Den genomförda studien syftar till att undersöka transaktionsprocessen och identifiera var det finns störst risk för felbeslut och irrationellt agerande blad fastighetsaktörer i Sverige. Studien bidrar med att skapa en förståelse för läsaren gällande vilka risker som finns i processen samt att framställa var i processen riskerna är som störst. Materialet som ligger till grund för studien består av intervjuer och enkätundersökningar som delats ut till flertalet bolag i branschen. Intervjuerna har genomförts med personer som arbetar med fastighetstransaktioner på väletablerade bolag i branschen. Resultatet av studien indikerar på att det finns stora risker för felbeslut genom hela transaktionsprocessen vilket påverkas av flertalet faktorer i de olika delarna. För den säljande parten är risken för irrationella beslut som störst i början av processen. De förklaras av att det är den säljande parten som i början av processen exempelvis väljer vilken marknadsföringsprocess som ska genomföras, samt vem marknadsföringen ska rikta sig till. Riskerna i processen övergår därefter till köparen. De faktorer som påverkar irrationellt beslutsfattande kan förklaras av de teorier som presenteras i litteraturstudien och teoriavsnittet: ‘Bounded rationality’, ‘principal agent problem’ och ‘ankar effekter’. Det går inte att säkerställa vad som leder till att ett irrationellt beslut genomförs eftersom varje process är unik. Den här studien syftar endast till att identifiera var i transaktionsprocessen det finns risker för aktörerna att agera irrationellt. Nyckelord för studien är: ‘Transaktionsprocess’, ‘bounded rationality’, ‘principal agent problem’, ‘ankar effekt’, ‘due diligence’, ‘fastighetstransaktion’. / The following study aims to examine the transactional process for real estate transactions and establish where there is a risk for irrational decision making amongst real estate investors and advisors in Sweden. The method consists of questionnaires that have been distributed to real estate transaction consultants in Sweden. The study also used semi-structured interviews as a method. The interviews in the study were carried out with real estate consulting companies that focus on real estate transactions in Sweden. The results of the study indicate that there are risks in regards to investment decision making throughout the whole transactionprocess that are affected by various factors for the different parts of the transactionprocess. The underlying explanation is that most of the decision making is done in the initial part of the transactionprocess. The factors that cause irrational decision making can be explained by the theories presented in the literature part of the study and the theory part of the study. Those factors are: Principal agent problems, anchor effects and bounded rationality. It is not possible to ensure exactly what causes irrational behaviour in decision making but the study aims to discover and indicate where in the process there is a risk for the various factors causing irrational behaviour in decision making.

Sveriges kommersiella fastighetsbestånd står för mer än en tredjedel av Sveriges BNP. När sektorn övergår till den digitala eran utvecklar fastighetsbolag sin "tekniska stack" av digitala produkter och tjänster. Dessa tjänster digitaliserar allt från konstruktion, drift, till hur de interagerar med sina hyresgäster. I sin tur skapas och lagras en stor mängd data om fastigheten, dess funktionalitet och dess hyresgäster. Kandidatuppsatsen syftar till att undersöka och klargöra nyttan av digitala produkter och tjänster i transaktionsprocessen. Eftersom marknadsvärdet är ekvivlent med köpeskillingen, granskar vår studie hur digitalisering påverkar transaktionsprocessen, prisdeterminanter och hur digital infrastruktur knyter an till dessa determinanter. Våra resultat baseras på intervjuer med erfarna fastighetsmäklare och utvalda proptechbolag verksamma på den svenska marknaden. Studien drar slutsatsen att stora mängder data konsumeras, sammanfattas och distruberas vid försäljning av fastigheter. Den främsta drivkraften bakom priset är rotad i finanser, vilka kan generaliseras som en värdefångande funktion som baseras på hyresavtal. Metoden negligerar värdeskapande och värdefångande nytta av digital infrastruktur. Bristande kunskap tycks vara huvudorsaken till den nuvarande försummelsen av digital infrastruktur vid värdering och försäljning av fastigheter. För att branschen ska kunna dra nytta av digitaliseringen behöver den utföra aktiviteter inom: digitalisering av nuvarande och nya processer, datakonsumtion och implementering av datadrivna förbättringar. / Sweden's commercial real estate market accounts for more than a third of the Swedish GDP. As the sector transitions into the digital era, real estate companies develop their "technical stack" of digital products and services. These services digitize everything from pre- construction, operations, to how they interact with their tenants. In turn, a vast amount of data about the property, its functionality, and its tenants is created and stored. The thesis