funding such purchasers. 2.4.7 Property bond funds The person wishing to invest in property is faced with the snag of having insufficient funds to buy prime property, the kind which has shown the greatest capital growth. The property bond fund, a comparatively recent innovation, partly succeeds in overcoming this difficulty. Subscribers buy a number of units in a fund which invests the money in first class property. These funds take an active interest in the management of their properties, revaluing them at fixed intervals. 2.4.8 Property unit trusts A similar principle operates with those unit trusts which specialize in property, nut in order to avoid management commitments, such unit trusts use their funds to buy shares in property companies such as hotels which are concerned with property. 2.5 Rate of Return / Return On Investment (ROI) From Wikipedia, Rate of Return (ROR), also known as Return on Investment (ROI), rate of profit or sometimes just return, is the ratio of money gained or lost (whether realized or unrealized) on an investment relative to the amount of money invested. The amount of money gained or lost may be referred to as interest, profit/loss, gain/loss, or net income/loss. The money invested may be referred to as the asset, capital, principal, or the cost basis of the investment. ROI is usually expressed as a percentage rather than a fraction. Return on Investment is the actual earnings from the investment. This is apart from any returns that represent repayment of the principal invested (called amortization). In real estate, it is sometimes difficult to determine how much of income is Return on Investment and how much is a Return of Investment. It depends on what types of properties are invested. For example, renting a property that depreciates in value, some of the rental income must go toward significant repairs or even, eventually, replacing the building when it become useless from age or obsolescence. It is vital because it makes a difference in evaluating the performance of the investment. The Return on Investment determines how well the money is invested. Return of Investment affects risk of capital. The sooner the investment is recovered, the less risk there is of losing it. Measures of Return on Investment include the equity dividend rate, based on a one year analysis, and the internal rate of return, based on a multi-year projection by using discounted cash flow techniques. There are few elements need to be included when considering rate of return. The elements are: A safe rate: the rate that could get if putting the money into a perfectly safe and liquid investment. A liquidity premium: compensates for the difficulty of and time required in selling the property. Stocks and bonds may be sold at market value within a moments notice, whereas selling real estate may take months or years. A management premium: for the burden of monitoring and making decision about the investment. A risk premium: accounts for the chance that may not get back the money invested or the return will be lower than expected. Formula for ROI = NOI Capital of the Investment 2.6 Capitalization rate Formula for Cap Rate = NOI Estimated Market Value = NOI Market Value Cap Rate From Real Estate Investment Analysis Software, it defines that Capitalization Rate (â€Å"Cap Rate†) is a ratio used to compare properties with different valuations, and to also place a value on a property based on the income it generates. The Cap Rate is computed by taking the rental net operating income (NOI) and dividing it by the propertys fair market value (FMV). The higher the Capitalization Rate is the better. Capitalization Rate or Cap Rate is also known as a ratio used to estimate the value of income producing properties. Put simply, the cap rate is the net operating income divided by the sales price or value of a property expressed as a percentage. Investors, lenders and appraisers use the cap rate to estimate the purchase price for different types of income producing properties. A market cap rate is determined by evaluating the financial data of similar properties which have recently sold in a specific market. It provides a more reliable estimate of value than a market Gross Rent Multiplier since the cap rate calculation utilizes more of a propertys financial detail. The GRM calculation only considers a propertys selling price and gross rents. The Cap Rate calculation incorporates a propertys selling price, gross rents, non rental income, vacancy amount and operating expenses thus providing a more reliable estimate of value. The Cap rate may vary in different areas of a city for many reasons such as desirability of location, level of crime and general condition of an area. In a real estate market where net operating incomes are increasing and cap rates are declining over time for a given type of investment property such as office buildings, values will be generally increasing. If net operating incomes are decreasing and capitalization rates are increasing over time in a given market place, property values will be declining. From Investopedia, capitalization rate is a method used to convert an estimate of a single years income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. 