Иностранный язык (английский) в профессиональной деятельности. Учебное пособие

Personal property

movable property — движимое имущество, движимая собственность immovable property — недвижимое имущество, недвижимость supplies — строительные материалы

belong (to) — принадлежать rate of tax — ставка налога

Assignment 1

Read and translate the text.

Assignment 2

1.Give examples of different types of property.

2.Give some examples of property rights.

Personal property

Personal property includes possessions, of really any kind, as long as those possessions are movable and owned by someone. Personal property isn't affixed to or associated with land. These movable items are sometimes known as chattels.

The law regarding chattels includes the laws covering possession, gifts, any lost property, abandoned property, and stolen property.

Personal property is usually viewed as assets. Personal property includes bank accounts, insurance policies, furniture and fixtures in the homes, vehicles, boats, collectibles, antiques and books.

It is important to note that personal property can be tangible (chattel) and intangible.

Tangible personal property is subject to physical possession. The term «chattel» refers to all kinds of tangible personal properties. Tangible personal property is a property that can be touched or felt. It can include almost anything that takes up space and is movable.

Intangible personal property (intangibles) is the opposite of tangible property. It cannot be seen or touched. It only involves a legal right. The fact that such kind of property exists is a reminder that, as far as the law is concerned, property mostly refers to legal rights and not physical things.

Intangible properties include bank accounts, insurance policies, franchises and licences, intellectual property such as copyrights, patents, and trademarks. Bonds, stocks, promissory notes, and other similar documents merely represent intangible rights. Money is also treated as an intangible.

Therefore, for a business, tangible personal property includes items the business owns such as:

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Иностранный язык (английский) в профессиональной деятельности

•Office furniture

•Business equipment

•Business vehicles

•Business goods

An intangible item is simply an item that can't be felt or touched. For a business, intangible personal property includes items the business owns such as:

•Stocks

•Bonds

•Intellectual property

•Money

Key words

chattel = chattels — движимое имущество

possession — 1) собственность; 2) владение; объект владения abandoned — заброшенный, покинутый

assets — активы

bank account — банковский счет insurance policy — страховой полис

fixtures — 1) движимое имущество, соединённое с недвижимым; 2) недвижимый инвентарь

collectable — предмет коллекционирования tangible — материальный, осязаемый intangibles — нематериальный (е) актив (ы)

intellectual property — интеллектуальная собственность

Assignment 1

Read and translate the text.

Assignment 2

Answer the following questions:

1.What is the difference between tangible and intangible assets?

2.Is a car tangible personal property?

3.Intangible assets may have a higher price compared to tangible assets because intangible assets are difficult to liquidate and can easily be exploited by the owners at a much higher price. Is this true or not? Explain your point of view.

Real property

The key difference between personal property and real property is that real property is fixed permanently to one location. This includes land and an-

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Real property

ything that is built on the land and anything that's growing on the land or that exists on and under the face of the land. In other words, real property consists of anything permanently attached to the property, examples being: a home, an attached garage, a shed or even flowers.

For a business, real property includes immovable property that the business owns, such as: land, buildings, crops, mineral rights, etc.

For example, let's say that you are in the farming business. You own a large piece of land. On the land, you have a house, a barn, a grain silo, and a stable. Each of these items is a piece of real property, because they are attached to the land. Since real property includes everything growing on your land, your real property includes crops. Once cut, these crops become a moveable good. But while these crops are growing on your land, they are a part of your real property.

Real property includes real estate, and it adds a bundle of rights. This bundle of rights consists of the rights for property owners to use their property as they see fit. In this way, real property consists of both physical objects and common law rights; while real estate only consists of physical objects. It is very important. A bundle of rights is a broad term used to organize property rights (as they relate to real estate). A bundle of rights is composed of five different rights of the property owner: the rights to possess, control, enjoy, exclude and dispose.

•The right to possess is the right to occupy the property.

•The right to control is the right to determine interests and uses for others.

•The right to enjoy is the right to use the property without outside interference.

•The right to exclude is the right to refuse others» interests or uses for the property.

•The right to dispose is the right to determine how and if the property is sold or given to another party.