aims to examine and clarify the utility of digital products and services in a real estate transaction process. As market value is equivalent to the purchase price, our study reviews how digitization affects the transaction process, price determinants, and how digital infrastructure connects to these determinants. Our results are based on interviews with experienced real estate brokers and carefully selected proptech companies active in the Swedish real estate market. The study concludes there is heavy data consumption and distribution when selling real estate. However, the main driver behind price is rooted in financials, which can be generalized as a value capture mechanism based on lease agreements. This mechanism excludes value creation and value capture of digital infrastructure. Lack of knowledge seems to be the main reason for the current neglect of digital infrastructure when valuing and selling real estate. For the industry to capitalize on the utility of digitization, it needs to conduct activities within: digitizing current and new processes, data consumption, and implementing data- driven improvements.

Due Diligence is today an important part of the transaction process through sales of properties and is an important process for both sellers and buyers. The process intends to review an asset before a transaction to minimize the risks associated with the acquisition by detecting weaknesses and verify the asset's characteristics. The use of Due Diligence has become increasingly common over the past twenty years in the Swedish real estate market and there is no indication that this trend will decrease but rather increase. Although there is widespread use of the process both in acquisitions of corporations and properties, both in Sweden and in the rest of the world, it is costly for the purchasers and the concept is far from fully developed. This thesis aims to clarify what the real estate market thinks about the potential development of the process itself and the role of the actors. The main question is what opportunities exist to develop the concept of Due Diligence in real estate transactions. Given the high economic values that are found in real estate transactions, it is highly relevant to perform Due Diligence and therefore it is also important to review the opportunities to change this process if it is requested and feasible. The conclusions of the thesis shows that the actors in the real estate market believes that there are opportunities for development in the use of Due Diligence The possibilities includes seller's expanded role in information gathering , process delays , clearer and more transparent processes and a continuous development of the actors’ own processes. The thesis concludes with four proposals for a development process: An increased use of Due Diligence conducted by the seller as a complement to the buyer's own investigation, clearer procurement of consultants from the real estate owners, more accessible information earlier in the process from the sellers and consistent monitoring of the implemented processes. / Due Diligence utgör idag en viktig del av transaktionsprocessen vid överlåtelser av fastigheter och är en viktig process för både säljare och köpare. Processen avser att granska en tillgång inför en transaktion för att minimera riskerna med förvärvet genom att upptäcka brister och kontrollera tillgångens egenskaper. Användningen av Due Diligence har blivit allt vanligare de senaste tjugo åren på den svenska fastighetsmarknaden och inget tyder på att denna utveckling kommer att avta utan snarare tillta. Trots att det finns ett utbrett användande av processen både vid företags- och fastighetsförvärv, i både Sverige och i övriga världen, så är det kostsamt för beställarna och konceptet är långt ifrån färdigutvecklat. Detta examensarbete har som syfte att klargöra vad fastighetsmarknaden anser om potentiella utvecklingsmöjligheter av själva processen och de aktiva aktörernas roller. Den huvudsakliga frågeställningen är vilka möjligheter som föreligger att utveckla konceptet Due Diligence vid fastighetstransaktioner. Med tanke på de stora ekonomiska värdena som finns i fastighetstransaktioner är det högst relevant att utföra Due Diligence och därför är det också av stor vikt att se över möjligheter att förändra denna process om det efterfrågas och är genomförbart. Slutsatserna i examensarbetet visar på att aktörerna på fastighetsmarknaden anser att det finns utvecklingsmöjligheter i användandet av Due Diligence. Möjligheterna innebär bland annat säljarens utökade roll i informationsinsamlingen, processens tidsåtgång, tydligare och mer transparenta processer samt ett kontinuerligt utvecklingsarbete av aktörernas egna processer. Examensarbetet avslutas med fyra förslag avseende en utveckling av processen: Ett ökat användande av Due Diligence genomförd av säljaren som komplement till köparens egen granskning, tydligare upphandlingar av konsulter från fastighetsägarna, mer tillgänglig information tidigare i processen från säljarna och konsekventa uppföljningar av genomförda processer.

