吳岱原 M96X0101 陳昭丞 M96X0216 賴季鴻 M96X0206 吳仰哲 M96X0210 Date:2007.11.07 Southern Taiwan University Institute of Financial Economic Law Legal English Report The Real Estate Trends 吳岱原 M96X0101 陳昭丞 M96X0216 賴季鴻 M96X0206 吳仰哲 M96X0210 Date:2007.11.07

Contents Preface I.An Introduction to trend and Real estate economical signal. II. Trends Report currently in real estate industry . III. The Real estate transaction influence and Government administration measure. IV. Conclusion and Question time

I-I What is a Trend? (for example ) Trend Micro, a Taiwanese company that develops anti-virus computer software Market trends, a prolonged period of time when prices in a financial market are rising or falling faster than their historical average, also known as "bull" and "bear" markets, respectively Fads 、 Trendsetter 、Trendy (band)、Trend estimation Trend Controls, Real estate trendsTrends

I-I Real estate economical signal and influence factor state of affairs . Describe: 火車頭產業(The leading industry) 具有領先總體經濟(Macroeconomics)景氣的特性 依其生命週期區分為投資(investment)、生產(production)、交易(trade)、使用(use)四大層面的活動 時間落差而各項活動與總體經濟的關聯性相對不一致 不動產業對總體經濟產業的「貢獻度」(contribution)有限 晚近，不動產業為「火車頭工業」的說法似乎與現實狀況不符 不動產市場活動中，投資、生產、交易、使用四個層面的共16項代表性指標，利用與經建會編製總體經濟景氣相同的「景氣指標綜合分析法」來編製不動產景氣指標。 我國的不動產景氣是由內政部建築研究所與政治大學社會科學院台灣不動產研究中心合作，定期發佈「台灣不動產景氣動向季報」

Real estate booming countermeasure signals 不動產景氣對策信號(Monitoring indicator)各燈號之解讀意義如下：若對策信號亮出「綠燈」表示當前景氣穩定、「紅燈」表示景氣熱絡，財金當局應採取緊縮措施、「藍燈」表示景氣低迷，財金當局應採取刺激經濟復甦之對策，至於「黃紅燈」及「黃藍燈」二者均為注意性燈號，宜密切觀察後續景氣是否轉向。「黃紅燈」表示景氣尚穩，短期內有轉熱或趨熱之可能；「黃藍燈」表示景氣短期內有轉穩或趨向衰退之可能，財金當局可能採取擴張措施。

II Trends Report currently in real estate industry Enclosing : Environment change and internet development 1.房仲產業環境由勞力密集→資訊密集→智慧密集 2.傳統仲介經紀→網路仲介經紀 3.資訊驅力做為品牌競爭的核心優勢，未來品牌間決勝的關鍵。 4.B2C，C2B， C2C， 的與結合與競爭 5.安全配套措施不夠完備,及交易流程繁瑣的生存條件及佔有仍然有限 Human resources and management 1.經紀人將邁向專業化、自主化、精簡化、個體化、人力資源 人力資源將因網路與流通環境的改善，更精緻化、簡化、效率化 唯未來10年經紀人仍扮演房仲業之重要居間角色。   　2.店頭經營型態將兩極化以求單位成本降低，人員績效提高。 　　 極大化：有資訊管理能力者朝「走動式辦公」邁進 極小化：較無管理能力者朝向小店面、少人數、低成本之經營模式， 唯因資源有限必須以加盟型態經營，藉以強化品牌及兼顧資 經紀人筆記型電腦作業 組織扁平化，自主性管理團隊因應而

A real estate broker is a term in the United States which describes a party who acts as an intermediary between sellers and buyers of real estate (or real property as it known elewhere) and attempts to find sellers who wish to sell and buyers who wish to buy. In the United States, the relationship was originally established by reference to the English common law of agency with the broker having a fiduciary relationship with his clients. 不動產仲介