So, according to the common law, the difference between real estate and real property boils down to the inclusion of the bundle of rights. Basically, real property consists of both physical objects and rights; real estate only consists of physical objects. Real estate is simply a piece of land plus any natural or artificial (man-made) improvements to the land that include trees, valuable mineral resources — anything that would normally be considered part of the land. Artificial improvements include buildings, sidewalks and fences.

There are three main types of real estate:

1. Land. This includes: vacant land, working farms, etc. The subcategories within vacant land include undeveloped, early developed or reused, subdivision and site assembly. Site assembly is the process of forming a single site from a number of lands, usually for eventual development or redevelopment.

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Иностранный язык (английский) в профессиональной деятельности

2.Residential real estate. This includes: both new construction and resale homes. The most common category is single-family homes. There are also condominiums, co-ops, townhouses, duplexes, triple-deckers, high-value homes and vacation homes.

3.Commercial real estate. This includes:

1) Multi-Family Commercial Real Estate

Multi-family commercial real estate property types include duplex homes and other construction for habitation by multiple-family groups. Condominiums are frequently called multi-family because of their construction as a group, but are normally listed and sold as single family residential units. Duplex homes are also frequently listed and sold as residential units to a buyer that lives in one side and rents out the other. Multi-family properties are a logical next step for small investors who want to move up from single family homes. They can get more profit due to economies of scale. Many times partnerships will be formed in order to invest in multi-family properties.

2) Retail Space Real Estate Properties

This category would include single buildings used as stores for clothing, electronics and other consumer products, as well as malls and the like. Restaurant spaces are a specialty subset of the retail category, with some listings shown as restaurant/retail.

Location is extremely important to retail space tenants. They need foot traffic or at least exposure to pull people to the parking lot to shop. For malls there is often an anchor tenant. It»s a larger and very popular retailer. This «anchors» the centre and the other merchants that are attracted to lease are often in related businesses. An example would be a major department store as an anchor with jewellery, clothing and shoe stores around it.

3) Office Buildings and Office Complexes

A single building designed for office use, or a group of offices in a single building or cluster of buildings would fall into this category. When offices are grouped in structures with single ownership, they are listed as commercial office rental property. The owner derives income from the rental payments of the office tenants. These can be valued based on the rental income return on investment, rather than methods using square footage and land value. Medical & Dental offices are a subset.

Office buildings can be oriented to general offices, normal business activities with desks, printers, copiers, etc. Medical offices need special equipment and the power and outlets to service it.

There are many office structures that serve small consulting and accounting businesses. They each occupy a small space and share common conference rooms and often a receptionist and reception area. Unlike a retail cen-

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Real property

tre, the tenants will need their own independent access at any time of day or night, as they have different work styles and customer types.

To engage in real estate one should know the following key definitions:

•Title: A legal term describing who officially owns the land.

•Mortgage: A loan that covers the price of a house. The new homeowner must give the lender partial ownership of the house as collateral.

•Foreclosure: The process by which the lender takes control of a house if the owner fails to pay back the mortgage.

•Closing: The meeting in which ownership of real estate is officially transferred.

•Escrow: Money or property held by a third, disinterested party for safekeeping.

•Real Estate Agent: A professional licensed to negotiate and conduct real estate transactions.

Key words

location — местонахождение, местоположение; участок mineral rights — права на разработку недр

real estate — недвижимое имущество, недвижимая собственность, объект недвижимости

artificial — искусственный

reuse — повторное использование

co-op — кооператив; кооперативная квартира

tenant — 1) наниматель, арендатор, съёмщик; временный владелец; 2) жилец cluster — группа домов, строений, зданий, имеющих один двор

anchor tenant — якорный арендатор (главный арендатор в торговом центре, привлекающий в него покупателей)

subset — подгруппа

title — право собственности; право на имущество; основание права на имущество title to land — право на владение землёй

mortgage — ипотека

foreclosure — лишение права выкупа закладной closing — завершение сделки

escrow — деньги, имущество или документ, находящиеся на хранении у третьего лица до выполнения определённого условия

Assignment 1

Read and translate the text.

Assignment 2

Answer the following questions:

1.What is the difference between real property and real estate?

2.What is real property in real estate?

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Иностранный язык (английский) в профессиональной деятельности

3.Is land real estate?