The aim of this diploma thesis is to analyse development in arranging of the real estate transactions in the Czech Republic after 1989 and describe contemporary condition. Contemporary condition was analysed as unsatisfactory. There does not exist any law that would regulate real estate market, neither is there a duty to proof a professional training or ability for the business. Real estate agencies do not have a good reputation in the Czech Republic and with many citizens they are unfavourable. As a reaction upon contemporary unsatisfactory situation, the Economic Bureau of the Czech Chamber of Deputies elected an operative group that is supposed to maintain a survey of the contemporary situation in the real estate market and suggest possible solutions. This work aims also to analyse the suggested solutions and to supply solutions that would be missing.

Atualmente, verifica-se um momento de grande reflexão dos aplicadores do Direito Tributário, em decorrência do impacto trazido pelos novos métodos e critérios contábeis aplicados à apuração do lucro societário das empresas no Brasil. A aplicação dos princípios contábeis geralmente aceitos passou a estabelecer novos paradigmas para o reconhecimento e mensuração do lucro, influenciando a forma de interpretar a legislação tributária. Esse contexto ganha grande relevância no que tange à apuração e tributação da renda no setor imobiliário. Isto porque esse setor da economia é cuidadosamente regulamentado, do ponto de vista contábil, tanto pela legislação societária quanto pela fiscal. Com efeito, o presente estudo analisa a delimitação da competência constitucional para tributação da renda pela União, sobretudo os limites oferecidos pelos princípios constitucionais tributários. Também se analisam as definições de renda pelo CTN e os critérios de definição do momento de realização. Ocorre que a definição do fato gerador do imposto de renda muitas vezes se vale de conceitos previstos em outras áreas do Direito, especialmente no Direito Privado. Dessa forma, são analisados os conceitos estabelecidos pelo Direito Contábil Societário, pois são fundamentais para a quantificação da matéria tributável. Após o estabelecimento da base teórica para a tributação da renda, passa-se à análise dos principais aspectos jurídicos das operações imobiliárias (negócios que envolvem a exploração econômica, direta ou indireta, da propriedade imobiliária). Essa primeira análise é necessária para se estabelecerem os parâmetros adequados para o reconhecimento e a mensuração da renda, intrinsecamente relacionada à transferência de riscos e benefícios. Um segundo passo importante, para a apuração da renda do setor imobiliário, corresponde à análise dos principais métodos e critérios contábeis estabelecidos pela legislação societária, pois esse é o parâmetro inicial para a apuração do montante a ser tributado. Por fim, analisam-se a coerência e a adequação das regras de tributação da renda no setor imobiliário, para as pessoas físicas e as pessoas jurídicas. Também serão abordados os regimes específicos de tributação previstos na legislação brasileira. / In recent years, tax law practitioners have been forced to rethink due to the impact of new accounting methods and criteria applied to the calculation of corporate profits in Brazil. The application of generally accepted accounting principles has established new parameters for the recognition and measurement of profits, thereby influencing the interpretation of tax law. This ontext has acquired great relevance regarding the calculation and taxation of income in the real estate sector. This is due to the fact that this economic sector is carefully regulated from an accounting standpoint, as much by corporate law as by tax law. Indeed, this work analyzes the limits of the constitutional authority for Federal taxation of income, especially as regards the bounds set out by constitutional principles of taxation. It also analyses the Brazilian National Tax Code (CTN) definition of income, as well as the definition of the moment when income is realized. It happens that the definition of the tax-triggering event for income tax often relies on concepts derived from other areas of law, especially privet law. Therefore, the concepts established by corporate accounting law are analyzed here, as they are fundamental concepts for the quantification of the tax bases. After establishing the theoretical basis for income taxation, the main legal aspects of real estate transactions are analyzed (those involving direct or indirect real estate economic exploration). This first analysis is necessary in order to establish the appropriate parameters for the recognition and measurement of income, intrinsically related to the transfer of risks and benefits. A second important step for the calculation of income in the real estate sector corresponds to the analysis of the main accounting methods and criteria established by corporate law, as this is the initial parameter for the calculation of the tax basis. Finally, this work analyzes the coherence and proportion of the income taxation rules in the real estate sector, for individuals and corporations. The special tax regimes established by Brazilian law will also be addressed.