2.7 Reason that student property market is attractive to investors, Real Estate Research in United Kingdom, 2007 The student property market is attractive to investors for a number of reasons. Firstly, demographic trends support increasing demand, in terms of both the magnitude of population growth and matriculation rates. University-owned supply has failed to keep pace with demand growth, leaving a large and growing supply gap, as the private sector has been slow to fill the void. Moreover, much of the existing student housing stock is old and obsolete, and does not meet evolving industry standards or satisfy student preferences in terms of unit design and project amenities. Thus, the effective gap between the units preferred and those actually supplied is magnified. Per-unit rents for student housing generally exceed those for normal apartments, as units have more tenants paying rent. Recent rent growth also has been greater. Rents and occupancy tend to be less sensitive to economic cycles than normal apartments. It does not affect much by economic factor especially during economic recession period. Besides that, credit-loss at student complexes typically is below that of conventional apartments because they got parents as their guarantee. Parents are the person who responsible to the rental paying of the students. Thus, it makes the investors in this sector more secure. 2.8 Risk factor when investing in student property, Real Estate Research in United Kingdom, 2007 Student property presents a number of challenges and risks unique to this sector, which if not managed property, can affect the performance of the investment. They are: Short leasing cycle: Most student property is leased during a narrow window of time during the spring semester, and few students move during the academic year, so prospects for filling vacancies once this window has passed are limited. If management has misjudged rents or amenities, it could have long-term implications for the project. High reliance on a single source of demand: Demand for student property primarily comes from one nearby university (though student housing projects in urban markets sometimes can draw from more than school). Developers and investors must know the local student population and admission trends and gear their product toward their student base. High turnover: Unit turnover during the academic year is small, but only about one-third of students typically renew, creating high annual turnover that all occurs in a concentrated time. Reputation: Word of mouth is the key to marketing efforts for off-campus property. If a property is not well managed or maintain, students will quickly spread the word, which could affect future demand. Wear and tear: Maintenance costs can be higher for student property due to more intensive use by the students, and the short time to turn-around units ( though the perceived extent of student abuse is sometimes exaggerated relative to the reality). Economic cycles: The demand for student housing overall is less cyclical than that for other real estate categories. Student enrollments do not vacillate as dramatically as do, say, employment and consumer spending. Even so, students will seek for less expensive units during recessions. Weak market conditions for regular apartments can attract students seeking bargain rents. 2.9 Summary of Chapter This chapter on literature review has discussed the definition of investment, rate of return, capitalization rate, characteristic of real estate, investors investing in real estate, reason investing in real estate, reason investing in student property market (student investment property) and risk investing in student property market (student investment property). Rate of Return / Return on Investment is considered same as Capitalization Rate in this study. Capital of the investment is similar with market value of the property that would be investing in. In addition, research methodology used in gathering the information will be discussed in the following chapter. The process of data collection, analysis and determination on study area also will be explained in the following chapter.

Epic of Beowulf Essay - Qualities of a Hero :: Epic of Beowulf Essay

Beowulf:   Qualities of a Hero A hero is someone that helps others no matter what the situation. There are many qualities that a hero must posses such as bravery, courage, strength, intelligence and honor. These qualities alone are not enough to make a hero. They must also be pure at heart, fight for the good of mankind and only fight when it is to protect the people and not out of revenge. Beowulf is everything a hero should be, but contains a few qualities that a hero should not posses. When Beowulf sailed with his men to Herot he had one goal, to rid the hall of Grendal. Beowulf was under no obligation to destroy Grendal and never asked for anything in return for his services. A true hero would never ask for money or anything of value. He put his life at risk to save the people of Herot, who he didn’t even know, out of his own good nature Great strength has been a trait that has been identified with heroes in many stories and legends. Than he saw hanging on the wall, a heavy Sword, hammered by giants, st rong And blessed with their magic, the best of all weapons But so massive that no ordinary man could lift... (II. 1557-1560) Beowulf possessed great strength that separated him from other men. Being able to use a sword that no ordinary man was able to carry gives the feeling that Beowulf is something more than a human being. It makes him special and causes him to stand out from all other men. Fame is something that makes a hero more noted. Beowulfs popularity had spread all over the world. He never let this go to his head and he never thought that he was better than everyone else because of it. â€Å"Your fame is everywhere, my friend,/Reaches to the ends of the earth, and you hold it in your heart wisely...† (II.1704-1706). A hero should not be foolish or full of himself. Unferth said: You’re Beowulf, are you- the same Boastful fool who fought a swimming Match with Brecca, both of you daring and young and proud,exploring the deepest Seas, risking your lives for no rea son But the danger? (II. 506-511) A hero should not have to prove to himself or to anyone else that he is brave, fearless or courageous. If he is pure a heart and his intentions are good then he can be considered a true hero.