Marketing and Competition 　 1.網路的衝擊,，「流通」將成為未來房仲業發展的主要課題，流通的演進 將經由加盟體系同品牌的加強流通→加盟體跨品牌流通→直營＆加盟體 全面流通。唯有問題其首要任務是建立良好的流通市場秩序。 　 2.２１世紀的房仲業行銷策略將更重視競爭與合作關係，要生存就要懂得 與「對手共舞」，主要乃擴張市場規模 The market share １、加盟品牌之”質”尚有極大空間，只要提昇品質及後勤資源，必能強化 品牌加盟吸引力，跳脫惡性削價競爭的泥沼。 ２、直盟品牌之”量”尚有極大空間，透過資源串連，延伸到都會區之外之 鄉鎮市場。 ３、小品牌之生存空間有限，將是加盟體系的新市場目標。 Globalization 地球村來臨，國際化時代人們的遷徙頻繁，新移民與少數族群市場開展

Others factoring , irrecoverable loans or credits , Non performing Loan A non-performing loan (NPL) is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. “A loan is nonperforming when payments of interest and principal are past due by 90 days or more, or at least 90 days of interest payments have been capitalized, refinanced or delayed by agreement, or payments are less than 90 days overdue, but there are other good reasons to doubt that payments will be made in full” (IMF) 當不動產所有人向銀行有擔保與無擔保借款，到期未能償還，而形成呆帳，致使銀行逾放比例高，不得不依法出售其有擔與無擔保之債權，以降低愈放比例。

Real estate investment trust (REIT ) AMC(Asset Management Company) and Brokerage industry An 'Asset Management Company' is an investment management firm that invests the pooled funds of retail investors in securities in line with the stated investment objectives. For a fee, the investment company provides more diversification, liquidity, and professional management consulting service than is normally available to individual investors. The diversification of portfolio is done by investing in such securities which are inversely correlated to each other. They collect money from investors by way of floating various mutual fund schemes. AMC也是不動產業一環主要能以低價購買銀行不動產債權,經過法定程序還原成所有權。其債權可以買賣，所有權亦可買賣，仲介業則以仲介人脈麥加入此市場，主要誘因乃在於產品的價格成本低。 Real estate investment trust (REIT ) The REIT structure was designed to provide a similar structure for investment in real estate as mutual funds provide for investment in stocks. 不動產投資信託

III The Real estate transaction influence and Government administration measure U.S. Government Involvement U.S. 政府介入 The United States Department of Justice Antitrust Division announced the launch of a new web site in October 2007 教育消費者和政府決策人員關於競爭可能給房地產的建商服務 障礙消費者帶來禁止那競爭.“的潛在的好處 The DOJ web site, Competition and Real Estate, includes a link to the real estate laws of each U.S. state and how they support or inhibit real estate brokerage competition. DOJ網站介紹，關於競爭和房地產，包括一個鏈接到每美國各國 不動產法律，並且他們怎麼支援或禁止房地產建商的互相過度競 爭

Law of Economics in duopoly 由於不動產業結合的行為造成對消費者權益不當損害所以對其行為加以規範 反托拉斯法是聯邦及州法律體系的組成部分，其主旨是通過確保競爭不受市場壟斷組織的損害來保護消費者。 反托拉斯法(Anti-Trust Law)或競爭法是阻止「反競爭行為」和「不公平商業行為」的法律，此法將某些被認為會傷害商業環境或消費者權益的行為定為非法 反托拉斯（直譯:反信託）詞源起於美國法律，最初創製目的是要對抗「商業信託」，現在通稱企業聯合（cartel）

很多國家對於聯合行為之規制，各國多採「原則禁止、例外許可」之原則 我國公平交易法亦持此等原則，於第七條規定聯合行為之意義及相關定義、於第十四條規定禁止原則及例外許可之情形、於第十五條至第十七條規定例外許可之相關行政程序 於經濟學上，寡占事業之勾結型態可分為卡特爾模型與價 格領導模型 前者係事業間相互協商、彼此約定所為，後者則係基於事 業間之默契所致，反托拉斯法上所稱之平行行為即屬經濟 學上所謂之價格領導模型。 於反托拉斯法之 規範下，卡特爾模型具有聯合合意，該當聯合 行為之構成要件，係屬無疑，然價格領導模型即平行行為，僅 廠商間之默契存乎其中，是否屬聯合合意之範疇，則須先就聯 合行為之規範要件及相關概念，作一瞭解，始能釐清問題之 解決方向。

The trend of the real estate industry is changeable . IV Conclusion and Question time The trend of the real estate industry is changeable . The operator should pay attention to the trade fairness even more except being commercial. The union behavior of the real estate industry causes the market to be unfair ,the government legislates in order to the rights and interests of the consumers . So the fair and reasonable trade is that we expect and make consumers, operator and government all win the situation .