Atualmente, verifica-se um momento de grande reflexão dos aplicadores do Direito Tributário, em decorrência do impacto trazido pelos novos métodos e critérios contábeis aplicados à apuração do lucro societário das empresas no Brasil. A aplicação dos princípios contábeis geralmente aceitos passou a estabelecer novos paradigmas para o reconhecimento e mensuração do lucro, influenciando a forma de interpretar a legislação tributária. Esse contexto ganha grande relevância no que tange à apuração e tributação da renda no setor imobiliário. Isto porque esse setor da economia é cuidadosamente regulamentado, do ponto de vista contábil, tanto pela legislação societária quanto pela fiscal. Com efeito, o presente estudo analisa a delimitação da competência constitucional para tributação da renda pela União, sobretudo os limites oferecidos pelos princípios constitucionais tributários. Também se analisam as definições de renda pelo CTN e os critérios de definição do momento de realização. Ocorre que a definição do fato gerador do imposto de renda muitas vezes se vale de conceitos previstos em outras áreas do Direito, especialmente no Direito Privado. Dessa forma, são analisados os conceitos estabelecidos pelo Direito Contábil Societário, pois são fundamentais para a quantificação da matéria tributável. Após o estabelecimento da base teórica para a tributação da renda, passa-se à análise dos principais aspectos jurídicos das operações imobiliárias (negócios que envolvem a exploração econômica, direta ou indireta, da propriedade imobiliária). Essa primeira análise é necessária para se estabelecerem os parâmetros adequados para o reconhecimento e a mensuração da renda, intrinsecamente relacionada à transferência de riscos e benefícios. Um segundo passo importante, para a apuração da renda do setor imobiliário, corresponde à análise dos principais métodos e critérios contábeis estabelecidos pela legislação societária, pois esse é o parâmetro inicial para a apuração do montante a ser tributado. Por fim, analisam-se a coerência e a adequação das regras de tributação da renda no setor imobiliário, para as pessoas físicas e as pessoas jurídicas. Também serão abordados os regimes específicos de tributação previstos na legislação brasileira. / In recent years, tax law practitioners have been forced to rethink due to the impact of new accounting methods and criteria applied to the calculation of corporate profits in Brazil. The application of generally accepted accounting principles has established new parameters for the recognition and measurement of profits, thereby influencing the interpretation of tax law. This ontext has acquired great relevance regarding the calculation and taxation of income in the real estate sector. This is due to the fact that this economic sector is carefully regulated from an accounting standpoint, as much by corporate law as by tax law. Indeed, this work analyzes the limits of the constitutional authority for Federal taxation of income, especially as regards the bounds set out by constitutional principles of taxation. It also analyses the Brazilian National Tax Code (CTN) definition of income, as well as the definition of the moment when income is realized. It happens that the definition of the tax-triggering event for income tax often relies on concepts derived from other areas of law, especially privet law. Therefore, the concepts established by corporate accounting law are analyzed here, as they are fundamental concepts for the quantification of the tax bases. After establishing the theoretical basis for income taxation, the main legal aspects of real estate transactions are analyzed (those involving direct or indirect real estate economic exploration). This first analysis is necessary in order to establish the appropriate parameters for the recognition and measurement of income, intrinsically related to the transfer of risks and benefits. A second important step for the calculation of income in the real estate sector corresponds to the analysis of the main accounting methods and criteria established by corporate law, as this is the initial parameter for the calculation of the tax basis. Finally, this work analyzes the coherence and proportion of the income taxation rules in the real estate sector, for individuals and corporations. The special tax regimes established by Brazilian law will also be addressed.

