After food and clothes, the third basic necessity of life that a person has to work for is shelter. There is no one in this world who would not like a roof over his or her head that he or she could call his or her own. People work hard so that they can maintain a home that could be a reflection of their personality.
Real Estate
Real estate is, in actuality, a legal term. In Australia, it refers to land along with anything permanently affixed to the land. West's Encyclopaedia of American Law (2nd edition) notes under the heading ‘Real Estate’:
“Land, buildings, and things permanently attached to land and buildings. Also called realty and real property.
Real estate is the modern term for land and anything that is permanently affixed to it. Fixtures include buildings, fences, and things attached to buildings, such as plumbing, heating, and light fixtures. Property that is not affixed is regarded as Personal Property. For example, furniture and draperies are items of personal property.”
What’s so ‘real’ about real estate?
Having heard horror stories about real estate deals and maybe also had some bad experiences oneself, most of us think the ‘real’ in real estate is very ironic. But the term derives from a Latin root. It is derived from the Latin ‘realis’ which means ‘thing’, as distinct from a person. Even today, property is divided into ‘real’ and ‘personal’ which distinguishes fixtures and non-affixed items.
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