Перескажите текст 13A "Land market."

 
Text 13B 
The "commodification" of land 
The range of transaction types and interests in land is typically re-
lated to the level of sophistication of the related functions in the econ-
omy, particularly in the context of the financial services and related 
professional sectors. It is driven by the capacity of the economy to add 
value by treating an increasing number of rights in land as marketable 
commodities (the "commodification" of land). With the established 
and accelerating fact of globalization of capital markets, the capacity 
for commodification of land is an increasingly important factor driv-
ing the land market, potentially contributing to national economic per-
formance and increasing land asset values. Globalisation is forcing the 
pace of change in this area, with increasing demands for harmoniza-
tion or stardardisation to enable more effective comparisons by inves-
tors and more accurate assessments of relative risks between compet-
ing investments. International valuation standards have been develop-
ing as a result of this over the past 20 years.. For investment opportu-
nities to compete on an equal footing in the future, this is likely to 
spread to the features of national land registration, information and le-
gal systems. 
17. Прочтите и письменно переведите текст 13C: 
Text 13C 
Key requirements for market 
There are several key requirements for a property functioning mar-
ket. In the majority cases they include an appropriate legal framework 
aimed at minimizing risk and uncertainty of land ownership and use. 
The value of interests in land is closely related to the level of risks and
attached to any given interest. Common and important areas of the le-
gal framework include both registration of interests in land and spatial 
land use planning. 
137

Land registration and the provision of related information as the 
basis of land transactions underpin the more efficient operation of the 
land market by two main mechanisms. Particularly where the system 
provides an appropriate guarantee, land registration and similar own-
ership information systems will provide greater security for those in-
terested in transaction on that property. This will reduce the risk and 
would be expected as a result to increase the value relative to unregis-
tered land. The other mechanism that registration provides for transac-
tions in the market is to reduce the costs in both time and money by 
simplifying the legal and other procedures. Again this could be ex-
pected to increase the value of registered land by reducing the friction 
in the market. 
Spatial planning may encompass a very wide range of activities 
and of potential interventions. In some jurisdictions it may be linked 
to land taxation systems to encourage certain uses in appropriate ar-
eas. There are sound arguments supporting the move towards greater 
local responsibility in this field, and the development of more effec-
tive planning processes based on improved access to information and 
application of the principles of good governance. 

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