4.What is the difference between personal property and real estate?

5.Are apartment buildings commercial or residential?

6.What is the definition of commercial real estate?

7.What is a residential real estate?

The American real estate development history

In the early 1900s the methods of real estate developers changed rapidly — companies and individuals specializing in development and in commercial contracting lent their expertise and skills to the expansion and growth of the US economy. The American commerce was built on factories, industrial complexes, office buildings, and other projects constructed by real estate developers and commercial contractors. It is widely believed that the history of the American business is as much a result of the growth of real estate development as a specialty as it does it on the growth of industry and commerce in general.

The first subway in New York City opened in 1905. As a result, real estate developers quickly focused their attention on properties adjacent to the subway line and more importantly to major subway stops. The same pattern would logically follow in other cities around the country.

Most cities were, as a result, densely populated — real estate developers and commercial contractors were constructing buildings and facilities in a tightly-packed area to ensure convenient movement of goods and people.

In the late 1800s transportation and communication served to decentralize the typical city. Another fundamental dispersing force was the growth in personal income that technological change promoted. People became more prosperous, they could afford to spend more on housing and transportation. The nineteenth-century industrial work week of six 10or 12-hour days evolved in stages to today's 40-hour week, giving people more time for leisure and more time for travel to work. People began to move out of the city centre, causing a demand for new housing, office spaces, shopping, and industrial facilities.

The suburbanization of retailing, driven by the suburbanization of population and buying power was also accelerated by another invention: the shopping centre. Reacting to changing consumer tastes and needs, real estate developers have shifted the shopping centre concept from being simply a

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The American real estate development history

number of stores in the same building that share a common parking area to a huge mega-structure.

Because the shopping centre requires a substantial block of land for stores and parking, it is much more easily built in suburban or exurban areas than in the city. To acquire a large enough piece of land in the city, the real estate developer must deal with many property owners and generally must spend large sums of money on land acquisition and the demolition of old buildings. Very often, city land is so expensive that structured parking rather than at-grade parking is required, which is another major expense.

The rise of the modern shopping centre signalled a change in other commercial development. With the growth of suburban retailing came the growth of wholesaling. There was also growth in both business services and personal services as these activities, too, follow their customers to the suburbs. As a result, many major commercial contractors now offer a wide suite of construction services: warehouses, factories, retail spaces, shopping centres, etc.

The movement of corporate headquarters from city centre to suburban locations soon followed. To a great extent this is simply a matter of corporations following their labour forces to the suburbs. The desire for convenience to work, recreation, schools gave rise to suburban facilities, which in turn gave rise to properties and developments to support those facilities.

While the average American company was moving to the suburbs, in many cases simply to take advantage of lower land and construction prices, another construction trend began in the early 1900s: the birth of the skyscraper. The first tall office building to gain worldwide attention, and as a result to launch the careers of a number of real estate developers and commercial contractors, was the Fuller Building in New York, more commonly known as the «Flatiron building».

Big businessmen came to believe that their corporate headquarters should be physically located in and symbolized by buildings that were technologically innovative, mirrored their prestigious commercial enterprises, and arched as high as possible into the sky. As office buildings became statements as well as functional structures, architectural firms sprang up to work hand in hand with real estate developers and commercial contractors to meet the demand for large buildings in downtown areas of major cities.

Aside from changes in transportation and communication methods, and the focus on the form of a construction project as well as its function, the other key factor behind today»s real estate development climate is public financing. As commercial real estate ventures became more successful, and changes in corporate structure occurred, banks and other lenders saw real estate developers, construction companies, and commercial contractors as

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Иностранный язык (английский) в профессиональной деятельности

safe investments and began to offer more liberal financing. Liberal financing led to projects like the Rockefeller Center, the Empire State Building, etc.

The economic boom that began in the mid-1990s saw the fortunes of real estate developers and commercial contractors rise to new heights. The residential construction boom of the early years of the 21st century was mirrored by a commercial real estate boom in many parts of the country.

Ironically, decentralization has in many cities caused older warehouses and office buildings to sit vacant and in disrepair. In many cities real estate developers have seen an opportunity where others saw decay, a rapidly growing sector of real estate development is renovation, rehabilitation, and re-purposing. Warehouse facilities constructed in the early 1900s have been converted to office buildings, apartments, and condominiums. Developers take advantage of unique architectural features while upgrading and enhancing the building to create modern structures retaining a historical character and flavour.