The Real Estate Trends (Key words) A real estate broker 房地產經紀人 AMC(Asset Management Company) 資產管理公司 Brand competition 品牌競爭 Combine and the competition 結合與競爭 contribution貢獻度，不動產業對總體經濟產業的 Fads風尚 Future brand 未來品牌 Information drives strength 資訊驅力 Information is intensive 資訊密集 Intelligence is intensive智慧密集 Investment 投資 Macroeconomics 總體經濟 Manager of traditional intermediary 傳統仲介經紀 Marketing trend 銷售趨勢 Monitoring indicator 景氣對策信號 Network intermediary manager網路仲介經紀 Non performing Loan(NPL)不良債權 production 生產 Real estate investment trust (REIT ) 不動產投資信託 The labour is intensive勞力密集 The leading industry 火車頭產業 trade交易 Trend estimation趨勢估計 Trendsetter創新風之人 Trendy 時髦的 Trend 趨勢 use 使用

Distinguish duopoly An economic or political condition in which power is concentrated in two persons or groups. [duo- + (mono)poly.] 雙頭寡佔(市場某一產品為兩個相互競爭之廠商所控制的狀態) 雙頭獨占；雙頭壟斷 同一種產品的市場中僅有兩個生產者或賣方的不完全競爭(imperfect competition)型態·若兩個生產者(或賣方)同意平分市場或協議將售價定於某一特定水準之上，實際上便建立了聯合壟斷，否則雙頭獨占通常會演變成割喉競爭(*cut-throat competition)· Oligopoly A market condition in which sellers are so few that the actions of any one of them will materially affect price and have a measurable impact on competitors. [oligo- + (mono)poly.] 寡占；賣方寡占；寡頭壟斷 又稱部份獨占(partial monopoly)，係指某種商品或勞務的供應僅由少數的賣方所控制，從而得以操縱該項商品價格的產業或市場· 參見︰oligopsony. (在求過於供之情況下)少數製造商對市場之控制

Monopoly 1. Exclusive control by one group of the means of producing or selling a commodity or service: "Monopoly frequently ... arises from government support or from collusive agreements among individuals" Milton Friedman. 2. Law A right granted by a government giving exclusive control over a specified commercial activity to a single party. 3. a. A company or group having exclusive control over a commercial activity.b. A commodity or service so controlled. 4. a. Exclusive possession or control: arrogantly claims to have a monopoly on the truth.b. Something that is exclusively possessed or controlled: showed that scientific achievement is not a male monopoly. 1. 獨佔;專賣;壟斷;完全控制 2. 獨佔權;專賣權;專利權 3. 獨佔者;專賣者;壟斷企業4. 壟斷商品;專賣商品 又稱賣方獨占(seller's monopoly)，指產業由一家廠商構成，即一種產品只由一個生產者生產的市場結構·由於獨占者是該產業的獨一無二廠商，所提供的產品特殊，沒有類似的替代品，使得廠商可完全控制產品的供給，而獲得最大可能的利潤，並且對產品價格有支配能力·較常見的獨占有以下各種類型︰(1)雙邊獨占(*bilateral monopoly)︰某類特定商品或勞務，只有一個買者，一個賣者的市場結構·(2)商業獨占(*commercial monopoly)︰市場上某一種商品，能夠由一個買者或一個賣者決定價格者·(3)差別獨占(*discriminating monopoly)︰對類似的商品索取不同價格的獨占者·(4)法定獨占(*legal monopoly)︰由於法律規定，如版權(*copyright)、專利權(*patent)，此權利存續期間，生產此類產品的廠商即成為獨占者·(5)自然獨占(*natural monopoly)︰須大規模投資，才能享有降低生產成本利益的廠商·由於長期平均總成本會隨著產量增加而降低，因此一家廠商的生產量即足以供給市場的需求，最先從事生產者容易形成獨占·(6)公共獨占(*public monopoly)︰由法律許可，屬於政府的獨占者，例如電力、電話、自來水等公用事業·

Antitrust 反托辣斯的,反壟斷的 opposed to trusts or other monopolies 反托拉斯法 Anti-Trust Law Cartel 1. 卡特爾,企業聯合2. 俘虜交換條約

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