As You Like It, The Passionate shepherd to His Love, and The Nymphs Re

Contrasting As You Like It, The Passionate shepherd to His Love, and The Nymph's Reply to the Shepherd      Ã‚  Ã‚   The pastoral settings in Shakespeare's As You Like It, "The Passionate shepherd to His Love" by Christopher Marlowe, and "The Nymph's Reply to the Shepherd" by Sir Walter Raleigh collectively portray contrasting ideas about nature. Marlowe idealizes pastoral life while Raleigh's companion piece shows its negative aspects. As You Like It explores both the positive and negative qualities. Pastoral settings conventionally carry the connotation of a nurturing and wholesome environment, similar to the philosophical ideas of the superiority of a natural man. In nature, there are different rules from society in which things work together for a common good. In As You Like It, Orlando, thinking that nature is savage, pulls his sword and demands food of the disposed duke. What Orlando finds is that nature is less savage than civilization. Duke Senior, who promises to give Orlando all that he has, describes the splendor and bounty of nature with "tongues in trees" and "books in the running brooks." The court comes to the pasture, seeking food, clothing, and shelter, and finds fulfillment there. A shepherd, who resembles the chivalric Duke Senior taking care of his flock, protects the animals in his care just as nature provides him with food, clothing, and shelter. A shepherd's wife must support and help take care of the shepherd. Marlowe's passionate shepherd tries to woo his love by promising the best "wool" from "our pretty lambs," beautiful fields in which to reflect, "beds of roses" to sleep on, "A cap of flowers, and a kirtle/ Embroidered all with leaves of myrtle." She will also have "Fair-lined slippers for the col... ... to the shepherd if she accepted his proposal. Even though Phebe settles for Silvius, when she finds out Ganymede is really a woman, her happiness is only bitter-sweet.    The pastoral scenes in As You Like It and in the companion poems by Marlowe and Raleigh show nature as a refuge with wonderful mysteries, a place of infectious love, and still a cruel, savage place. Nature is all of these things, an amalgam of mixed blessings, which in differing contexts may be both beneficial and deceptively vicious.       Works Cited    Marlowe, Christopher. "The Passionate shepherd to His Love." Various versions have been consulted.    Raleigh, Walter. "The Nymph's Reply to the Shepherd." Various versions have been consulted.    Shakespeare, William. As You Like It. New York: Dover Publications. 1998. All quotations are from this text.   

Relationship between the three arms of government

The American government as a democratic government functions under the guidance of three government arms. The role of each arm of government is clearly spelt under the doctrine of power separation that sought to offer clear guidelines to allow the smooth and effective execution of government affairs. Bernas (1997) however claims that there are several government departments within these separate arms of government that have overlapping roles and that one certain issues it is hard to decide which arm the jurisdiction of such a controversial issue falls.However, it is argued that the founders of the nation sought to ensure the independence of all branches to ensure their supremacy in dealing with their particular spheres. However, it is necessary to note therefore that the functions of these arms of governments must adhere strictly to the constitution raising the question of who should be charged with the responsibility of enforcing those provisions. The executive arm of the government is fundamentally important to carry out the day to day running of the country. This power is usually vested upon the president and any person that the president deems fit to have power delegated to him.Therefore, the constitution mandates a duly elected president to appoint such individuals as he may see fit subject to the approval of congress. This paper in essence tries to focus on this relationship whereby a particular of the government is subject to the oversight of another in carrying out its duties. It therefore becomes necessary for the president to appoint such individuals as qualified to handle their respective duties and such individuals must hold high integrity for them to get the necessary legislative backing.The president enjoys immense powers under the constitution among which includes the responsibility of defending the constitution and protecting the United States from attacks. For this purpose it is important that his powers be subject to some form of oversight in order for it not to be misused to the detriment of ordinary Americans. The legislature is a basic necessity in any democratic nation and the United States is a pillar of freedom and hence the United States congress is the custodian of law formulation in the nation.The legislative wing consists of two separate houses expected to ensure effective and just formulation of laws to the benefit of society. The legislature is also charged with the responsibility of formulation laws regarding tax and authorizing various government expenditures. Furthermore the senate has complete authority to authorize the signing of treaties involving the nation bringing to the question of whether the executive has any true autonomous powers. It