In the wake of the recent turbulent economic landscape caused by the Covid-19 pandemic with high inflation and subsequent interest rate hikes the real estate sector has been in the eye of many. What are the effects of interest rate changes on real estate transaction values? Are all real estate sectors and regions equal? Previous research on the topic suggests that there is sensitivity, but a lot of research is done one REITs or publicly traded companies, using direct property transactions in the market as the focus of the studies that have been conducted is rare. Furthermore, the comparison between different regions and property types is also left largely unexplored. The theoretical frameworks that have been used to give an understanding of the multifaceted effects interest rate has on real estate vital mechanics includes DCF, 4Q, Yield curve and Leverage. A transaction database spanning the years 2003-2023 consisting of 7.182 transactions was used for the study. Regression models were used to answer the questions of the study and the findings suggest that there is a sensitivity to changes in interest in the Swedish real estate market as well as a difference between different regions and property types. / I spåren av det nyligen turbulenta ekonomiska landskapet orsakat av Covid-19 pandemin, med hög inflation och efterföljande räntehöjningar, har fastighetssektorn varit i många människors fokus. Vilka är effekterna av ränteförändringar på värden i den direkta marknaden för fastighetstransaktioner? Och delar olika regioner och segment samma känslighetsnivå? Tidigare forskning på området tyder på att det finns en känslighet, men att använda direkta transaktioner på marknaden som fokus för genomförda studier är sällsynt. Vidare är jämförelsen mellan olika regioner och fastighetstyper också till stor del outforskat. De teoretiska ramverk som har använts för att förstå de mångfacetterade effekterna av ränteförändringar på fastigheters vitala mekanismer inkluderar DCF, 4Q, avkastningskurvan och hävstångseffekten. En transaktionsdatabas mellan åren 2003-2023 och 7 182 transaktioner användes för studien. Regressionsmodeller användes för att besvara studiens frågor och resultaten tyder på att det finns en känslighet för ränteförändringar på den svenska fastighetsmarknaden samt skillnader mellan olika regioner och fastighetstyper.

台灣不動產仲介業，從1977年成立公司組織發展至今32年、不動產仲介業務網路化從1996年至今13年、公部門為不動產交易安全建置e-house從2007年開始運作至今2年，對照2002年至今台灣不動產仲介交易糾紛逐年攀升現象；顯見，付出高額仲介費用買屋及賣屋的不動產消費者，並未因不動產仲介業者的組織規模龐大、營業收入豐碩、網路發達，資訊科技精進及政府成立e-house網站，而得到較完備的不動產交易安全保障。 本研究以滿足消費者需求為基礎，並以提供網絡仲介不動產交易安全環境的“推動方式和實實務層面”為主題，從不動產仲介之起源、不動產仲介市場現況、不動產仲介問題、e-house現況及e-house問題等過程為論述軸線.探討不動產仲介作業流程、不動產仲介交易糾紛原因、不動產網路仲介交易運作、聯賣制度運作不成功、自售網之崛起及e-house網站的政策目標等課題，經由(1)以交易成本及代理理論為基礎的論證；(2)對現行管理仲介業者的不動產經紀業管理條例之法制面與規範的認知；(3)對不動產消費者、不動產服務業者、政府三方不動產網路仲介交易相關主體特性的瞭解; (4)對於民間不動產網站及官方e-house網站仲介交易實務與現行法制規範相互影響，造成推動不動產交易安全障礙的課題進行探討; (5)分析影響不動產消費者使用民間不動產網站及官方e-house網站存在仲介代理問題及高昂仲介費用的交易成本等相關文獻面、法制面、實務面及一般會員使用e-house的問卷調查。綜合研究顯示：(1)台灣不動產仲介業與政府本身皆存在影響不動產交易安全推動的問題；(2)不動產仲介業對消費者可能存在委託代理問題及使用不動產網站產生交易成本的疑慮；(3)不動產仲介交易產生的代理問題及交易成本，會影響消費者對不動產交易行為的決策形式；(4)消費者利用網路進行不動產交易，是一項極為專業且繁瑣的消費活動，不動產仲介交易過程必須專業分工，才能消弭或降低代理問題及交易成本，促進交易安全。 本研究針對影響消費者使用仲介網站交易不動產的問題，嘗試建構「e-house網路交易不動產示範網站」的新思維，提供消費者消除或減少代理問題和交易成本，以促進不動產交易安全；另一方面，也考慮到其他不動產專業人士的權益及政府行政效能的提升。新思維的內容包括(1)建構“整合仲介交易過程之不動產專業分工機制” (2)改造e-house成為「e-house網路交易不動產示範網站」(3)研擬不動產網站經營者之資格條件、不動產網站作業內容及消費者與不動產業者網路作業等規範,並建議政府從「政策面」、「法制面」、「資訊面」、「推動面」及「執行面」等五個構面制定配套措施，消弭或降低代理問題及交易成本，推動不動產交易安全。 