Greek philosophy and Roman law can be considered as the sources of the idea of a person’s inherent right to own property. The field of assessment can be said to have started in England in the 1500s when clearing and preparing land was necessary for agricultural purposes. When surveying became a subject for textbooks, the term “surveying” was more common in England while “appraising” was more common in North America. Writers in the 15th and 16th centuries debated natural law, which is also referred to as “universal law,” in regard to “property theory,” interstate relations, foreign investments, and the defense of residents’ private property abroad. The Law of Nations, a 1758 work by Emerich de Vattel that developed the concept of private property, might be considered as influenced by natural law. The signing of the Louisiana Purchase Treaty in 1803 marked the beginning of one of the biggest first real estate transactions in history, known as the “Louisiana Purchase.” The area was purchased from France for fifteen million dollars, or about four cents per acre, and this deal gave the United States ownership of the “Louisiana Territory,” opening the door for western development. Originally called “L. D. Olmsted & Co.”, the oldest real estate brokerage firm was founded in Chicago, Illinois, in 1855. Today, it is known as “Baird & Warner.” The National Association of Realtors was established in Chicago in 1908, and the term “realtor” was first used to refer to real estate professionals at this time. In 1916, the organization’s name was changed to the National Association of Real Estate Boards. Real estate values and worth fell precipitously as a result of the 1929 stock market crash and the American Great Depression, which led to a 50% depreciation in real estate during the four years that followed. The Banking Act of 1933 and the National Housing Act of 1934 had a significant impact on housing financing in the United States because they permitted mortgage insurance for home owners, a system that was put into place by the Federal Deposit Insurance and the Federal Housing Administration. The National Housing Act was amended in 1938, and a government organization called Fannie Mae was founded to act as a secondary mortgage market and provide lenders with additional funding so that new homes could be financed. The Fair Housing Act, also known as Title VIII of the Civil Rights Act in the United States, was implemented in 1968 and addressed the integration of African Americans into neighborhoods while examining discriminatory practices related to house financing, purchase, and rental agreements. The emergence of real estate platforms on the World Wide Web in 1999 marked the beginning of the notion of internet real estate. residential property

Real Estate property major categories

• Apartments
• Multi-family house
• Condominium
• Semi-detached
• Duplex
• Detached
• Bungalows
• Split-level home
• Mansions
• Villas
• Cottages

Single-family or multifamily structures that are fit for habitation or non-commercial uses can be found in residential real estate.A home can be categorized based on how it is related to nearby homes and land. The same physical type might be assigned to different types of housing tenure. Connected homes, for instance, may be owned independently with a lease covering the interaction between units and shared areas and concerns, or they may be owned by a single business and leased out.

Real estate and the environment

The degree of environmental degradation can determine the value or devaluation of real estate. Degradation of the environment can pose serious dangers to public health and safety. Site assessments, or ESAs, are becoming more and more in demand as a method of property valuation for both residential and commercial real estate. Since the environmental movement and the World Commission on Environment and Development emerged in the 1970s, the idea of “green development” has gained momentum. Green development studies how real estate and construction affect society and the environment. Three main areas of emphasis are resource efficiency, cultural and socioeconomic sensitivity, and environmental responsiveness. Green infrastructure, LEED, conservation development, and sustainability development are a few examples of green development.

Real estate as an investment

Sometimes, especially for wealthy foreigners, luxury real estate is held in reserve without any specific attempt to rent it out. Some wealthy apartments in London and New York City have been utilized by dishonest foreign government officials and businessmen from nations with weak legal systems as a means of money laundering or asset protection.