is also important to note at this juncture that it is not only congress that has influence on the executive but also the executive has considerable influence over the legislature.Most committee chairmen are appointed by party leaders, plus the fact the party leader also appoints a majority leader in congress to spear head party agendas in congress. In this regard the executive has considerable influence on the direction of congress even in ignoring the fact that the president has veto power over bills passed in congress. The other arm is the judiciary charged with the administration of justice based on equality, equity and integrity. The courts are the grounds through which conflicts are to be resolved and injustices either compensated or punished.In these solemn corridors of justice civil and criminal proceedings are initiated and the process of establishing guilt or innocence cleverly and impartially established. The court is also charged with the important duty of interpreting the constitution and establishing whether certain statues are constitutional or not. The appointment of judges is however left to the hands of the executive on the confirmation of the legislature. The judiciary is also charged with the duty to protect the rights and f reedoms of the American citizens against the exploitation of both the executive and the legislature.In this regard, the court is mandated to provide guidance and authority to the executive on the application of certain statutes that might infringe on the rights of the citizens. In this regard the court acts as the oversight authority on the excesses of the both the executive and the legislature by putting the interest of the citizens before all else. There are those who feel that oversight over government branches should be left to the masses. However, such a claim becomes rather untenable since there are no clear mechanisms to identify breach of constitution since most people lack the technical expertise to interpret the constitution.Furthermore, even when such a breach might be on the public domain there are no mechanisms for the public to stop legislation or the enforcement of the same. There fore, it becomes necessary to allow the court since it has been charged with matters per taining to the administration of justice and the upholding of the constitution. The court has the technical and legal mandate to interpret the constitution and therefore has the moral authority to rule on matters regarding the constitutionality of matters pertaining to changes or issues related to the constitution (Coxe, 2005).Opponents of the judicial power of review would seem to be lost in the fallacious belief that the authority of the judiciary to review legislations enacted by congress and senate as an interference of the role of the legislature. It can be argued if the status of other countries like the U K that bars courts from reviewing primary bills was to be taken into consideration that indeed the judiciary might have exceeded its jurisdiction. However, it is necessary and the constitution clearly stipulates that any law that is contrary to the constitution is null and void.Therefore, it is simply logical that the judiciary in exercising its role of constitutional interp retation make rulings on the constitutionality of bills passed by the legislative wing of government. This is because law makers might if no oversight exists make laws that are in their favor even if they are in contravention of the constitution. This is possible since the constitution might be subject to misinterpretation and due to its impartial nature, the judiciary can be trusted to enforce the provisions of constitution against the partisan interests of politicians.The status quo has not always been so since the various arms of government did not infringe on the operations of the other. The courts oversight on the constitutionality of legislations emanated from the ruling of the case, William Marbury v. James Madison, secretary of state of the United States. The court had ruled that Marbury’s petition to the court under the judicial act of 1789 to compel the secretary of sate to deliver his commissioning document was unconstitutional (Marshal, 1803). However, it is clear that since the three branches serve as one government, they cannot function without relating and providing oversight to each other.This creates accountability and checks against power abuse which might disadvantage the very people they are sworn in to serve. The legislator serves as an oversight against the executive and so the court must serve as and oversight on the legislature. Therefore, the present relation ship between the three branches is vital for the necessary functioning of the country and in the observance of the supremacy of our constitution. References Bernas, J. (1997). Constitutional structure and powers of Government. Manila: Rex books. Coxe, B.(2005). An essay on judicial power and unconstitutional legislation 2005. Da carpo press. Marshal, C. J. (1803). William Marbury V. James Madison, Secretary Of State Of The United States . Retrieved 1 May 2009, from http://www. law. umkc. edu/faculty/projects/ftrials/conlaw/marbury. HTML. The United States Constitution. (200 9). The executive: presidential powers. Retrieved 2 May 3, 2009 from http://www. usconstitution. net/const. html. Steven, S. (1999). The American Congress: Roles of the legislature. Boston: Houghton Mifflin.