Another real estate development trend that began in the early 1990s is the revitalization of a city centre through the construction of major sports complexes. Developers not only create stadium plans — they ensure the effective development of transportation, shopping, and restaurants adjacent to the stadiums. The net effect is hugely positive in most cities; cities seek to attract major sports teams, or entice sports teams to stay, by helping developers finance new stadiums.

Starting in the late 1900s, many real estate developers began bringing project ideas to local and city governments — ideas for new shopping areas, downtown revitalization, innovative housing facilities… all in an effort to meet both business and community needs. Today»s developer not only considers the needs of his current or future clients; he or she also ensures the development meets the needs of the community at large. Developers are environmentally conscious, take into account the historical significance and value of their properties, and work hand in hand with commercial contractors to complete efficient, convenient, affordable, and aesthetically innovative projects.

Key words

facility — сооружение; комплекс

suburbanization — рост населения, живущего за пределами официальной границы большого города

exurban — пригородный acquisition — приобретение

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Real estate management and development

demolition — разборка, снос

headquarters — штаб-квартира, головной офис (компании, организации) downtown — деловой район, деловая часть города

disrepair — ветхость; плохое состояние; неисправность warehouse — товарный склад, пакгауз

decay — гнить, разлагаться upgrading — модернизация enhancing — улучшение

revitalization — возрождение, восстановление affordable — возможный, допустимый aesthetically — эстетически

Assignment 1

Read and translate the text.

Assignment 2

Answer the following questions:

1.What are the main trends in the modern American real estate development?

2.What was the reason for the appearance of shopping centres?

3.What was the role of the common parking areas?

3.Why does the construction of major sports complexes play such an important role in the modern American real estate development?

Real estate management and development

Property management is the management of personal property, equipment, tooling and physical capital assets that are acquired and used to build, repair and maintain end-item deliverables. Property management involves the processes, systems and manpower required to manage the life cycle of all acquired property including acquisition, control, accountability, responsibility, maintenance, utilization and disposition.

Property management is the operation, control, and oversight of real estate as used in its most broad terms. This is much akin to the role of management in any business.

Real estate development is the process of creating value by making tangible improvements to the real property. The development process ranges from land speculation and new construction to the renovation of existing buildings. It is the process by which physical places where people live and work are conceptualized, designed, constructed and occupied. Successful implementation of this process is crucial to the economy. As Winston Churchill famously stated, «We shape our buildings, and afterwards our buildings shape us.» The

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Иностранный язык (английский) в профессиональной деятельности

development of real estate involves a plethora of disciplines and professions, including managers, architects, engineers, planners, lawyers, bankers, public officials, construction trades and others. Each team member plays an integral part of the real estate product delivery process. The real estate developer is the one who oversees this process and coordinates the information generated by each project participant.

Duties of property management generally will include a minimum of these basic primary tasks:

1.The full and proper screening or testing of an applicant's credit, criminal history, rental history and ability to pay.

2.Lease contracting or accepting rent using legal documents approved for the area in which the property is located.

3.Mitigation and remediation regarding any maintenance issues, generally within a budget, with prior or conveyed consent via a Limited Power of Attorney legally agreed to by the property owner.

4.Maintaining necessary records for tax and legal purposes.

There are many facets to this profession, including managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors and insurance agencies. Litigation is at times considered a separate function, set aside for trained attorneys. Although a person will be responsible for this in his/her job description, there may be an attorney working under a property manager. Special attention is given to landlord/tenant law and most commonly evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain the most amount of attention from property managers. Therefore, it is a necessity that a property manager (real estate manager) be current with applicable municipal and State laws and ordinances.

Property (real estate) management, like facility management, is increasingly helped by computer-aided facility management.

Key words

disposition — размещение oversight — контроль, надзор

shape — создавать, делать (из чего-л.) plethora — изобилие, избыток

official — должностное лицо mitigation — смягчение, уменьшение remediation — исправление

Limited Power of Attorney — ограниченная доверенность record — запись, протокол

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