Chapter 4 focuses on the actual ownership of real estate. Explain your understanding of the concepts of “tenants in common” and “joint tenancy”. Is one form of
ownership better than another? Provide an explanation for your opinion and provide some examples to clarify why you hold that position.
Sample Solution
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Our system of government provides for individuals the right to hold ownership to real estate utilizing the legal concept known as “fee simple ownership”. Yet, our
system of government also provides for taxation on real estate holdings, eminent domain and police powers to establish rules, regulations, ordinances and zoning as it
relates to real estate.
What is “fee simple” ownership? What role does the government have to “police” our property rights, that is, to establish ordinances to regulate property appearance
and conditions, property line setbacks, grass and weed control, trash or hazardous materials, abandon motor vehicles or the parking of RVs in the front yard. What is
the role of a community zoning plan? Why allow zoning in the first place?
And finally, what is your opinion on the issue of eminent domain as it pertains to your right to protect your property keeping in mind that the power of eminent domain
is enumerated in the US Constitution? (It might be helpful to review James Madison’s writings in THE FEDERALIST PAPERS on the subject of eminent domain) It may also be
helpful to review other US Supreme Court rulings prior to the Kelo case that addressed eminent domain.) What role did the Kelo case (US Supreme Court ruling) play in
the state’s legislatures redefining the concept of eminent domain?
Sample Solution
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Which is more important–understanding the legal description (physical measurement of the land) or understanding the economic characteristics of the land? Or is it
equally important to have a clear cut understanding and appreciation for both. Justify your answer.
Sample Solution
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n October 2002, the FASB and the International Accounting Standards Board (IASB) announced their participation in the “Norwalk Agreement.” This agreement outlines each entitys commitment to the converging of U.S. and international accounting standards. The convergence initiative has made it critical for accountants in the United States to understand both sets of standards.
You will complete a research paper comparing and contrasting U.S. GAAP and International Accounting Standards. As the course progresses, you will begin researching differences between the two sets of standards.
Directions
Provide a brief background of the initiative. This should be no longer than one page.
Choose at least two accounting standards that are affected by differences between US GAAP and IFRS. Describe the differences in depth.
You must include examples to reinforce your discussion.
Comment on how the accounting profession may be affected by converging the standards you chose.
Based upon the research you have conducted for this project, conclude by discussing whether you think full convergence is possible.
Include a bibliography.
The paper must be a FULL five pages, not including title page or bibliography.
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