關鍵字：不動產仲介業、不動產經紀人、交易成本理論、代理理論、代理問題、e-house網路交易不動產示範網站 / Taiwan real estate brokerage industry appeared as company organization in 1977. In 1996, the real estate brokerage business launched onto internet website. In 2007, Public Security Department setup “e-house” network platform. However, from 2002 till now, the real estate transaction disputes still increase annually. Obviously, large organized real estate firms, developed network, sufficient information nor “e-house” network platform will not guarantee consumers who pay high broker fees to receive better and comprehensive real estate transaction safety. This study is to provide “promoting and practicing aspects” to real estate transaction safety network environment to satisfy consumers’ demands. It intends to look into the starting of real estate brokerage business, the current status of real estate brokerage market, the real estate broker problems, the current “e-house” status and its problems by examining the process of Taiwan real estate brokerage, the real estate transaction disputes, the real estate broker operating network, the failure of MLS, the rise of free broker fee network, and the policy objectives of “e-house” network platform by: (1) Demonstration on the basis of transactional cost and broker theory; (2) Comprehension on the procedures and the norms of Real Estate Broker Management Act; (3) Understand the characteristics of three participants, government, real estate service providers and the consumers, in the real estate transaction; (4) Investigate the conflicts between real estate operation network and the existing regulations that makes the promoting real estate transaction safety to be difficult; (5) Analyze the cost structure between private brokerage system and the official “e-house” system and how a consumer may react to two different systems with regards to legal system, practice and survey. A general conclusion from research indicates the following: (1) Problems appear on both sides of private and government agencies to promote safer and more transparent real estate transaction (2) Real estate brokers have doubts on buyers/seller’s trust on representation issue and the actual transactional cost for using a on-line web-site (3) Cost and representation issue arising from the actual real-estate transaction may Affect forms of consumers’ decision making. (4) Procedures for making an online real estate transaction are very complicated for consumers. Professional brokers have to monitor every step of the way in order to eliminate representation issue, reduce transactional cost, and promote safer transactional security. This study focuses on the problems emerging from consumers using an online real-estate website, while trying to demonstrate a safe “e-house” network platform can actually complete the real estate transaction. Once consumers have enough trust in the “e-house” network platform, it could potentially reduce representation issue problems and transactional cost. On the other hand, this system also protects brokers’ privileges while enhancing government’s efficiency. New concepts to be discussed in this study will include (1) Create a professional and integrated real-estate transactional mechanism. (2) Transform “e-house” into a demonstrated network platform for online real-estate transaction. (3) Set strict standards for qualifying private brokerage to operate an online real-estate network platform, to provide website contents, and operational model between consumer and real-estate broker. (4) Propose necessary measures to government in five aspects: “policy”, “legal system”, “information”, “promotion”, “implementation”. Keywords: Real estate brokerage industry, Real estate broker, Agency theory, Transaction cost theory, Representation issue, E-house network of real estate transactions demonstration platform.