![]() caused a major drop in real estate worth and prices and ultimately resulted in depreciation of 50% for the four years after 1929. The stock market crash of 1929 and the Great Depression in the U.S. In 1908, the National Association of Realtors was founded in Chicago and in 1916, the name was changed to the National Association of Real Estate Boards and this was also when the term " realtor" was coined to identify real estate professionals. Olmsted & Co." but is now known as "Baird & Warner". The oldest real estate brokerage firm was established in 1855 in Chicago, Illinois, and was initially known as "L. the owners of the " Louisiana Territory" as the land was bought from France for fifteen million, making each acre roughly 4 cents. This treaty paved the way for western expansion and made the U.S. One of the largest initial real estate deals in history known as the " Louisiana Purchase" happened in 1803 when the Louisiana Purchase Treaty was signed. Natural law can be seen as having an influence in Emerich de Vattel's 1758 treatise The Law of Nations which conceptualized the idea of private property. ![]() Natural law which can be seen as "universal law" was discussed among writers of the 15th and 16th century as it pertained to "property theory" and the inter-state relations dealing with foreign investments and the protection of citizens private property abroad. Textbooks on the subject of surveying began to be written and the term "surveying" was used in England, while the term "appraising" was more used in North America. The profession of appraisal can be seen as beginning in England during the 1500s as agricultural needs required land clearing and land preparation. The natural right of a person to own property as a concept can be seen as having roots in Roman law as well as Greek philosophy. In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. Real estate is different from personal property, which is not permanently attached to the land (or comes with the land), such as vehicles, boats, jewelry, furniture, tools, and the rolling stock of a farm and farm animals. In terms of law, real is in relation to land property and is different from personal property while estate means the "interest" a person has in that land property. timber), minerals or water, and wild animals immovable property of this nature an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. ( March 2023) ( Learn how and when to remove this template message) ![]() ![]() You may improve this article, discuss the issue on the talk page, or create a new article, as appropriate. The examples and perspective in this article may not represent a worldwide view of the subject. ![]()
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